Scottish Businesses Lose £5B To Cybercrime Every Year

Scottish businesses are paying a high price for annual cybercrime as a new study announces they are paying over £5 billion every year. These losses turn out to cost almost £160 pounds each second, reported Scotsman.com.

The growing use of unsecured wifi networks, online banking and cloud-based services are leading to increased opportunities for cyber criminals to attack Scottish businesses. According to the article, small and medium-sized businesses are at a higher risk of falling victim to cyber crime.

Mandy Haeburn-Little, a director at the Scottish Business Resilience Centre, commented, “The Internet has transformed everything we do and our economy is increasingly digital. It is vital to harness these opportunities but we must confront the growing digital dangers that could put us at risk.”

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