The overall cost to the UK economy from cyber crime is £27bn per year, according to the first joint government and industry report into the extent and cost of cyber crime across the UK, launched today by the Office of Cyber Security & Information Assurance in the Cabinet Office and information intelligence firm Detica.
With society now almost entirely dependent on cyber space, developing effective strategies to tackle cyber crime requires a better understanding of its impact. Its breadth and scale have been notoriously difficult to understand and past attempts to set cyber crime policy or develop strategies have been hampered by a real lack of insight into the problem.
The Cost of Cyber Crime report reveals that whilst government and the citizen are affected by rising levels of cyber crime, at an estimated £2.2bn and £3.1bn cost respectively, business bears the lion’s share of the cost. The report indicates that, at a total estimated cost of £21bn, over three-quarters of the economic impact of cyber crime in the UK is felt by business. In all probability, and in line with worst-case scenarios, the real impact of cyber crime is likely to be much greater.
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