Cybercrime takes a bite from business

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Cybercrime takes a bite from business
Cybercrime threatens our financial well-being, and continues to grow and evolve, with a recent survey reporting 9 million victims of cybercrime in the UK.

Cybercrime is one of the biggest threats to our financial well-being these days, and it just keeps on growing. According to a recent survey, over 9 million web users in the UK have been victims of cybercrime and some 8 percent of the population have admitted that they have lost some amount of money.

The survey done by the University of Kent indicates that despite security measures, cybercrime continues to grow, and 18.3 percent of UK residents have experienced attempted attacks on either one or more than one of their social accounts. This includes email accounts, online banking accounts, and social media.

According to the report, 2.3 percent of the population have lost more than £10,000 thanks to online scammers. 

The data indicates that people between the ages of 55 and 64 were difficult for fraudsters to loot successfully. One of the reasons for the low rate of success for this demographic, may be their cautious approach when it comes to internet use.

In the 18 to 24 age bracket, more than one-in-four people have suffered hacking attacks.

When UK residents did lose money online, the losses tended to be dramatic for a small minority of internet users. When people were asked how much money they had lost, 92 percent said that they had lost nothing, but 3.2 percent (more than 1,500 people) said that they lost between £1 and £100.

Some 2.4 of the UK population suffered losses of between £101 and £10,000.

Cybercrime can affect any region, but the magnitude of its impact varies. According to a UK government report in 2011, the total cost to the economy was £27 billion per year, with £1.7 billion relating to identity theft, while scams and fake sites were responsible for losses of £1.4 billion.

The report clearly stated that the main loss was to British business, which took a hit of £21 billion.

With the passage of time, internet fraudsters are evolving and continue to develop news ways to scam individuals and businesses. The battle looks set to continue for those in the business to prevent online scams and identity theft.

Photo: Jorge Franganillo/Flickr

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