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Hi-tech crime costing British business billions

OUT-LAW News, 07/04/2005
The total minimum cost of the impact of hi-tech crime on UK -based companies with more than 1,000 employees is £2.45 billion, according to an estimate from the National Hi-Tech Crime Unit, based on a survey conducted by NOP.

Of 200 companies surveyed, 89% said that they had experienced some form of hi-tech crime during that period, with 90% suffering from unauthorised access to, or penetration of, their company systems, while 89% suffered theft of information or data.

Ninety-seven percent of respondents said they had experienced virus attacks which had cost them £71 million, while financial fraud had cost 9% of them £68 million.

Launched on the first day of the NHTCU's e-Crime Congress 2005, the survey showed that yet again companies are more concerned about the effect a security incident might have on their business, rather than the damage this might have on their reputation, with 69% of respondents citing this, and worry about public image stated by only 17%.

However, the survey highlighted that not all the attacks were from an external source. Crimes committed by employees were also listed, with sabotage of data and networks topping the bill. Even so, more than a quarter of those surveyed did not undertake regular security audits.

Detective Superintendent Mick Deats, Deputy Head of the National Hi-Tech Crime Unit said:

"Over the past year, we have seen a sustained increase in the professionalism of cybercriminals. Companies are taking the brunt of criminals attempts to steal money and data, but consumers are also being hit.

"Billions of pounds are being lost to the UK economy through hi-tech crime, but on a positive note, we should acknowledge the increased effort put in by companies to protect themselves and their customers from this threat.

"The sharing of information between business and law enforcement is giving us the tools to put in place better defences to tackle hi-tech crime. It is only through better understanding of the scale and the scope of the problem that we will be able to build effective strategies to deal with it." 

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