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Norton Calculates the Cost of Cybercrime in the UK: £474 Million Annually

Quick facts:

  • 19 people fall victim to cybercrime every minute in the UK
  • 51% of those in the UK have experienced cybercrime in their lifetime
  • Only 16% of victims report cybercrime to the police
  • On average British people spend around 4 days resolving cybercrime related issues
  • Global cybercrime in 24 countries cost £71 billion last year
READING, UK., – 7th September 2011 – Cybercrime is costing the UK on average £474 million a year according to online safety experts, Norton. Based on the value victims surveyed placed on time lost due to their cybercrime experiences, an additional £619 million was lost.i Overall, 51 percent of people in the UK have experienced cybercrime in their lifetime, with 19 people falling victim to cybercrime every minute.

The Norton Cybercrime Report 2011 highlights that three times as many Brits have been victims of online crime in comparison to offline crime in the last 12 months, with only 16 per cent of victims reporting it to the police. Nearly 9 in 10 people in the UK (88%) agree that more needs to be done to bring cybercriminals to justice. For the first time the report has also calculated the global cost of cybercrime which cost people around the world £71 billion last year.

Most at Risk: Male, Millennial, Mobile
The study identifies that men between 18 and 31 years old who access the Internet from their mobile phone are even more likely to be victims of cybercrime. In this group 7 in 10 (70%) have experienced cybercrime in their lifetime of which 58 percent have fallen prey to cybercrime within the past 12 months in the UK.

The most common and most preventable type of cybercrime in the UK is computer viruses and malware which 38 percent of respondents have encountered. Viruses are followed by credit card fraud (10%) and social network hacking (6%). Social networking and a lack of protection are likely to be some of the main culprits behind the growing number of cybercrime victims.

“There is a serious disconnect in how people view the threat of cybercrime,” explains Adam Palmer, Lead Cybersecurity Advisor, Norton. “Cybercrime is much more prevalent than people realise. Over the past 12 months, three times as many adults surveyed have suffered from online crime versus offline crime, yet less than a third of respondents think they are more likely to become a victim of cybercrime than physical world crime in the next year. With the increasing sophistication of cyber threats and the staggering amount of money lost to cybercriminals, it’s important for people to think seriously about how they are protected online, otherwise they risk losing their hard-earned cash.”

For more findings from the Norton Cybercrime Report globally and by country, please visit: http://uk.norton.com.

About Norton by Symantec
Symantec’s Norton products protect consumers from cybercrime with technologies like antivirus, anti-spyware and internet security -- while also being light on system resources. The company also provides services such as online backup, PC tuneup, and family online resources. Find Norton on Facebook at http://www.facebook.com/norton and follow @Norton_UK on Twitter.

About Symantec
Symantec is a global leader in providing security, storage and systems management solutions to help consumers and organisations secure and manage their information-driven world. Our software and services protect against more risks at more points, more completely and efficiently, enabling confidence wherever information is used or stored. More information is available at www.symantec.com.

Norton Cybercrime Report Methodology
The Norton Cybercrime Report is based on research conducted between February – March 2011 by StrategyOne, an independent market research firm, on behalf of Symantec Corporation.  StrategyOne conducted an online survey among 12,704 adults aged 18 and over, 4553 children between the ages of 8-17 years-old, and 2,379 teachers of student aged between 8-17 years-old.

The survey was conducted in 24 countries (Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, New Zealand, Spain, Sweden, United Kingdom, and United States. 10 new countries including: Belgium, Denmark, Holland, Hong Kong, Mexico, South Africa, Singapore, Poland, Switzerland and UAE).

The survey was conducted in the primary language of each country.  Questions asked were identical across all countries. Interviews were conducted between 6th February – 14th March 2011.  The margin of error for the total sample of adults (N=12,704) is + 0.87% at the 95% level of confidence.

Cybercrime definition
For the purposes of the study, cybercrime is identified as computer viruses/malware, online credit card fraud, online hacking, online harassment, online identity theft, online scams (i.e., fraudulent lotteries/employment opportunities), online sexual predation, online phishing.

All extrapolations are based upon a survey conducted in 24 countries among adults 18-64.