The impact on victims of cyberattacks
Just like any other crime, the impact of a cyberattack can be devastating and lasting, leaving its victims grappling with the consequences of a crime that didn't happen face to face. From financial losses to emotional distress and fear, the overall toll of cyberattacks can be extensive. But what are the biggest impacts that people face?
The main impact of cyber fraud is financial loss with 33% of people admitting having lost money. This can happen through a range of cybercrimes from unauthorised transactions on bank accounts and credit cards to investment scams or identity theft. Beyond the immediate and devastating impact of finding out that money has been stolen, victims face an uphill struggle when it comes to attempting to recover lost funds, navigating reimbursement processes with banks, and repairing credit history. Plus, the financial strain can affect their ability to meet basic needs, plan for the future and even maintain a sense of financial security - so there are plenty of knock-on effects from this.
The second biggest impact that people experience when they become victims of cybercrime is the loss of time and the general inconvenience of it all, with a quarter of people reporting serious disruptions to their daily lives. People may have to spend hours attempting to resolve fraudulent transactions, communicating with financial institutions, and reporting to the police, which are all time-consuming tasks. Stress and frustration often follow in these circumstances. Plus, additional admin can cause further disruption to routine and eat up time, like cancelling cards, changing passwords and monitoring bank accounts to prevent further fraudulent attacks.
In today's society, many people believe they're savvy enough to know how common cyber scams and fraudulent activity is online. And, as such, think they're smart enough to spot them when they crop up. However, that's not always the case - especially with how sophisticated scams have become, thanks to the rise of AI. It could be why 17% of respondents admitted to feelings of shame, embarrassment, or self-blame. It's easy to fall into the trap of internalising these feelings of fault and question our judgement when falling victim to a hack attack which can take a toll on overall confidence and self-esteem.
TYPE OF IMPACT | APR 2022 TO MAR 2023 |
---|---|
Financial loss | 33% |
Loss of time/inconvenience | 25% |
Felt ashamed/embarrassed/self-blame | 17% |
Stopped using specific internet sites | 14% |
Time off work/school/university | 1% |
Damage to relationships | 1% |
Avoided social situations | 1% |
Health problems | 1% |
The top spots for cybercrime in England and Wales
Like most things in life, location is important, and cybercrime is no different. Diving into the data from the ONS it's clear that certain areas in England and Wales stand out for their frequency of fraud and computer misuse offences. It's not surprising that London is the centre of cybercrime with staggering numbers of reported fraud and offences. Based on the most recently published dataset, the capital city had 59,449 registered cases within this 12-month period - thanks to its status as a global financial centre and its dense population, it's fertile ground for cybercriminals seeking to exploit digital vulnerabilities for financial gain. The diverse nature of London's businesses and residents provides ample opportunities for cyberattacks, which can range from sophisticated hacking attempts to deceptive online and phishing scams
It's not good news for the Midlands as in second and third place are the West and East Midlands respectively. With a substantial 27,460 reported cases, the West Midlands region appears to be a significant hotspot for fraud and computer misuse offences. Spanning urban hubs like Birmingham and Coventry, as well as plenty of rural areas, the West Midlands faces a slew of cybercrimes across the area. Varying levels of cybersecurity infrastructure, lack of digital literacy (which could include minimal security awareness) and technological advancements can factor into why this area has had so many reports. The East Midlands takes third place with 24,017 reported cases. This includes hubs like Leicester, Northampton, and Lincoln, and it's facing similar challenges to its counterpart.
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