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)