The cost of computer crime in the UK has doubled in the past two years and fraudsters are becoming more sophisticated, IT security experts have warned.

E-criminals are getting younger and smarter and often have computer science degrees, according to Tony Neate of the Serious Organised Crime Agency (Soca), speaking at InfoSecurity Europe in London on Tuesday.

The message comes as the Department of Trade and Industry released its latest IT security breaches survey, which shows that the cost of computer crime in the UK has increased by 50 per cent to £10bn per year.

‘Businesses now face security threats on a daily basis, but organised crime is becoming more sophisticated and targeting new industry sectors,’ said Neate.

And with some 11,000 people signing up to use ecommerce sites and internet banks each day, criminals are being presented with plenty of potential new victims, he says.

‘There are viruses and spyware attacking them right in the heart of their bedrooms. Fraud and social engineering is also on the increase, but the big threat still comes from insider fraud.’

But Neate has refuted recent criticisms that Soca is not focused enough on tackling e-crime targeted at businesses.

‘The future looks pretty bright. We are bigger, we are getting smarter. And we are still here to offer support to businesses and consumers,’ he said.

Stephen Bonner, director of technical security at investment bank Barclays Capital, told delegates that cyber criminals will shift their attention to other industries as the financial services sector toughens up its security.

‘The financial services industry is an increasingly hostile place for criminals to operate in. But they will not give up, they will move on,’ said Bonner.

Martyn Croft, head of corporate systems at the Salvation Army says charities are becoming more frequent targets.

‘If we get phished then it’s a double-edged sword. Not only

are the donors getting defrauded, but so are the recipients of the charity,’ said Croft.

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