Cybercrime Costs UK Economy £6.8bn, 93 Percent of Firms Hit in 2013

Cybercrime Costs UK Economy £6.8bn, 93 Percent of Firms Hit in 2013

Cybercrime is costing businesses worldwide nearly half a trillion dollars a year, with the UK particularly badly hit. The increasingly problematic situation also has an impact on 150,000 jobs in the EU, according to new research published by McAfee and the Centre for Strategic and International Studies (CSIS).

The report claims that businesses across the globe lose around $445 billion (£266 billion) a year through cyber crime, with the UK one of the worst hit nations with a staggering 93 percent of large corporations and 87 percent of small businesses in the country reporting a cyber-breach in 2013.

In total, the UK lost $11.4 billion (£6.8 billion) to cybercrime last year, accounting for 0.47 percent of GDP.

This mean’s the UK is in fifth place among the G20 countries most affected by cybercrime, with Germany at the top spot. Japan and Australia were the least affected.

The majority of the costs associated with cybercrime were attributed to the measures businesses need to take to “clean up” after an attack had happened.

Raj Samani, Emea chief technology officer for McAfee, told International Business Times: “It is clear that cybercrime has a real and detrimental impact on the global economy. Over time, cybercrime has become a growth industry; the returns are great, and the risks are low.

“However this situation is not irreparable as stronger technology defences, greater collaboration between nations, and improved public private partnerships could prevent and reduce the loss from cybercrime.

“Making progress on these changes will require governments and businesses to work together to create a stronger method for reporting and measuring the economic impact cybercrime has in order to effectively assess risk and take appropriate action.

“As more businesses move online and more consumers connect to the internet, the opportunities for cybercrime will only grow, making it imperative that countries work together now to proactively tackle cybercrime.”