Cybercrime is on the increase, observes James Andrews, money.co.uk business insurance expert. The analyst tells Digital Journal how commercial crime including theft, identity fraud, malicious data damage and securities fraud. A long-list of potential cyber-vulnerabilities.
To avoid this, firms should ensure they have adequate policies in place. In terms of advice, Andrews says: “When choosing a policy, it’s important for business owners to make sure it covers not only crime by employees but also from third parties.” Not all policies are equal, and some will suit different organisations above others.
In terms of the types of organisations that are targeted by cybercrime, these are shown in the table below:
| Organisation type | # of crimes Q1 2023 | # of crimes Q4 2022 |
| Limited Company | 5055 | 4886 |
| PLC | 763 | 2958 |
| Other | 266 | 615 |
| Charity | 132 | 231 |
| Sole Trader | 119 | 221 |
| LLP | 58 | 63 |
| Partnership | 50 | 83 |
As the table suggests, organisational fraud is most likely to affect limited companies. This is unsurprising given this business form accounts for 96 percent of corporate body types.
Notably the number of crimes affecting PLCs (publicly limited companies – i.e. companies with publicly traded shares) dropped by approximately 75 percent compared to the previous quarter. This is probably due to these firms having the resources to invest in cyber-prevention measures.
Where have crimes increased the most quarter to quarter?
Considering mainland police forces in the U.K., Durham has seen the biggest rise in organisational crime since the last quarter – more than 52 percent (though it sees a relatively small number overall – only 32 in the most recent quarter). This was followed by Hampshire (48 percent – to 248 crimes) and South Wales (45 percent – to 106 crimes).
Overall, 22 of the 45 mainland forces saw a greater than 10 percent rise in the number of crimes. At the other end of the scale, Northamptonshire saw a drop of 58 percent, followed by City of London (25 percent) and Cumbria (21 percent).
