Wednesday 19th November 2014

Action needed on cyber-crime to help London businesses

Commenting on the impact of cyber-crime on London businesses, ahead of tomorrow's Cyber Security Summit with Francis Maude MP, Chief Executive of London Chamber of Commerce and Industry, (LCCI), Colin Stanbridge said:
"We applaud the focus of tomorrow's Cyber Security Summit on ensuring businesses are safe in Cyberspace by 2016, as our recent research shows that more than half of London businesses have experienced a cyber breach in the last 12 months.

"Cyber security is a huge issue for London businesses and we have been calling for a single, consistent and easy to understand source of advice for businesses.

"We are also concerned that the scale of the problem is largely unknown, as many businesses are not reporting breaches to Action Fraud, the Government's first point of contact for cyber-crime victims, as it's not widely known among the business industry.

"Our research also showed that more needs to be done to make it easier for firms to recover the cost of cyber-crime, which can often take months and years. Internet Service Providers and banks could use the cover of existing laws to release data that would allow faster and more decisive action to be taken against cyber-criminals."

London Chamber of Commerce & Industry's report - Cyber secure: making London business safe against online crime - found that:

• Over 50 per cent of London firms had experienced a cyber breach
• Cyber-crime numbers and costs could be far higher due to widespread under-reporting of online fraud to Action Fraud
• A lack of awareness of cyber threats and the perceived high costs of protection remaining significant barriers to firms implementing stronger security measures
• Smaller firms are becoming increasingly targeted by cyber criminals as their systems are generally easier to access and they provide an open door to larger companies via supply chains
• Government initiatives to improve awareness and resilience, and to reduce the costs of security are welcome, but advice needs to be simpler and easier to access and use

ENDS

Media contact:
Jo Hooper, Press & Media Relations Manager
T: +44 (0)20 7203 1897
M: +44 (0)7827 241528
E: jhooper@londonchamber.co.uk

NOTES TO EDITOR:
1. London Chamber of Commerce and Industry (LCCI) is the capital's largest and most representative business organisation, with members ranging in size from multi-national companies to SMEs and sole traders.
2. Colin Stanbridge is available for further comment and interview.
3. The full report can be found online: Cyber Secure: making London business safe against online crime