Home Office Publishes “Understanding the Costs of Cyber-Crime” Report

The Home Office today published the findings that came out of the ‘Costs of Cyber Crime Working Group’ that ran from 2014-2016. The group, attended by techUK, was composed following a commitment in the 2013 Serious and Organised Crime Strategy that aimed to improve the quality of data that is used when estimating the cost of cyber-crime incidents.

The report is intended to help take the research community closer towards achieving better estimates of the costs of cyber-crime as part of future studies.

The report sets out the framework that will now be used for estimating costs and also makes a number of recommendations on the design of future research into the costs of cyber-crime, including:

- Calling for researchers designing future costs of cyber-crime to approach their research design in a systematic fashion using the framework in the report; identify gaps in the costs of cyber-crime framework and tailor research questions so that they can fill these specific gaps

- That future studies should further investigate the costs and profits to offenders of engaging in cyber-crime

- That future studies investigate the financial impact of cyberattacks on a businesses’ reputation

- That future research consider how to estimate the monetary cost of the fear of cyber crime

To read the full report, please click the link below

understanding-costs-of-cyber-crime-horr96 (pdf)

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