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New guidance on tackling cyber crime

19 September 2012

The Government has issued new guidance on Cyber Risk Management for the most senior level employees in UK companies.

The guidance follows a recently published Cabinet Office report on the Cost of Cyber Crime which addresses the breath of the cyber crime issue. It estimates that cyber-attacks can cost the UK economy £27 billion a year of which £21 billion relates to businesses.

The internet has revolutionised the way we live, work and spend our hard-earned cash. The world wide web offers ease and accessibility to various resources and information; unfortunately cyber criminals are also benefiting from this accessibility. Many retailers face the predicament of how to prevent cyberspace compromise effectively without deterring customers with additional security measures.

Although a welcome move, this review is long overdue. Retailers will have to consider whether their current security systems are sufficient and undertake a review of security systems regularly.

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