Cybercrime costs rocket, as firms seek greater levels of protection

Opportunities for new client sales open up when technology changes Prevention of Cybercrime is becoming a key issue in the UK and in the US

As more and more transactions are completed on-line, the more scope there is for cybercrime. A recent report in the Financial Times puts the current cost of cybercrime in the US as $100bn per year, a startling figure. (

Reports like this are pushing the prevention of electonic fraud up the IT agenda, as companies seek to protect the integrity of the systems that they rely on every day. These security issues are important for almost every company – not just banks or those who rely on online sales.

“We are seeing all kinds of companies trying to do more to protect themselves against cybercrime, fraud and hacking,” said INCo CEO Neil Ritchie. “Our programme of continuous telemarketing into UK companies shows that this is an issue which is moving up the C-suite investment agenda in SMEs as much as in the FTSE 250. Real sales opportunites for security expertise - whether consulting, systems or products - are arising all the time.”

The FT report by Paul Taylor concludes: “The figures confirm that malicious cyberactivites… represent what some have termed ‘the greatest transfer of wealth in human history’,”