Cyber crime costs UK businesses more than £1bn in the past year

14 June 2016

New figures reveal an increase in online attacks


UK businesses have experienced a 22% increase in cyber-crime in the past year, according to Get Safe Online and Action Fraud.

Losses of £1,079,447,765 have been reported in the past year to Action Fraud, the UK’s national fraud and cyber-crime reporting centre.

On average, each police force in the UK recorded more than £19.5m in losses by businesses in their area, but police say the true figure could be even higher as not all cyber-crimes are actually reported.

Get Safe Online, a government-backed cyber security awareness initiative, said it is evident from the data that businesses need to do more to ensure staff have appropriate online fraud awareness training, so that everyone understands their role in keeping the business secure.

According to Get Safe Online, a substantial amount of attempted fraud is successful due to lack of knowledge or poor security practices by employees.

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