cybercrime costs UK economy £27 billion per year

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<h1>Report: cybercrime costs UK economy £27 billion per year

According to a new joint report from the UK Government and industry, cybercrime costs the UK economy £27 billion a year. However, the report has already been criticised by University of Cambridge researcher Tyler Moore, for the questionable and unverifiable calculations that arrive at this figure.

The UK Cabinet Office says that "With society now almost entirely dependent on cyber space, developing effective strategies to tackle cyber crime requires a better understanding of its impact. Its breadth and scale have been notoriously difficult to understand and past attempts to set cyber crime policy or develop strategies have been hampered by a real lack of insight into the problem."

The report, entitled "The Cost of Cyber Crime", attempts to improve understanding of the problem and was compiled by the Office of Cyber Security & Information Assurance (OCSIA) in the Cabinet Office and information intelligence experts Detica.

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