The UK loses $32.9 billion to cybercrime each year, new research reveals

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17th April 2024 Issue no. 701

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The UK loses $32.9 billion to cybercrime each year, new research reveals

New research has revealed that the United Kingdom is the 3rd country most affected by online crime in the world - losing $32.9 billion to cybercrime each year. The research, undertaken by SEON, looked at the cost of online crime in the top victim countries identified by the Internet Crime Complaints Center’s most recent report to reveal the cost of online crime.

The top 10 countries most affected by online crime:

Rank	Country	Cost of internet crime	Cost of internet crime (Local currency)
1	China	$118.4B	¥800B
2	Germany	$43.2B	€43B
3	United Kingdom	$32.9B	£27B
4	Australia	$23.0B	$33B
5	Brazil	$22.5B	R$117.3B
6	India	$15.7B	₹1.3T
7	Netherlands	$10.2B	€10B
8	Mexico	$7.7B	$156.5B
9	France	$7.1B	€6.9B
10	United States	$6.9B	$6.9B

In the first place on our list, China loses the most money to internet crime, at over $118.4 billion in 2019. With the world’s largest population, it comes as no surprise that cybercrime in China is worth more than in any other country we looked at. The Ministry of Public Security reported that in 2021 alone, Chinese police handled 62,000 cases of cybercrime.

Second on our list is Germany, with a loss of under $43.2 billion to online crimes as of 2017. A survey by a German digital industry association found that small and medium-sized companies, which largely support the country’s economy, were particularly vulnerable to online attacks.

In third place, the United Kingdom loses just short of $32.9 billion to cybercrime each year, according to statistics released in 2011.

Information technology consulting company Detica reported that UK businesses particularly suffer from IP theft and industrial espionage.

Further Insights:

In 2021, online transactions saw a 65% increase. Online fraud rose by 233%.

Cyber incidents the biggest risk to businesses in 2022.

Please see all the information here: https://seon.io/resources/statistics-account-takeover-fraud/

5th October 2022