Cyber crime victims hit for £230k in six months

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Cyber crime was responsible for the loss of £230,000 in the City of London alone over the last six months – with business the prime target for hackers and scams.

A total of 33 cyber crime reports were made to City Police, which runs national fraud and cyber crime reporting centre Action Fraud, between October 2017 and March this year, with 79% lodged by firms based in the Square Mile.

Of the near quarter of a million pounds taken, the hacking of servers (£116,000) represented the most severe losses.

City Police temporary commander Pete O’Doherty conceded that cyber crime is a growing trend, and stressed the importance of vigilance.

“As a force we work closely with businesses to tackle the unique cyber crime threats that
affect the City with specially-trained officers leading a series of community focused exercises,” he said.

“It is essential that businesses report to Action Fraud so that we can build up a clear picture of the cyber crime threat and best advise on how to avoid falling victim.”

The frightening statistics follow the more encouraging news that plans for a flagship courthouse specifically designed to tackle cyber crime, fraud, and economic crime have been rubberstamped.

A feasibility study was announced in October 2017, and last week justice secretary Lord Chancellor David Gauke, alongside Lord Mayor Charles Bowman and Lord Chief Justice Sir Ian Burnett, revealed that the dedicated court will be built on the site of Fleetbank House in Salisbury Square, just off Fleet Street.

City Corporation policy chairman Catherine McGuinness said: “Our rule of law is one of the many reasons why London is the world’s most innovative, dynamic, and international financial centre, and this new court will add to our many existing strengths.

“I’m particularly pleased that this court will have a focus on the legal issues of the future, such as fraud, economic crime, and cyber-crime.

“Fleet Street may historically be known for hosting newspapers, but I believe with this iconic project it will be seen as a world leading centre for legal services and justice for decades to come.”