LONDON - CYBER crime costs the British economy some 27 billion pounds (S$55.7 billion) a year and appears to be 'endemic', according to the first official government estimate of the issue published on Thursday.
The study by the Office of Cyber Security and Information Assurance concluded digital crime is a growing, widespread problem, and attempts to address it have been hampered by a real lack of understanding and insight.
Business is bearing the brunt of the costs at an estimated 21 billion pounds, with the pharmaceutical, biotech, IT, and chemical sectors the worst hit.
However, government lost some 2.2 billion pounds and the cost to individual Britons amounted to 3.1 billion pounds, 'The Cost of Cyber Crime' report said.
Last year, Britain's National Security Strategy placed cyber attacks as one of the top threats the country faces, along with terrorism, war and natural disasters. Britain is now putting some 650 million pounds into a new national cyber security programme.
'The government recently announced our commitment to working in partnership with the private sector to increase our cyber security,' said Security Minister Pauline Neville-Jones. 'It is both a national security and commercial priority and both sides need to work together to strengthen our existing resilience.' -- REUTERS
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