Total Cost of IP Theft Hits £9.2bn per Year in the UK
A recent Government report has revealed that cyber crime costs the UK economy Â£27bn a year, with Â£21bn of that coming from businesses. The hardest hit sectors were found to be pharmaceuticals and biotechnology, electronics, IT and chemicals.
The greatest impact of any crime in the study was intellectual property (IP) theft resulting in a loss of Â£9.2bn a year, with industrial espionage close behind on Â£7.6bn. The figures from the report, co-authored by the Cabinet Office and Detica (an information intelligence solutions company), are believed to be a mid-range estimate with the true figure standing much higher.
Martin Sutherland, chief executive of Detica, told the BBC that the perpetrators of cyber crime included organised crime gangs and “”spotty teenagers sitting in their bedrooms”".
He added: “”As crime’s gone digital, this report estimates for the first time the real cost of cyber crime to the UK. The next step is to formulate a more targeted response to IP theft and industrial espionage in particular”".
Whether itâ€™s a unique brand, an innovative process, a new invention, a design, a database, proprietary software or a copyright work, IP is a vital aspect of every business. At Muckle LLP, we know how hard businesses work to set themselves apart from the rest. Weâ€™re here to help you make sure that your IP rights are properly protected, both through formal protection and by way of confidentiality agreements. We can manage your IP portfolios and create effective strategies on how you can protect them.
For further information please contact Gill Hunter, call 0191 211 7944 or alternatively email us at [email protected]