Saudi FM calls Indian, Pakistani counterparts to discuss developments    Al Hilal thrash Gwangju to reach AFC Champions League Elite semi-finals    Saudi Arabia cracks down on fraudulent Hajj campaigns, urges pilgrims to use official channels    Nammos Amala Resort to open soon with Saudi-Greek designs    Saudi Arabia completes 674 Vision 2030 initiatives, achieves 93% of KPIs as ninth-year milestone marked    Literature Commission inaugurates Saudi Pavilion at Muscat Book Fair    Saudi Minister of Culture holds talks with his Costa Rican counterpart in Jeddah    Alkhorayef praises advancements in Al-Kharj food industries sector    MHRSD: 80% of recruitment offices are non-compliant with regulations    At least 50 Palestinians killed in Israeli strikes across Gaza    Teenage girl killed in French school stabbing attack    Trump claims meeting with China after Beijing denies any trade negotiations    GACA chief chairs 16th meeting of the Steering Committee on aviation's strategy    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Jennifer Lopez dazzles in Jeddah with a Formula 1 performance    Saudi Arabia open to expanded 64-team World Cup in 2034, says sports minister    Average life expectancy in Saudi Arabia rises to78.8 years    Film Commission launches 'Cinema' initiative to enhance content    Famed Philippine film star Nora Aunor dies at 71    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Cyber crime costs UK 27 billion pounds a year-study
Published in Saudi Press Agency on 17 - 02 - 2011

Awwal 14, 1432 H/Feb 17, 2011, SPA -- Cyber crime costs the British economy some 27 billion pounds a year and appears to be "endemic", according to the first official government estimate of the issue published on Thursday, according to Reuters.
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."
The report said 9.2 billion pounds was lost from intellectual property (IP) theft, 7.6 billion from industrial espionage and 2.2 billion from extortion, with large companies being targeted.
"Our estimates are largely illustrative because we believe this type of cyber crime goes largely unreported," the report said.
Such crime is highly lucrative, easy to get involved in, and the relative anonymity provided by technology lowers the risk of being caught, the study said.
"Although the existence of cyber crime in the UK economy appears endemic, efforts to tackle it seem to be more tactical than strategic," it said.
"The problem is compounded by the lack of a clear reporting mechanism and the perception that, even if crimes were reported, little can be done."
It called for the government and business to work together to build up a more comprehensive picture of the problem, while ministers needed to provide an authoritative service to promote awareness and best practice.
Martin Sutherland, managing director of information intelligence experts Detica, which helped compile the report, said action to address IP theft and espionage has to be taken.
"We must mobilise joint government and industry forces to build a coherent picture of the threat and create a consistent mechanism that will allow businesses to report cyber crime without the risk of reputational damage," he said.


Clic here to read the story from its source.