Cyber crimes cost UK 27 billion pounds a year: Report

February 18th, 2011 - 7:08 pm ICT by ANI  

London, Feb 18 (ANI): Cyber crimes cost Britain over 27 billion pounds a year, a report by information consultants Detica for the Cabinet Office has revealed.

The report also said that attacks on computer systems, industrial espionage and theft of company secrets costs businesses alone at least 21billion pounds.

Besides, theft of intellectual properties like designs, formulas and other company secrets, from businesses costs 9.2 billion pounds, with firms specialising in pharmaceuticals, biotechnology, electronics, IT and chemicals being hit hardest, the Daily Mail reports.

The paper quoted Security Minister Baroness Neville-Jones as saying that private firms should work together with the Government to disrupt criminal networks rather than relying on the prosecution.

“I don’t myself believe that the successful combating of this kind of crime is going to lie primarily through prosecutions. I think it’s going to be through much better defences and disruption - screwing up their network. It doesn’t have to be an offensive capability, but it’s perfectly possible as we know, just as an intruder can screw up a company’s network, the reverse can happen,” Jones said.

She further said that it was difficult to figure out who exactly are behind the attacks, as private criminals, organised networks, and even state players could be part of these cyber crimes.

The report also said that cyber crime costs the UK almost 1,000 pounds every second, but the Cabinet Office, said: “In all probability, and in line with worst-case scenarios, the real impact of cybercrime is likely to be much greater”.

Many firms reportedly do not report cyber attacks out of a fear it would damage their reputation. (ANI)

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