Almost a day doesn’t go by that we are not alerted by new statistics concerning fraud and cybercrime.

Most recent statistics for the UK include:

  • 73% of companies have been affected by internal information security incidents [Source]
  • Annualised cost of cybercrime in 2015 ranges £628,423 to £16 million [Source]
  • The mean annualised cost of cybercrime is £4.1 million [Source]
  • 65% is the net increase in the cost of cybercrime since 2012 [Source]

According to estimates from the Office of National Statistics (ONS) more than five million incidents of fraud were reported in England and Wales in 2015 [Source]. Fraud attempts are growing at an alarming rate.

Increasingly, it has become clear to Contego that cybercrime is not just a technology issue. We have seen that the largest cause of confidential data losses is by employees, accounting for 42% of all data breaches [Source]. Employees, customers and suppliers can all present a potential risk and need to be checked.

There is, therefore, an increasing need to combat terrorism and cybercrime. On Thursday 23rd June, Cifas hosted 'Future Crimes', its annual conference, which is a must-attend event for anyone working in the area of fraud, financial, cybercrime and security. Contego took this opportunity to exhibit at the event and lead a panel discussion on ‘How will we prove our identities in 2050?

Cifas is a not-for-profit company working to protect businesses, charities, public bodies and individuals from financial crime. It is the UK's most successful fraud prevention network and focuses on harnessing technology, sharing data and working in partnership to combat the increase of fraud.

Cifas enables fraud prevention professionals to access expert advice, fraud data, events and training and to network with colleagues across sectors. We at Contego would strongly advise any fraud professional, compliance officer or security savvy entrepreneur to join as a Cifas member. 

The scale and rate of cyber attacks is increasing and poses a real threat to UK businesses fo that reason Contego continuously refines its systems to improve our cyber security and submit to industry standards. If you are interested in learning more about the benefits of joining Cifas or how Contego could assess and manage your risk please contact info@contego.com.