Cybercrime

Home Office written question – answered on 20th November 2018.

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Photo of Jo Platt Jo Platt Shadow Minister (Cabinet Office)

To ask the Secretary of State for the Home department, what recent estimate he has made of the cost of cybercrime to the UK economy.

Photo of Ben Wallace Ben Wallace Minister of State (Home Office) (Security)

Although estimates of the cost of cyber crime vary considerably, there are millions of individual victims, many thousands of corporate victims and correspondingly substantial losses. Therefore, whilst there is no robust estimate of the total cost of cyber crime to the UK economy it is likely to be billions.

The Economic and Social Costs of Crime report (Home Office, 2018) estimated a cost of £1.1bn from computer misuse incidents against individuals in the financial year 2015/16. However, it should be noted that this estimate is based upon experimental statistics and should be considered as a partial estimate as it excludes some key costs, such as the costs to businesses.

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