Get Safe Online Day - A Lack of Cyber Awareness Saw Cybercrime cost the UK Billions in 2015/16


18 Oct 2016

Get Safe Online Day - A Lack of Cyber Awareness Saw Cybercrime cost the UK Billions in 2015/16

It’s Get Safe Online Day and, to highlight just how important an increase in Cyber Awareness is, Action Fraud has released new data which shows that cybercrime cost the UK economy more than £10.9 billion over the last 12 months. That is equivalent to £210 per person over the age of 16.

Just 1/5 of Cyber Incidents are Reported

Attributing an exact figure to the true cost of cybercrime is notoriously difficult and, although this figure may sound high, the true cost is likely to be even higher. With many individuals, organisations and businesses often not publicly declaring that they have fallen victim, we have to assume that the true figure is worse. To highlight this fact, 39% of the survey’s respondents revealed that they had not reported when they had suffered an incident. The survey also suggests that just one-fifth of victims come forward.

The data revealed that those who admitted to becoming victims had lost on average £523 each. The average weekly income in the UK is around £505.

Worryingly, the report also showed that people’s understanding of some of the most common threats remains low, with 25% saying that they only had a limited understanding of the risks they face online. However, 89% of respondents said that they were very concerned about their safety online and believed that cybercrime was just as harmful as physical crimes. This high number at least demonstrates that people are becoming increasingly aware of the threat and are more likely to behave responsibly when online.  

Phishing the top threat

Phishing and Spear Phishing attacks were shown to be the most common form of attacks with 53% of respondents saying that they had received a fraudulent email. Globally, 85% of all businesses have fallen victim to a phishing attack.

Cyber Warning Fatigue to blame?

A new study suggests that many members of the public are growing tired of cyber security advice. The National Institute of Standards and Technology (NIST) conducted a study that found the public is suffering from “security fatigue” and a feeling of helplessness when it comes to their online security. These findings are not unexpected given the relentless flow of sensationalist media headlines regarding cyber threats. If this trend continues, public apathy to online security will increase.

 

So how do we ensure SMEs and end-users do not disengage from important security advice?

Cyber security measures should be kept as straightforward and understandable as possible. However, mindful that one cyber security solution does not always fit all, advice should be tailored to a specific audience to make it simple for users to choose the right security action.

 

Free Cyber Surgery

To combat the growing issue of cybercrime and to offer support to SMEs and organisations, PGI has launched its pioneering (and absolutely FREE) Cyber Surgery.

At PGI we aim to help businesses tackle the cyber threat. We know that cyber security may appear to be complicated and that the mere mention of it conjures images of high tech and highly-expensive solutions. We hope to push home the message that in reality it doesn’t have to be overtly expensive or complicated. By simplifying the issue, we hope to re-engage people on the importance of cyber security. Something, which according to the Action Fraud report, is urgently needed.

To book into our FREE cyber surgery call us on 01454 649418, our specialist cyber consultants are happy to help you. 

For the latest PGI updates like our pages on LinkedIn – PGI,   PGICyber   Facebook– PGI,  PGI Cyber  and  Twitter

 

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