Professor Mark Button, Director of the Centre for Counter Fraud Studies at the University of Portsmouth, said: “Previous recessions show a direct correlation between a fall in economic output and a rise in fraud.” Professor Button has compared the UK’s past three recessions and mapped the growth in fraud offences as GDP falls:
- 1980 recession: 3 per cent fall in GDP, 5.6 per cent increase in fraud offences
- 1990 recession: 1.7 per cent fall in GDP, 9.9 per cent increase in fraud offences
- 2008 recession: 2.1 per cent fall in GDP, 7.3 per cent increase in fraud offences
ActionFraud show a 400 per cent increase in coronavirus-related cybercrime and fraud since mid-February
Cyber security and fraud prevention at the forefront during COVID-19
As the coronavirus crisis leads to drastic changes across the board, businesses have had to adjust quickly. But cyber security and fraud prevention have never been more important, which is why we have decided to run the Future of Cyber Security and Fraud Prevention as a virtual event.
Following hot on the heels of Cyber News Group’s highly successful 2019 events, the Future of Cyber Security and Fraud Prevention’s virtual conference will be better than ever. Attracting an exclusive audience of senior industry executives, the conference will feature topics relevant to the current COVID-19 crisis as a huge number of employees across all industries are required to work from home.
There is no doubt that cyber-criminals are already jumping on opportunities to exploit employees working remotely during coronavirus, and the number of cyber-attacks will increase, according to Europol.
Indeed, cyber-criminals are already profiting from the pandemic, with email phishing campaigns designed to steal employees’ credentials and compromise business systems, the agency has warned.
Shockingly, hackers are also looking to take advantage of weaknesses in healthcare systems despite the very real-life risk this poses. Interpol’s Cybercrime Threat Response has detected a “significant increase” in the number of attempted ransomware attacks against key organisations around the world. And this is only the start. Read More