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ExtraTorrent.cc > Articles > UK Businesses Suffer from Cyber Crime

UK Businesses Suffer from Cyber Crime

UK Businesses Suffer from Cyber Crime

Added: Tuesday, August 28th, 2012
Category: Bit Torrent Freedom > The Industries Of Records, Gaming, Software, Movies
Tags:ET, p2p, Torrent, Piracy, Peer To Peer, Network, Hackers, Internet, BitTorrent, Google, utorrent, bitcomet, extratorrent, 2010, www.extrattorrent.com
According to the British Retail Consortium, cyber crime is currently the biggest threat to online shops, indicating a need for a clearer analysis of e-crime.


British Retail Consortium has conducted a study, which showed that the effects of cyber crime on businesses are quite significant in direct cost and prevention, amounting at £205.4 million within 2011-2012. In the meantime, the most expensive form of cyber crime for businesses was personal identification related frauds, which incurred £20 million of losses, while card fraud caused £15 million losses and refund frauds were responsible for £1.2 million of losses.

In addition, the British Retail Consortium points at £111.6 million worth of business being rejected because of crime prevention measures. This may include honest customers who were deterred from Internet purchases because of extra security measures. This means that cyber crime is a very serious problem, especially for businesses which are not aware of the existing dangers.

The press release says that the government has its work cut out in the attempts to stem the wave of e-crime as online sales keep growing at double digit rates on a monthly basis, with criminals modernizing fraud techniques.

According to Cabinet Office statistics, the total cost of e-crime for the United Kingdom is £27 billion. However, this figure is vague, because it is usually very difficult to arrive at an exact figure when collating information on the issue.

Kaspersky Labs agrees that more is needed to be done in order to provide an accurate representation of the threat landscape. First of all, cyber crime is very hard to measure. That’s why it’s the task of the government to make sure that it’s measuring, and that there’s a reporting mechanism. In addition, figures like these sometimes get used to exaggerate the impact of something, so the businesses can get lost in the huge numbers.

Although £27 billion or £205.4 million is an easy number, unless someone brings it down to what the impact is to them, it starts to lose a bit of meaning. Another important thing is to raise the awareness of the businesses and how they are being affected by e-crime, because whatever the figure is for a particular business, that’s what is really meaningful.

August 28th,2012

Posted by: 

Date:  Tuesday, August 28th, 2012

Comments (4) (please add your comment »)

posted by (2012-08-28 21:58:11)
No avatar"Kaspersky Labs agrees that more is needed to be done" LoL yep, they can start by actually creating a security software that stops, blocks, and removes viruses. software from them and just like Symantec, McAfee, and other major corporate security software makers, sell nothing but CRAP.this is partly Y BIG business get hacked in to. the other reason Y is just from plan stupidity.

posted by (2012-08-29 02:53:55)
OpenMinder avatarAccording to the opinion of the general populace, governmental intrusion into our lives is currently one of the biggest threats to our personal safety and well-being, indicating a need for a clearer analysis of government-intrusion.

According to the general consensus amongst scientists world-wide, global warming is currently the biggest threat to the longevity and well-being of the human race and population, indicating a need for a clearer analysis of human behavior and current energy consumption habits.

According to RIAA and MPAA, filesharing is currently the biggest threat to copyright legislation and revenues as well as jobs, indicating a need for a clearer analysis of filesharing.

What is the point of any such analysis, study findings or statistical data when it originates from a non-impartial source which has a vested interest in what the results indicate?

That's like my neighbor putting out a flyer saying that I have been bad-mouthing him and he is suffering mentally, financially, emotionally and so forth, and expecting everyone to deal with me in such a way as to punish me and remove me from the equation, based simply on his/her say-so.

Brutal, to say the least.

According to the British Retail Consortium, cyber crime is currently the biggest threat to online shops, indicating a need for a clearer analysis of e-crime.

posted by (2012-08-29 03:23:25)
DMK1111 avatarThat is the first time I have ever just popped into a forum and the first thing I read is something that is well thought out, and expressed in a creative and informative manner..... I like you OpenMinder. Cheers !!!

posted by (2012-08-29 18:12:59)
No avatar@OpenMinder: yes you do have a valid point, BUT what does file sharing have to do with online shops getting hacked in to and personal information stolen? NOTHING!!

"According to RIAA and MPAA, filesharing is currently the biggest threat to copyright legislation and revenues as well as jobs" its not! its just simply threatening there PERSONAL pocket books, but then again its not doing that ether! currently they got just as much money as the oil companies do other wise they couldn't make any more movies or music.

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