UK Reports £5.7m in Cybercrime Financial Loss So Far This Year

British people and businesses have suffered financial losses of £5.7m 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 1st January. 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 juggle multiple social media accounts, email addresses, and banking apps.

Though cyber crime against corporate bodies only accounts for 10% of the UK’s reported offenses, their financial losses of £1.9M 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 cyber crime 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 offense – predominantly annoyance and anger.

A further 1 in 10 individuals experienced emotions such as anxiety, depression, fear, or difficulty sleeping.

Despite the personal nature of the crimes, 81% of offenses were committed by an individual person (as opposed to a group) that was not known to the victim.

Concerning the tools used to commit cybercrime, malware (software designed to cause damage to a computer, server, client, or network) is at its lowest point since 2007, according to Google’s Transparency Report. In contrast, phishing websites – which seek to gain passwords, credit card numbers and other private information without the use of applications – have seen an increase of more than 750% since 2007.