Crime Against Business Putting Growth At Risk

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.”