9 Million Brits Fall Victim To Cybercrime, As Consumers Hold Companies Responsible For Breaches

9 Million Brits Fall Victim To Cybercrime, As Consumers Hold Companies Responsible For Breaches

06 November 2018
  • 1 in 5 people fall victim to financial cybercrime, most victims among Generation X (35-54) 
  • Consumers increasingly feel companies should be responsible for protecting victims 

New research from Equiniti Group plc (“Equiniti”), the FTSE-250 fintech business providing email security to some of the UK’s largest banks, shows that many people are reluctant to take responsibility for their online security despite the growing profile of cyber scams, such as phishing emails. 

The report, which found that one in five (18%) people have been victims of financial cybercrime, clearly shows that many victims of crime think that responsibility for their online security lies with the companies that are being impersonate or the police, rather than the individuals being scammed. 

In addition to those who confirmed that they had been victims of cybercrime a further 11% were either unwilling or unable to say if they had been targeted. Only seven in 10 said they had not been victims, suggesting the actual number of victims could be far higher. 

The onus on preventing phishing scams lays firmly at the doors of companies and their technology providers with over 80% saying that they are responsible for stopping scams. While 62% believe it is up to the police and only half (55%) laying responsibility on those receiving the email. 

Recent high-profile breaches have seen an increased responsibility placed on companies to prevent phishing emails sent to customers. Over a quarter (27%) of those who thought that impersonated companies were responsible for stopping these emails said that the onus on companies had increased in the past 12 months. 

And those who have been victims of cybercrime expect companies to take more proactive measures to protect customers’ data, such as the dark web for signs of hacking and informing customers about any known impersonations.
 

Who’s responsible? 

 The company being impersonated 

82% 

The company’s email service provider 

82% 

Police 

62% 

The recipient of the email 

55% 

 

 What’s expected? 

 Inform customers about potential breaches 

88% 

Monitor dark web for illegal data use 

85% 

Invest in technology to stop customers being targeted via email 

82% 

 

 Demographics of cybercrime victims (based on latest ONS population estimates1) 

Number of Victims by Age

Millennials (18-34)

2.1m

Generation X (35-54)

3.2m

Baby Boomers (55-75)

2.7m

Over 75

1.0m

 

 Demographics of cybercrime victims (based on latest ONS population estimates1) 

 Number of Victims by Age 

Millennials (18-34) 

2.1m 

Generation X (35-54) 

3.2m 

Baby Boomers (55-75) 

2.7m 

Over 75 

1.0m 

 

Commenting on the findings, Chris Underhill, Chief Technology Officer of Equiniti’s cyber security business, said: 

“This research sends out a clear signal that customers increasingly expecting the companies they buy products from or permit to have their data for whatever reason to be vigilant and protect this sensitive information. As such, cyber-security can be a key differentiator for companies in the marketplace if they can prove to consumers that they have invested in technology and are responsible in their handling of data. 

“Recent high-profile attacks have highlighted the reputational damage that companies incur in the media, which is clearly shifting public opinion. While we would always impress upon consumers the need to exercise caution, we also implore all organisations to make sure they have rigorous systems to defence against cyber-crime in their name.” 

ENDS 

For more information: 

Temple Bar Advisory 

William Barker / Sam Livingstone 
Tel:
078 2796 0151 / 077 6965 5437 
Email: williamb@templebaradvisory.com / saml@templebaradvisory.com 

Notes to Editor: 

Research 

All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2031 adults. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+). 

About Equiniti 

Equiniti Group plc is a specialist administrator delivering technology-enabled solutions to some of the world’s best-known brands and UK’s largest public-sector organisations. 

It is the UK’s leading provider of share registration, employee share plans, and associated investor services, and also has market leading positions in pension administration and software, and employee benefit schemes. 

Equiniti’s services, which are delivered by over 5,000 employees, benefit 28 million people in the UK and 120 countries around the world. 

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