Report Shows Cyber Crime Costs UK Economy up to £27bn per year

A report released by the National Audit Office has revealed that Cyber Crime costs the UK economy between £18bn & £27bn a year.

cyber crime, cyber security, stem group, plymouthTaking into account how vital the internet is to the UK economy, this is quite scary and points out the crucial need for the government, businesses and the public to work together to improve cyber security as a whole.

The publication by the NAO is a review of the government's Cyber Security Strategy, which was unveiled in November 2011 and outlined implementation plans for the period to 2015. The NAO have reported that although activities are still in their early stages, they are already showing some good results. On another positive note, the UK came top for its ability to resist cyber attacks and development of a vibrant digital economy.

In 2010, the value of the UK’s Internet-based economy stood at £121 billion, which equals 8% of the nation's GDP. This is the largest recorded for a G20 country. Cyber attacks did however feature amongst the top four threats to the UK economy in 2010. In 2011, the number of online assaults on the country is estimated to have reached around 44 million, while the global figure was one billion.