News

News

These Online Crimes Are on the Rise and Cost Companies £1 Billion per Year

18th October, 2016

Within the past 12 months, the frequency of cyber crimes has been meteoric, as a person is now about 25 times more likely to be a victim of fraud via the computer than robbed on the street. Despite this fact, 9 out of 10 UK small and medium-sized enterprises (SMEs) have no cyber insurance in place, according to new industry research. This lack of robust security has granted free rein to cyber criminals—last year, UK businesses lost an estimated £1 billion to online crime, according to Get Safe Online and Action Fraud.

Unfortunately, the frequency and severity of these cyber attacks have not spurred companies to become more proactive. Instead, 86 per cent of UK companies believe that they could effectively withstand and repel a cyber attack, according to Juniper Research. Yet, would be a false assessment, since in actuality about 50 per cent of UK companies are unprepared for a cyber attack, according to government figures.

Fortunately, it is never too late for your company to begin organising defences against potential cyber attacks. One of the most beneficial strategies is to stay abreast of the newest and most damaging cyber crimes threatening businesses, and our latest resource includes 4 crimes to be aware of.

To continue reading and for further cyber articles, access our Cyber Risks and Liabilities Newsletter below:

Cyber Risks and Liabilities Newsletter September-October 2016