Insurance News

With technology ever-changing, it's no surprise that identity and cyber-fraud is now considered the UK's most prevalent crime.

Is your business vulnerable?

April 2021


With technology ever-changing, it's no surprise that identity and cyber-fraud is now considered the UK's most prevalent crime, costing an estimated £190 billion a year in damages*

2020 saw technology become more essential than ever, with restrictions on physical contact forcing businesses and individuals to communicate online and fulfil their services remotely.

With these changes came greater exposure to a range of fraud-related risks, with organised crime groups becoming increasingly sophisticated in the ways they would target consumers and companies. 

Today, cybercrime accounts for over 50% of all crimes in the UK, with businesses facing the harshest financial losses.*

As an area that is rapidly and continuously evolving, business owners and leaders must take every measure to fortify their businesses and put contingency plans in place, should the worst happen and they experience a breach in security.

Companies are exposed to a range of detrimental factors, from the initial impact to your balance sheet to any potential fallout from reputational damage and loss of intellectual property or contractual liability.

To learn more about how to protect your business from emerging cyber threats, speak to your usual Baxters contact.

*Royal United Services Institute (RUSI)