Following the recent government-backed study by the Office of Cyber Security (OCS) which estimated that the UK loses 27bn each year due to cybercrime, the Federation Against Software Theft (FAST) has backed the recommendation that a central hub for UK firms be developed for the reporting of cyber fraud. In particular, it will address the issue of IP fraud.
Even though the OCS figures last week were in many ways based off assumptions rather than solid research, the large number still raises alarm bells and justifies further research. The new initiative would achieve better insight into the hows, whys and costs of UK cybercrime while acting as a central, unbiased hub where companies can report their losses and readily deal with the issue.
The importance of knowing more about cyber perils and how to prevent and responsibly deal with them is quickly becoming more apparent. This new measure could mark the beginning of a country-wide effort to truly address these costly crimes.