cyber attack insuranceOne in ten adults have now been a victim of Cybercrime at an annual cost estimated in the region of £193bn. This follows a report in July from the Office of National Statistics (ONS) that more than 5.8 million fraud and cyber crimes were committed last year.

According to The Guardian, Police Chiefs are calling for a national campaign for online fraud to help increase awareness and combat the growing numbers of people being affected.

The 5.8m offences were made up of 3.8m fraud offences, including 2.5m incidents of bank and credit card fraud, and 2m computer misuse offences, including 1.4m virus attacks.

The remaining 600,000 estimated offences related to unauthorised access to personal information, such as hacking of email, social media or other online accounts.

As more individuals and businesses make financial and business transactions Online, often by lap-top computers and mobile device, users are being exploited and defrauded and need to take appropriate action to safeguard themselves.

Awareness of potential loop-holes and risk points is essential, as is adequate security and risk management – especially for businesses.

Companies are being urged to ensure staff are made aware of potential threats, and that they have adequate policies, processes and safeguards in place as Cybercrime could have a devastating effect on SMEs.

Find out more about Cyber Threats and Cyber Insurance.

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