28.07.2016

ONS Reports Hike in Cyber Crime Figures

ONS Reports Hike in Cyber Crime Figures

Last week the BBC reported that last year saw nearly six million instances of cyber crime in England and Wales.

According to the Office for National Statistics (ONS), cyber is fast-becoming the most common type of crime – with 3.8 million fraud offences and 2 million instances of computer misuse recorded between March 2015 and 2016. It also noted that the majority of these were linked to some kind of bank account fraud, meaning that as ever banks remain at the forefront of issues of cyber security.

“In today’s climate, 70% of all fraud is cyber-related”, said Arancha Sanchez (CISO, Santander) at last month’s BBA Annual Retail Banking conference, where she expressed a belief that banks have a clear duty not only to protect themselves, but also to educate and assist their customer base. “Although at present, only half of firms consider cyber security to be a priority for them.”

The widespread use of computers, laptops and smart-phones to facilitate fraud has changed [the way we perceive crime]”, said Danny Shaw, BBC home affairs correspondent. “[The ONS found] we are more likely to be a victim of fraud than any other type of crime, with one in 10 adults defrauded in the past 12 months.”

"Fraud and cyber offences are not a new threat and the government has been working to get ahead of the game, committing to spend £1.9bn on cybersecurity and cybercrime over the next five years." -Policing Minister Brandon Lewis

Indeed, of the reported two million instances of computer misuse, 1.4million involved the device in question becoming infected with a malicious virus, with the remainder related to "unauthorised access to personal information" - such as hacking. As technology continues to advance, and banks seek to provide seamless, cross-platform solutions to their customer base, it is crucial that cyber awareness is given adequate attention. “Consumers need confidence in banks, and banks need confidence in customers, said Donald Toon, Director of Economic Crime Command NCA;Cyber Security is about Tech, Processes AND People.”

“Boards need to be able to heavily tasked with promoting a culture of cyber confidence. There isn’t a silver bullet when it comes to cyber security; and it’s a Chief Exec problem not just an IT one.” -Arancha Sanchez, CISO, Santander

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