Cybercrime On The Rise - Is your business safe??

Cybercrime On The Rise - Is your business safe??

UK firms lost more than £1b to cybercrime during the 12 months to March 2016, National Fraud Intelligence Bureau (NFIB) statistics have revealed. However, the actual amount lost may be even higher due to firms' failure to report incidents or disclose how much was stolen. The number of cybercrimes against firms increased by 22% - from 30,475 between March 2014 & March 2015 to 37,070 between March 2015 & 2016. Mandate fraud is identified by Action Fraud, the UK's national fraud and cybercrime reporting centre as an 'increasingly worrying issue for firms. This type of fraud is committed when an employee is tricked into redirecting a standing order or direct debit to a criminal who is imitating someone to whom their employer makes regular payments, typically a supplier.

Incidents just like this rose by 66% from 1,404 in 2014/15 to 2,320 in 2015/16. Corporate employee fraud is committed where a current or former employee obtains property or compensation through fraudulent use of the company card or expenses. Like mandate fraud, it demonstrates the security risks that can come from inside a business. There were 1,440 cases of corporate employee fraud reported in 2015/16. Incidences of CEO fraud, which occurs where an employee is tricked into making a payment to an attacker pretending to be a senior manager, also increased significantly from 2014/15 to 2015/16.

For more information on how to prevent cybercrime in your workplace or if you need support regarding this contact our team:

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