24 Nov 2020
According to the Office for National Statistics (ONS), people are more likely to fall victim to fraud or cyber offences than any other crime.
Almost half of businesses (46%) and a quarter of charities (26%) report having cyber security breaches or attacks in the last 12 months – and one small business in the UK is successfully hacked every 19 seconds.
Cyber fraud is any crime committed via a computer with the intent to corrupt personal or financial information stored online. The most popular cybercrimes are phishing scams, where a hacker attempts to obtain sensitive or personal information from a computer user, online impersonation and identity theft.
In the year leading up to March 2019, there were over 740,000 crimes reported and a staggering £2.2 billion was lost by victims. 65% of those crimes reported were from businesses and 35% from individuals.
Being a victim of fraud can have devastating consequences for individuals, as fraudsters can gain access to all sorts of personal information as well as their bank accounts. Here are some tips to keep your details safe online:
For businesses too, the impact of a single, successful fraudulent event can have far-reaching implications such as financial loss, loss of intellectual property, and loss of consumer confidence and trust.
Cyber security incidents cost the average small business £25,700 in 2018 in direct costs, such as ransoms paid and hardware replaced, but this is just the beginning. Indirect costs such as damage to reputation, the impact of losing customers and difficulty attracting future customers, remains unmeasured but will surely significantly exceed the direct costs. In the UK, 44% of consumers say they will stop spending with a business for several months in the aftermath of a security breach and 41% say they will never return to that business.
Here are some simple steps that businesses can take to help reduce the chances of your business becoming a victim of cybercrime:
The UK has strict laws regarding computer crimes. At Harding Evans, our dispute resolution team is highly experienced in dealing with cases like these, including international cases, and can help individuals and businesses who have fallen victim to cyber fraud recover their losses and assets from online fraudulent activity.
Get in touch with our expert team today by calling 01633 244233 or emailing firstname.lastname@example.org
 Department for Digital, Culture, Media & Sport – Cyber Security Breaches Survey 2020
 Hiscox Cyber and Data Insurance press release, October 2018
 Home Office, Understanding the costs of cybercrime, January 2018
 PCI Pal research, September 2019