Quarkside

17/01/2011

£22 billion we are paying to criminals

Filed under: Risk,Security — lenand @ 5:02 pm
Tags: , ,

Lord Erroll recently sent an email to members of the EURIM and observers.  It had a stark message to all people interested in reducing the cost of cyber crime.  Yes, it does exist:

“The most costly risk to Government itself is the potential for organised crime to defraud the tax and benefits systems through identity theft, using electronic attack vectors and malicious code similar to that used against banking, unless effective identity governance structures and counter measures are at the heart of the new systems (security by design, not afterthought). Last year the National Fraud Authority estimated the cost of Fraud to to the public sector at nearly £18 billion p.a. and rising That is more than four times the cost (under £4 billion) to Financial Services.”

That’s a reasonable amount of taxation going in the wrong direction.  Even if it looks like Financial Services taking the hit, it is all of us – all the time.  If these numbers are correct, then in true risk management style, it is worth spending a bit of money to minimise the amount of losses.

Let’s work together to get an electronic identity that is difficult to clone and is trustable by both public services organisations and the public.

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