Cost of cybercrime in the UK falls by £1 billion - PC Retail

Cost of cybercrime in the UK falls by £1 billion

Global cost per victim rises but UK cost plummets as Brits ‘become more aware of scams’
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The cost of cybercrime has plummeted by a billion pounds in the last year, a report has found.

The annual Norton Report shows that the cost of cybercrime in the UK during 2013 was £826 million, dropping from £1.8 billion in 2012.

However, despite the massive decrease in the UK, the cost of cybercrime for individuals worldwide affected has risen.

“Globally, the cost per victim is up,” explained Sian John, security strategist at Symantec, which published the report, “but in the UK the cost is down quite significantly.”

The report stated that the average cost per victim in the UK had decreased from £144 in 2012, to £101 in 2013.

“This is due to cybercriminals shifting tactics, perhaps as Brits become more aware of scams,” said John.

“Criminals also use tactics where there is a lower cost per head to victims, as they believe scams like this have a higher chance of escaping notice, and as the number of victims has remained static, they are clearly still making money from online fraud.”

John explained that the shift in tactics by criminals included the increased use of “more sophisticated attacks, such as ransomware and spear-phishing.”

The increased global cost may also be due to the increased adoption of Bring Your Own Device policies in businesses.

“Findings from the Norton Report [show] that 49 per cent of global consumers use their personal mobile device for both work and play," said John.

"This creates entirely new security risks for enterprises as cybercriminals have the potential to access even more valuable information.”

 Image of hacker courtesy of Shutterstock.co.uk

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