- Two fifths (42%) of UK firms say they have experienced some form of crime
- A fifth (21%) of businesses say they have experienced cyber attacks
- New BCC report calls for government action to tackle the hidden threat of crime against business
Decisive action is needed to tackle the ‘hidden threat’ of crime against businesses damaging growth, according to a new report from the British Chambers of Commerce (BCC).
Theft, fraud, scams and cyber-attacks are increasingly affecting firms of all sizes and across all sectors.
BCC research carried out last Autumn shows that 42% of UK businesses experienced some form of crime in the past year.
The data reveals larger firms are more vulnerable, increasing from 32% among micro-businesses to 58% among firms employing more than 250 people. The manufacturing sector is the hardest hit, with 50% of firms reporting business crime.
Cyber-crime and fraud are also becoming increasingly widespread. BCC data shows that 21% of firms experienced cyber-attacks in the past year, while 20% reported fraud or scams.
The BCC report concludes that business crime is a ‘structural constraint’ and ‘measurable brake’ on UK economic performance.
Among the actions the BCC is calling for are:
• A National Business Crime Strategic Assessment to properly measure the economic harm caused by crime against businesses.
• The creation of a single cyber-attack reporting system for firms, reducing administrative burdens while improving protection.
• The creation of Regional Business Crime Hubs bringing together police and Business Crime Reduction Partnerships.
• Expand cyber and fraud resilience support for SMEs and improve incentives for businesses to invest in security measures.
Ellis Shelton, Policy Manager at the British Chambers of Commerce said:
“Crime against business is now a serious barrier to growth and investment across the UK.
“Our research shows many firms are dealing with rising levels of theft, fraud and cyber-attacks. Bosses are being forced to divert crucial time and money to tackling this anchor on growth.
“Crime is becoming more sophisticated and there needs to be a step change in the support businesses can count on.
“Reducing crime against business isn’t just about protecting balance sheets. It’s about removing structural barriers to growth.”
You can read the BCC report here.
About Hampshire Chamber of Commerce
Hampshire Chamber of Commerce is the independent voice of local business across the county and one of the largest regional business networks in the UK. With a strategic vision to ‘unlock Hampshire’s potential’, Hampshire Chamber brings together the combined influence, strength and expertise of the county’s three former major chambers. It works with over 2,000 individual firms spanning all sectors and sizes of business. Member services include training, advice, international trade documentation, events, networking opportunities and lobbying to policymakers on issues affecting business. Hampshire Chamber’s business network is designed to help any employer to grow and thrive irrespective of their stage on the enterprise journey.
About the BCC Insights Unit
The BCC Insights Unit brings together all the strands of research the BCC undertakes, including the Quarterly Economic Survey, the largest private sector business survey in the UK; the Quarterly Economic Forecast, currently ranked by the Sunday Times as the country’s second most accurate; and a leading programme of business surveys which inform the national economic debate. The Insights Unit was launched on 3 July 2023.