Cybercrime Cost More - Official

Cybercrime is more costly to businesses than physical crime, according to a recent IBM survey of 600 US businesses reported in The Register. Lost revenue, wasted staff time dealing with IT security attacks and damage to customer goodwill were rated as a bigger problem than conventional crime by 57 per cent of firms in the healthcare, financial, retail and manufacturing industries. Respondents in the US finance industry (71 per cent) were the most concerned about the threat of cybercrime.

Almost three-quarters (74 per cent) of the US CIO (chief information officer) respondents to IBM's telephone poll reckon the threat of information security attacks originating from insiders is a significant risk. Most (84 per cent) reckon technically sophisticated criminal groups are replacing lone hackers as their principle adversaries. Businesses tend to put more responsibility on law enforcement agencies (61 per cent) to combat organised crime than consumers. A recent IBM consumer survey revealed that 53 per cent of Americans hold themselves most responsible for protecting themselves from cybercrime, while just 11 per cent felt it was the job of federal law enforcement agencies. Only four per cent of consumers held local law enforcement agencies responsible.