Cyber-attacks costing the UK economy £147 billion a year

Money Black Hole Drain

Apparently, 1.8 million of UK’s businesses have been victims of a cyber-attack, and that costs the country’s economy more than £147 billion, in the last year alone. This is according to a new report by Gareth Bacon, GLA Conservative London Assembly, entitled Safe & Secure: Protecting London’s data.

Pretty much all businesses affected by these security breaches -- 99 percent of them -- are small businesses, counting 249 employees, or less. With that in mind, the report proposes a Mayoral Standard for data security, helping London consumers and businesses protect themselves from cyber-attacks.


Basically, it would force companies to keep up to date with the latest best practices in cyber-security, by complying with a set of requirements, and getting a seal of approval.

"Data is the true currency of modern society and hackers are making a mint because companies are leaving the metaphorical door unlocked", says Bacon. "This is theft on a massive scale with conservative estimates putting the potential cost of online data theft in the UK at £147Billion a year"

"Acting as a pilot program for the rest of the UK, a Mayor of London Data Security Standard would help keep companies informed on what simple precautions to take to lock off any weak points. It would also provide a clear sign to consumers that a company is taking their security seriously", concludes Bacon. "Our lives are now online, and it’s time to take internet security as seriously as our own physical security".

Published under license from, a Future plc Publication. All rights reserved.

Photo Credit: Andrej Vodolazhskyi/Shutterstock

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