Crime increasingly a serious barrier' to UK growth, say business leaders

"Crime against business is now a serious barrier to growth and investment across the UK. Our research shows many firms are dealing with rising levels of theft, fraud and cyber-attacks. Bosses are being forced to divert crucial time and money to tackling this anchor on growth. Crime is becoming more sophisticated and there needs to be a step change in the support businesses can count on."

"The organisation said the government should create a cyber-attack reporting system for companies; establish regional business crime hubs that would bring together police and business crime reduction partnerships; and expand cyber and fraud resilience support for small and medium-sized businesses. It also called for more incentives for companies to invest in security."

"UK business leaders have warned that crime is becoming an increasingly serious barrier to growing Britain's economy amid a rise in shoplifting, fraud and cyber-attacks against companies. The British Chambers of Commerce (BCC), which represents tens of thousands of businesses across the country, called on the government to provide a step change in the support businesses can count on as it said two-fifths of companies had experienced some form of crime in the past year."

"It has been estimated that the hack of JLR alone cost the UK economy 1.9bn, potentially making it the most costly cyber-attack in British history. M&S said it took a 324m hit to profits after being forced to close its website to orders for more than six weeks after a damaging hack."

Crime is increasingly limiting business growth and investment in the UK as shoplifting, fraud, and cyber-attacks rise. A survey of 1,411 firms found two-fifths experienced some form of crime in the past year, including a fifth facing fraud or scams and 21% reporting cyber-attacks. Businesses report having to divert time and money to deal with theft, fraud, and cyber threats. The British Chambers of Commerce calls for government support to improve reporting and resilience, including a cyber-attack reporting system, regional business crime hubs linking police and business partnerships, and expanded cyber and fraud support for small and medium-sized businesses. It also urges incentives for companies to invest in security, citing major recent hacks and their financial impacts.

Read at www.theguardian.com