CYBER CRIME costs the British economy some £27 billion (€32 billion) a year and appears to be “endemic”, according to the first official government estimate of the issue published yesterday.

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 lack of understanding and insight.

Business is bearing the brunt of the costs at an estimated £21 billion, with the pharmaceutical, biotech, IT and chemical sectors the worst hit. However, the government lost some £2.2 billion and the cost to individual Britons amounted to £3.1 billion, the Cost of Cyber Crime report said.

Last year, Britain’s national security strategy cited cyber attacks as one of the top threats the country faces. Britain is now putting some £650 million into a new national cyber security programme. – (Reuters)