Government and business need to join forces to combat escalating crime rates
The National Crime Agency’s assessment of cybercrime has been published and its findings are what many would consider an inevitability when it comes to the ubiquity of digital offenses.
According to the assessment, digital crime now accounts for more than half (53%) of all crime in the UK. Therefore, now more than ever “a collaborative approach, based on an enhanced partnership between business and law enforcement, is necessary to build a better understanding of the cybercrime threat.” This comes as the first time the NCA has jointly produced an assessment with industry partners.
In the executive summary the report states that “the accelerating pace of technology and criminal cyber capability development currently outpaces the UK’s collective response to cybercrime,” and that because most cybercrime goes unreported, “we urge businesses to report when they are victims of cybercrime and to share more intelligence, both with law enforcement and with each other.”
Cybercrime affects businesses of all sizes and comes in many different forms such as malware, ransomware, phishing, data breaches and malicious insiders — all of which have been found to cost small businesses an average of £3000 per attack.
The Federation of Small Businesses also did a survey of 1,006 SMEs and found that they fall victim to an average of four attacks every 24 months with 66% of them saying they’ve been a victim of cybercrime at some point.
So what can business owners do?
The NCA report says that too many times business leaders have a "checklist attitude" towards cybersecurity and should instead:
- Treat cybercrime and cyber security as an ever-present challenge, requiring continuous investment and monitoring
- Make sure to report every instance. Under-reporting is a huge barrier in understanding and de-escalating cybercrime
- Implement and maintain the latest good practices, but also actively test how well they are prepared for criminal attacks
- Educate and encourage their customers and suppliers to improve their own cyber security, as vulnerabilities within supply chains can be exploited and targeted by criminals.
Go here to read the report and get more information on how to protect your business from cybercrime.