SC Magazine: Over £1 billion lost by businesses to online crime in the last year

October 19, 2016 — Over £1 billion lost by businesses to online crime in the last year

Robert Capps, VP of Business Development at NuData, comments on figures from Action Fraud, which has reported a 22 percent increase in crimes reported in the last year.

New figures from Get Safe Online and Action Fraud released today show that from March 2015 to March 2016, £1,079,447,765 was reported lost by businesses to online crime. This comes as Action Fraud saw a 22 percent increase from 30,475 online crimes reported in 2014 to 2015, to 37,070 in the last year which highlights online crime becoming an increasing threat for businesses. On average, each police force in the UK recorded £19,626,323 in losses by businesses in their area. However, the report highlights the true picture could be much higher, as these figures do not take into account the amount potentially lost by businesses who chose not to report online crime to the police for fear of the repercussions. From these latest statistics, it’s evident that businesses need to do more to ensure staff across the board have appropriate online fraud awareness training, so that everyone understands their role in keeping the business secure. A substantial amount of attempted fraud against businesses is successful due to lack of knowledge or sloppy habits by employees. Commenting on the figures, Robert Capps, VP of business development at NuData Security said: “We’re saddened, but not shocked, to see these findings. In this study, the fact that online fraud costs the UK £10.9 billion a year is a sad state of affairs for consumers who can often bear the brunt of the costs (especially with regard to account takeover and new account fraud). It’s absolutely no wonder that consumers are pushing back on companies to improve security, holding them accountable for it, yet still wanting to have a good experience going through the gates.”

 

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