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UK reports £5.7 million in cybercrime financial loss so far this year

UK reports £5.7 million in cybercrime financial loss so far this year

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British people and businesses have suffered financial losses of £5.7 million from a reported 14,883 cybercrime incidents since the start of the year. 

The new study from click fraud prevention experts, PPC Shield, indicates that malicious hacking, fraudulent use of social media accounts and email scams are the most common form of cybercrime so far this year – accounting for 43% of all reported incidents since January 1. Also in the high-ranking categories are reports of malware/viruses, personal hacking and extortion. 

Data compiled from the National Fraud Intelligence Bureau indicates that those under 40 reported the most incidents this year, at a total of 5,000. This suggests that scammers and hackers are predominantly targeting younger, more tech-savvy generations; those used to juggling multiple social media accounts, email addresses and banking apps. 

Though cybercrime against corporate bodies only accounts for 10% of the UK’s reported offences, their financial losses of £1.9 million accounts for a third of the total figure. 

Concerning the effects on victims of cybercrime, ONS data from the Crime Survey for England and Wales (CSEW) indicates that 72% of those affected by cybercrime expressed that they had been emotionally affected by their experiences, with almost a third stating a moderate to severe impact as a result of the offence – predominantly annoyance and anger. 

A further one in 10 individuals experienced emotions such as anxiety, depression, fear or difficulty sleeping. 

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