# It’s time we act against digital crime   Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2017-10-12 Category: FINANCE Category URL: https://financedigest.com/category/finance Meta Title: Cybercrime: The Growing Threat to UK Citizens Meta Description: Learn how cyber threats are increasing in the UK and why digital safety is crucial for individuals and businesses. Discover the latest research findings on URL: https://financedigest.com/its-time-we-act-against-digital-crimehtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/fd121017-2-1736843379224-compressed.jpg) By **Ashok Vaswani**, CEO Barclays UK. In everyday life we are diligent in managing the risks that threaten our daily safety; looking both ways before crossing the road or making sure our doors are locked, for instance. Yet we don’t exercise the same caution in our online lives. As we [become more familiar with digital](https://www.financedigest.com/smart-becomes-the-first-ssp-to-collaborate-with-white-bullet-to-safeguard-quality-in-the-digital-media-landscape.html "Smart becomes the first SSP to collaborate with White Bullet to safeguard quality in the digital media landscape") living, new research shows increased usage may be leaving us more vulnerable to online attacks. Cybercrime is now the UK’s number one threat, with the latest ONS [crime figures](https://www.ons.gov.uk/peoplepopulationandcommunity/crimeandjustice) showing that fraud and cyber offences make up half of all recorded crime in the UK. In fact, our own research shows this figure may well be under-representing the threat; a quarter of people in the UK (25 per cent) have experienced a cyber-fraud or scam in the past three years and 18% of them have experienced it on multiple occasions. As incidences grow, so too does the financial impact. Victims of online crime are estimated to lose an average of £523 per person, equating to a total £11bn across the UK between 2015 and 2016 [\[1\]](#_ftn1). Despite the rising threat – on individuals and businesses alike – Barclays’ research released earlier this year shows that just one in six (17 per cent) of us are able to identify even the most basic of [cyber threats](https://www.financedigest.com/is-the-next-big-cyber-threat-mis-placed-security-spending.html "Is the next big cyber threat mis-placed security spending?"). We also [learned that the more people spend time online](https://www.financedigest.com/brand-strategy-tactics-for-an-online-learning-platform.html "Brand Strategy Tactics for an Online Learning Platform") the more exposed they are, creating a far greater threat than we could have ever anticipated. The work we commissioned identified the UK’s most vulnerable groups to cybercrime, finding that those in the UK between the ages of 25 and 34 years old are twice as likely to be victims of [online fraud](https://www.financedigest.com/three-online-fraud-trends-beauty-and-cosmetics-merchants-should-watch-out-for.html "Three Online Fraud Trends Beauty and Cosmetics Merchants Should Watch Out For") than older generations, with nearly a third (32%) having fallen victim. Furthermore, this group [pays less attention to their digital](https://www.financedigest.com/bny-mellons-new-solution-leads-the-digital-bill-pay-revolution.html "BNY Mellon’s New Solution Leads the Digital Bill-Pay Revolution") safety than their older peers, leaving themselves more open to attack. This theme of confidence breeding susceptibility can be viewed through a geographical lens too. City residents in Britain have an increased likelihood of being victims of cybercrime compared with those living in rural areas. The ubiquity of Wi-Fi in public spaces, and the use of phones to [pay and board transport](https://www.financedigest.com/in-inflation-hit-germany-massive-strike-over-pay-to-cripple-transport.html "In inflation-hit Germany, massive strike over pay to cripple transport") may be making urban dwellers more blasé about threats in the online world, and criminals are cottoning onto this opportunity – London, Bristol and Birmingham are all hotspots for cybercrime. We’re now at a turning point in the evolution of the internet. The progress we have made since Tim Berners-Lee’s invention of the internet in 1989 is astounding and the pace of [digital](https://www.financedigest.com/geometric-progression-based-on-digitization-to-be-witnessed-by-ovarian-cancer-market.html "Geometric Progression based on Digitization to be witnessed by Ovarian Cancer Market") progression that we can expect in the next twenty eight years is beyond comprehension. The cyber economy is set to frame the way we live our lives more than ever before, with digital being a [focal point](https://www.financedigest.com/partnerships-to-be-the-focal-point-of-cushings-syndrome-and-acromegaly-treatment-market.html "Partnerships to be the focal point of Cushings Syndrome And Acromegaly Treatment Market") for the way we conduct business, plan and enforce policy and frame our future as a nation. So the national threat of cybercrime requires a unified national response. Rather than stop using the internet – as millennials appear more prone to do after being scared by an attack – we need to take pre-emptive measures to improve our safety; like the older generations in our survey who were more likely to have taken steps such as [changing their passwords following](https://www.financedigest.com/ubs-makes-changes-to-buyback-programme-following-credit-suisse-takeover.html "UBS makes changes to buyback programme following Credit Suisse takeover") an attack. If we are to defeat the fraudsters, businesses, government and individuals all have a part to play.  Fostering true “digital empowerment” is not only about building our digital knowledge and confidence, but about helping everyone to [protect themselves and operate safely online](https://www.financedigest.com/uk-opposition-calls-for-better-online-protections-for-children.html "UK opposition calls for better online protections for children"). For governments this may involve the [development of national](https://www.financedigest.com/four-reasons-why-smes-in-developing-nations-should-embrace-a-cashless-society.html "Four reasons why SMEs in developing nations should embrace a cashless society") guidelines for core ‘digital safety’ behaviours – similar to those already developed for businesses – and building digital safety into the national curriculum. For businesses we will see them doing more to help customers and employees to stay safe online. Finally, individuals have a responsibility to keep themselves safe online – researchers draw analogies between staying safe online and [public health](https://www.financedigest.com/how-can-technology-impact-public-health.html "How can Technology Impact Public Health") – one person’s negligence can harm others. We believe that the best way to fight an epidemic of cybercrime is by sharing information about how it happened, and how best to [tackle the issue](https://www.financedigest.com/imf-should-issue-new-reserves-to-help-countries-tackle-overlapping-crises-groups.html "IMF should issue new reserves to help countries tackle overlapping crises – groups"). Only by working together can we all continue to benefit from the opportunities offered by our evolving [digital age](https://www.financedigest.com/constructive-digitization-to-let-the-tissue-diagnostic-market-come-of-age.html "Constructive digitization to let the Tissue Diagnostic Market come of age"). [\[1\]](#_ftnref1) [https://www.ons.gov.uk/peoplepopulationandcommunity/crimeandjustice](https://www.ons.gov.uk/peoplepopulationandcommunity/crimeandjustice) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---