RealNews

Cybercrime Costing UK Business Billions

Cybercrime cost British companies hundreds of millions, and perhaps billions, of pounds in lost business last year, and the next wave of Internet attacks is likely to be more severe, a conference heard on Tuesday. In a police survey of 201 of Britain’s largest companies, 83 percent said they had experienced some form of cybercrime in 2003, costing more than 195 million pounds in business downtime, lost productivity and perceived damage to their brand or share price. “Whilst it is too early to put an accurate figure on the total financial impact for UK businesses, all the indicators suggest that we are talking about billions rather than millions,” Len Hynds, head of Britain’s National Hi-Tech Crime Unit (NHTCU), said at the e-Crime Congress in London. Full Story

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