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News

Annual Cybercrime costs hit £1.7billion in the UK alone

Smoothwall : 06 September, 2007  (Technical Article)
Smoothwall urges improved on-line safety as cybercrime continues to escalate alarmingly in the UK
Research revealing that cybercrime is committed every 10 seconds in Britain will surely have consumers and companies reassessing their computer security. Last year alone there were a reported 207,000 financial fraud cases, with estimates placing the cost of identity theft on the UK economy at £1.7 billion a year.

However, Tom Newton, product manager at Internet security specialist SmoothWall, believes that the real concern here is the extent of unreported and undetected cybercrimes in the UK.

"There may be a 'detected' cybercrime every 10 seconds, but what is more worrying are the ones that we don't know about. Is this likely? Yes -how long did it take TJX to discover their credit card breach? Cybercrime is easily automated - a phishing scam can reach hundreds of victims a minute. For a criminal, this is like employing a robot to stand in an alley and mug pensioners - the targets are soft, and once you're set up, the spoils roll in automatically. Of course, the nature of Internet crime also allows miscreants to proxy their misdeeds, making it harder for us to pin them down. Is it any wonder the crime rate is so high?

"The Home Office is involved in working to improve online safety and reduce cybercrime, but at the moment the UK authorities simply do not have the resources to cope with today's level of e-crime. In the meantime, the onus is on businesses and consumers to secure themselves with a multi-layered approach to security."
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