By John Glenday

British businesses have been left to count the £1bn cost of cybercrime last year after the number of reported online fraud crimes jumped by a quarter over the year to March, reaching 37,070 according to the City of London’s Action Fraud reporting centre and Get Safe Online.

In financial terms businesses in each police force area reported a £19m loss on average as a result of this activity with the biggest jump in fraud accounted for by so called mandate fraud, where victims are conned into updating payment details to those of a criminal.

Other growing scams include extortion through ransomware where Read full story ›

Source: The Drum