The BBC has recently shared conclusions from the Royal United Services Institute (RUSI)* which suggest that fraud has reached an ‘epidemic’ level and should be considered a threat to national security.
They suggest that online fraud in which criminals steal credit card and identity details costs ‘up to £190bn a year’.
While the Coronavirus pandemic has been enough of a challenge to businesses, hackers and fraudsters are presenting firms with another serious threat. Piggy-backing public concerns such as the coronavirus vaccine and track & trace app, fraudsters have designed scams to specifically exploit people’s current insecurities. And with so current many working from home and potentially taking fewer security measures while using personal laptops or internet connections, it’s a perfect storm.
The BBC reports an estimate that the cost of fraud to businesses is ‘£140bn’. Indeed, they suggest that a large proportion of online crime may originate from outside the UK. If that were to be the case, treating fraud as a national security threat could increase resources including police support in order to protect UK businesses and individuals.
Online crime is a pressing concern, and therefore it is more vital than even that we take precautions to keep our data and money safe.
But remember, you’re not alone. The North East Business Resilience Centre (NEBRC) can take a look at what your business is doing and suggest where there might be loopholes for fraudsters. We partner with outstanding cyber security professionals whose expertise is certified by the police.
Find out more about how we can help at: https://www.nebrcentre.co.uk/how-we-can-help-you