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The Home Office has published findings from the ‘Costs of Cyber Crime Working Group’ that ran from 2014-2016 in a new report, Understanding the costs of cyber crime.
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 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. These include: 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 cyber attacks on a businesses’ reputation; and that future research considers how to estimate the monetary cost of the fear of cyber crime.
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.