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Cyber attacks cost billions to UK economy

02
Nov
2011

What is the threat of cybercrime?

According to Iain Lobban who works at GCHQ, the government’s cyber threat listening centre, the UK is now experiencing “disturbing levels” of cyber attacks targeted at government, industry and the public at large.

In fact, the UK is experiencing an “exponential rise” in the number of incidents, with systems such as the welfare and tax databases “liable to attack”.

Who does this affect?

The reports suggest that we are all affected by the rise in cyber crime. That includes everyone from government agencies, small businesses, and the general public.

The Times cites that 70% of British businesses have been hit by cyber attacks over the past year and government offices such as the Commonwealth Office and defence contractors have also been the subject of hacking attempts.

As for the public, in one operation officials from SOCA and GHQ prevented over 1 million stolen identities from being traded, saving an estimated ?300 million hit to the British economy

 

How much is this costing us?

According to the Times, cybercrime is costing the world economy $1 trillion dollars a year and is costing British business alone ?9 billion. On a personal level, each credit card that is stolen costs the economy an average of ?225 through costs to the victim and costs of damage.

 

How do we solve this problem?

William Hague, British Foreign Secretary and First Secretary of State, has revealed that the British government is investing upwards of ?650 million over the next four years into combating the issue.

Mr Hague threw cold water on a government issued “treaty” for cyberspace regulations as governments do not and should not control the internet.

 

What do you think?

What do you think about the rise in cyber crime? Who should be responsible for keeping the public and business safe? Is this a internal or international issue?

Leave a reply


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