Fraud and cybercrime in UK costs £10.9bn

Cybercrime and fraud is costing businesses and individuals £10.9 billion every year, or £210 for every adult, awareness group Get Safe Online is warning.

The organisation said that figure could actually be much higher, closer to £520, which is more than the average weekly earnings figure for the UK.

Some 39 per cent of people who have been victims of online crime hadn’t reported the incident, Get Safe Online said, and a quarter of people said they didn't really know what kind of risks they face when they go online.

Despite this, 89 per cent said they were concerned about their online safety and security and the same number said online crime was as or more damaging than physical crime.

Get Safe Online is warning businesses, particularly small ones, to review their security policies and shore up their cybercrime strategies.

The group said many people are not taking “basic steps” to keep themselves safe online, with 43 per cent using the same password for multiple accounts and some not changing their passwords even when they’ve been warned about a security breach.

Housekeeping can also be lax, with people only updating their software every eight months with 19 per cent not updating it at all. Nearly a third (29 per cent) don’t back-up their documents and photographs.
Tony Neate, Get Safe Online chief executive, said it was “frightening” the UK is losing nearly £11 billion to cyber criminals each year.

“Let’s not let cyber criminals get away with it anymore by ensuring that each and every one of us is updating the operating systems of our various devices and ensuring security software is always updated,” he said.

“We all need to ensure that we have a different password for each online account we own and website we visit. Online safety needs to be part of our everyday routines.”

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