The State of Cyber Crime in the UK
Blog / The State of Cyber Crime in the UK
Cyber-crime in the UK is on the rise. And the readiness of most firms to meet these challenges leave much to be desired for many local and regional businesses. In the UK alone, the Cabinet Office has estimated the cost of cyber-crimes on the economy at £27bn. At least an estimated £9.2bn of that is related to just the theft of IP from UK businesses. Companies bear the brunt of these financial losses. And unless our firms take firm security measures, we will continue to see a rise in breaches, hacks, espionage, and thefts from cyber-crime.
How ready are UK firms to combat cyber-crimes?
According to Hiscox 2019 Cyber Readiness Report, only 10% of firms they surveyed achieved “expert” level status for cyber strategy and execution. This is an alarming statistic given that three in every five firms surveyed reported at least one attack in the year. That’s 61% of firms facing at least one cyber-attack. Given this statistic, it was also worrying to note that UK firms reported the lowest cybersecurity budget. With the low level of readiness of firms in the UK and across Europe, it’s important to understand what’s at stake with low-level cybersecurity.
Data is the big-ticket item
Cyber espionage primarily goes after data. The personal information stolen is often much more lucrative than just stolen money as this type of data can be sold multiple times online.
Number of cybercrimes do not equal the level of damage
The impact of each case of cyber-crime offers a better assessment of the results of these actions. High-value targets are often the focus of well-executed cyber-attacks. And these large-scale attacks are much more profitable to the criminals than many small-scale attacks.
Attacks are more diverse
Cyber attacks can be orchestrated using simple off-the-shelf tools bought online such as malware kits or coding. Or, you can be the target of an organised crime group who has chosen to dedicate its resources to infiltrating yours. So, you must be on the lookout for opportunistic threats, planned attacks, and even internal negligence that could open your business up to attacks.
The cost of doing nothing is high
In addition to the financial losses that companies face from cyber-attacks, there are even more lasting impacts that will affect the bottom-line. These include:
- Reputation Damage
- Brand Damage
- Damage to Consumer confidence
It’s time to take action
As technology evolves at a rapid pace, cyber-crimes continue to grow in scale and complexity. Cyber-criminals are quickly identifying vulnerabilities in proprietary and third-party business tech and exploiting them. Like all businesses operating in the digital age, you are therefore at ever increasing risks of being a victim of a cybercrime. Simply installing cybersecurity software will not solve your business’s risks. The scale at which technology evolves requires that you are always on-top of your security game. The higher the value of the data you hold, the more effort and resources need to be allocated to its protection. Make sure to complete a thorough cyber risk assessment and use that to inform your company security plans. Then you can make an informed and improved investment in your cyber security and your company’s overall health. If you’d like to discuss how to run a cyber risk assessment aimed at reducing the economic impact of cyber-crimes, then give us a call at +44 20 3026 6250. Or you can send us a message at firstname.lastname@example.org.
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