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Cyber Crime Costs Business £21bn per Year

Cyber crime now costs UK business £21 billion a year, a new Government report has revealed. According to a Cabinet Office report, The Cost of Cyber Crime (PDF), internet crime is on the rise as businesses are increasingly reliant on IT. The report found firms are losing £9.2 billion a year from intellectual property theft, £7.6 billion from industrial espionage, £2.2 billion from extortion, £1.3 billion from direct online theft, and £1 billion from the loss or theft of customer data. Get Safe Online managing director, Tony Neate, said that small businesses should be on guard against all these risks. “Businesses need to protect their PCs with anti-virus, access control, spyware and firewalls. Then they need to educate themselves and their employees ... »