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City of London sees £230,000 lost to cyber crime victims

  • The City of London Police sees £230,000 lost by cyber crime victims in six months
  • Server hacking at the forefront of cyber crime impact on City businesses
  • Protect yourself - never call numbers or follow links provided in suspicious emails

The City of London Police, the national lead force for fraud which runs Action Fraud, the national fraud and cyber crime reporting centre, has revealed that City of London cyber crime victims lost £230,000 between October 2017 and March 2018.

The cyber statistics are based on the 33 cyber crime reports that were made in the same six month period to Action Fraud. Of these reports, 79% were from businesses. The statistics come following the news that plans for a new flagship court specifically designed to tackle cyber crime, fraud, and economic crime have been approved. 

The report also shows that at a loss of £116,000, hacking of servers was the primary reason for people reporting cyber crime to Action Fraud from the City of London.

Unlike most other crimes, cyber crime is often committed by criminals who never come into contact with their victim, and around half of all fraud and cyber crime comes from abroad. A national reporting service means the UK can better identify investigate and detect fraud and cyber crime.

What are we doing?

The City of London Police, which is a founding member of the Global Cyber Alliance, has a designated Cyber Crime Unit which in May 2018, launched Cyber Griffin. This initiative sees specially-trained officers leading a series of community focused exercises which include threat briefings and incident response training.

The initiative is targeted at businesses within the City and aims to reach those with very little knowledge of cyber-enabled crime threats, all the way up to individuals who hold IT security and risk roles.

Also, in October 2016, Action Fraud launched its 24/7 cyber helpline for businesses, charities and organisations that are suffering a live cyber attack. In the event of a live cyber attack, Action Fraud’s helpline gives access to specialist advisors who can offer advice and support to businesses, charities or other organisations in reporting the attack. These reports are immediately sent to the National Fraud Intelligence Bureau (NFIB), where they are assessed and sent to the relevant law enforcement agency.

Protect yourself

The key to protecting your business from cyber crime is to always install the latest software and app updates on your phone and computers so that you are safeguarded against malware. You should also make sure that you and your staff are aware of the signs to look out for in phishing emails and that you are using a strong, separate password for their account.

For further details on how to protect your business, the NCSC has developed the Small Business Guide to Cyber Security.

The Global Cyber Alliance produces a guide on an email security solution for businesses called DMARC which stands for Domain-based Message Authentication, Reporting and Conformance. It is a simple, trusted, free solution that brings together email authentication protocols, and adds reporting and compliance.

In June 2016, the UK government mandated that all UK government departments adopt DMARC, and the EU-CERT has also made a recommendation for the use of DMARC.

For protection advice based on the expertise of the National Cyber Security Centre and specifically targeted at protecting small businesses and individuals from cyber criminals, please visit Cyber Aware.

Temporary Commander Pete O’Doherty of the City of London Police said: “Cyber crime is a growing trend that has seen victims in the City of London lose £230,000 in the last six months.

“As a force we work closely with businesses to tackle the unique cyber crime threats that affect the City with specially-trained officers leading a series of community focused exercises.

“It is essential that businesses report to Action Fraud so that we can build up a clear picture of the cyber crime threat and best advise on how to avoid falling victim. If you or someone you know believes they have fallen victim to cyber crime, please report it to Action Fraud.”

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