Cybercrime could cost London businesses £35bn, according to research published this week by the Conservative Group on the Greater London Authority.
The group estimates that in London alone last year, 330,000 organisations experienced some form of security breach.
This is broken down as 1,170 large organisations and 327,805 small organisations experiencing a security breach – which in financial terms equates to a cost to large organisation of £2.8m on average, and to a small one, just over £33,000 – hence the possible annual £35bn cost.
“London has the opportunity to lead the way in improving data security, setting standards that the rest of the country aspires to match,” says the study, adding, “London, as the home of nearly 20% of the UK’s [businesses], and a place which generates over 22% of the UK’s GVA, is at a significant risk of security breaches.”
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The group wants a new Mayoral Standard on data security to help the capital’s businesses better cope.
The idea’s been welcomed by Bernard Parsons, CEO and co-founder of security firm Becrypt, who said, “The report’s recommendation of using the brand and influence of the Mayor of London’s office to create a Mayoral Standard for data security to raise the profile of cyber security can only be a good thing.
“Being able to prove their security capabilities with a highly visible standard could be a powerful competitive advantage for any business in the city.”
