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

The report outlines the development of a governmental framework for estimating the costs of cyber-crimes to the UK

The Home Office yesterday 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)

Channel website: http://www.techuk.org/

Original article link: http://www.techuk.org/insights/news/item/12135-home-office-publishes-understanding-the-costs-of-cyber-crime-report

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