Cybersecurity: Cybercrime Costs UK Economy More Than £10 Billion Annually

The United Kingdom economy lost up to £10.9 billion as a result of online fraud and cybersecurity last year, according to new research — that's around £210 for every person over the age of 16 in the country.

The figures, from the National Fraud Intelligence Bureau and crime awareness group Get Safe Online (GSO), would likely be even higher if more cybercrime was reported. 39% of those who had been victims of cybercrime in a GSO survey said that they hadn't reported the incident. 

The report also highlights a worrying gap in people's understanding of what constitutes an online crime.

86% said that they had not been targeted by cyber criminals in the past 12 months. 68% of respondents, however, said they had been targeted in a variety of ways — deceptive emails, fraudulent websites, and email account hacking, all of which are common methods for online theft. 

Another worrying trend is the rise of ransomware, a type of malicious software designed to block access to a computer system until a sum of money is paid. 3% of victims in the survey had been victims of ransomware.

The research also highlighted a widespread belief that cybercrime is inevitable — 37% of those surveyed who have been a victim of cybercrime said that they felt there was "nothing that could be done" to prevent it.

Tony Neate, chief executive of GSO, said in an emailed statement: "The fact that over a third of people felt there was nothing that could have been done to stop them becoming a victim is alarming indeed – particularly when it’s so easy to protect yourself online." 

City of London Police’s commander Chris Greany said: "The huge financial loss to cybercrime hides the often harrowing human stories that destroy lives and blights every community in the UK. 

"All of us need to ask ourselves are we doing everything we can to protect ourselves from online criminals. Unfortunately, people still click on links in unsolicited emails and fail to update their security software. Just as you wouldn’t leave your door unlocked, so you shouldn’t leave yourself unprotected online," he added. 

Culled from: Business Insider