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Cybercrime costs UK economy £1.6bn in 12 months

23/11/2015 by


In the last 12 months the UK lost £1.6bn to cybercrime, according to IT Pro. A newly published report reveals the scale of the issue and the intergenerational differences in approach to online safety.

Norton by Symantec's Cybersecurity Insights Report reveals that more than 12m British people were victims of cybercrime in the last twelve months. The total cost was £1.6bn across the nation, or £134 per person. In the last year an average of one working day was lost by UK consumers to handling the fallout of online crime.

According to IT Pro, the report revealed some interesting statistics about how Baby Boomers and Millennials approach online protection. While most people of all generations said Baby Boomers would be more likely to experience cybercrime because they are relatively less knowledgeable about technology, in fact Millennials were much more likely to be a victim.

Reasons for Millennials being targeted include the habit of Millennials to share online passwords and use less secure passwords. Whereas Baby Boomers follow security advice carefully, younger people often share passwords, particularly those for email accounts which are used to reset other accounts.

The online survey polled 17,125 consumers over the age of 18 from 17 markets, including 1,000 from the UK. Two in five UK consumers had been subject to cybercrime at some point, with 22% experiencing it within the last year. More than 40% of UK adults failed to change account passwords following a security alert or breach.

Ransomware was one of the most common forms of cybercrime, with almost one in six consumers reporting this form of online extortion. Theft of financial information through online shopping affected one in seven victims, while one in ten had had their identity stolen.

Many respondents showed a mismatch in their understanding of online security versus practice. Most consumers graded themselves 'A' for security but less than half always used a secure password. One in three failed to set a secure password on their smartphone, and a quarter shared sensitive passwords such as those for online bank accounts.


Cybercrime, IT

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