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Almost half of consumers victims of cybercrime

Out of 3,457 UK consumers, 45 per cent have been a victim of cybercrime. This is according to a new report by enterprise brand protection company MarkMonitor. Of those that were victims, two thirds (65 per cent) decided not to report it to authorities. Every sixth victim had lost funds in these incidents, with 20 per cent losing more than £1,000. 

The most common type of cybercrime is fraud. False requests to reset accounts on social media is the most common one (20 per cent), followed by criminals impersonating companies, trying to steal sensitive information (17 per cent).  This can really hurt a company’s image, it was concluded. More than one in five (21 per cent) of victims said they were unsatisfied with the brand involved, and 71 per cent said this damages the organisation’s reputation. 

Almost two thirds (65 per cent) believes it decreases brand trust, and more than half (53 per cent) will not engage with the brand in the future.  

“Cybercrime is affecting both brands and consumers, and is only set to rise as our use of the Internet increases. As a result, there needs to be a multi-layered approach to online brand protection, to ensure customer trust, reputation and bottom line are maintained,” says Mark Frost, CEO, MarkMonitor. 

“This research demonstrates that consumers are not only aware of the severity of cybercrime and the tactics employed, but also the effects these attacks have on the brands themselves. Yet despite these high levels of awareness, they are still falling victim to cybercrime.  

"As the sophistication of cyber attackers rises and criminals make more use of underground sites, such as those found on the Dark Web, it is critical that brands look at every method of protection and consider all threat vectors in order to ensure they can protect every aspect of their business and keep their customers safe.” 

The full report can be found on this link (opens in new tab).     

Image Credit: Gustavo Frazao / Shutterstock

Sead Fadilpašić is a freelance tech writer and journalist with more than 17 years experience writing technology-focussed news, blogs, whitepapers, reviews, and ebooks. And his work has featured in online media outlets from all over the world, including Al Jazeera Balkans (where he was a Multimedia Journalist), Crypto News, TechRadar Pro, and IT Pro Portal, where he has written news and features for over five years. Sead's experience also includes writing for inbound marketing, where he creates technology-based content for clients from London to Singapore. Sead is a HubSpot-certified content creator.