Friday, June 9, 2023

UK businesses lost over £2.1 billion to cybercrime, fraud in 2022: Report

Banking fraud, which caused losses totaling more than £833 million over the last four quarters, was the most prevalent sort of fraud, according to the report.

• May 23, 2023
Cyberfraud
Cyberfraud( Credit: Outlook india)

Businesses in the United Kingdom lost more than £2.1 billion to cybercrime and fraud in 2022, according to a recent report by Money.co.uk, a business insurance company.

Money.co.uk revealed this in its first business fraud report, which was made available to Peoples Gazette on Tuesday.

The report examined police data on organisational fraud and cybercrime to determine what categories of crime are on the rise in the UK, where they are occurring, and what kind of organisations they are most hurting.

Banking fraud, which caused losses totaling more than £833 million over the last four quarters, was the most prevalent sort of fraud, according to the report.

In the first quarter of 2023, 5,055 crimes involving limited companies were reported, making them the top target of fraudsters and cybercriminals, according to the data.

Speaking on the report, James Andrew, an expert with Money.co.uk pointed out the need for organisations to invest in business insurance.

“Fraud and cybercrimes cost businesses more than £2.1 billion in the past year. This is a reminder for organisations to invest in business insurance. Commercial crime insurance specifically protects businesses against crimes including theft, identity fraud, malicious data damage, and securities fraud,” Mr Andrew said.

He further pointed out the need for  “business owners to make sure it covers not only crime by employees but also from third parties.”

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

Katsina State

Politics

Katsina youths pledge to deliver over 2 million votes to Atiku

“Katsina State is Atiku’s political base because it is his second home.”

Fulgence Kayishema

Africa

Rwandan genocide suspect faces fraud, immigration charges in South Africa

Ex-police officer Fulgence Kayishema is wanted internationally for his suspected participation in Rwanda’s 1994 genocide.

President Bola Tinubu and fuel pump

Politics

Finance commissioners advise Tinubu to put all subsidy accruals in federation account

Nigeria’s finance commissioner has called on President Bola Tinubu’s government to ensure all accruals from the fuel subsidy removal go to the federation account.

Akwa Ibom Speaker Udeme Otong

Politics

Udeme Otong emerges 8th Akwa Ibom Assembly Speaker

Mr Otong, a two-term lawmaker, emerged after securing 20 votes to defeat his only contender, Ukpong Akpabio, who scored six votes.

The National Population Commission (NPC)

NationWide

2023 census ‘ll be devoid of political interference, vows commissioner

The census, earlier billed for between May 3 and May 7, was postponed due to the federal government’s transition programme.

Allied Peoples Movement (APM)

Politics

Tribunal fixes June 19 to commence APM’s petition against Tinubu’s victory

The Allied Peoples Movement (APM) is challenging the February 25 election victory of President Bola Tinubu and Vice-President Kashim Shettima of the All Progressives Congress (APC).

Justin Welby, Gays in Uganda

Faith

Archbishop of Canterbury urges Ugandan Anglicans to reject anti-gay law

Under the law, gay sex is punishable by life in prison while “aggravated homosexuality”, including transmitting HIV, attracts the death penalty.