Government and European funds for Welsh anti e-crime initiatives can no longer be guaranteed and companies have been called on to embark on self-help projects and become more active within local initiatives.
By submitting your email address, you agree to receive emails regarding relevant topic offers from TechTarget and its partners. You can withdraw your consent at any time. Contact TechTarget at 275 Grove Street, Newton, MA.
At the e-Crime Wales Summit, Llandudno, this week, detective chief superintendent Chris Corcoran, chair of the e-Crime Wales Steering Group, warned delegates that current funding would not last forever.
He said that the Wales e-Crime Group would continue liaising and advising business, but its role in future would be international best practice and e-crime information exchange. Fourteen European countries have agreed to participate.
"We must not become too reliant on government," he told the 350 Welsh business delegates at the fifth e-Crime Wales Summit.
The summit heard that in Wales over the past five years the loss to the Welsh economy through business e-crime had increased from £190m to nearly £300m.
"Such losses equal job losses, which Wales cannot currently afford," said DCS Corcoran. "With a bit more effort we can keep business in business and keep people employed."
But despite the growing threat of e-crime, 12% of UK companies are still running internets without security. Research showed that 20% of companies had no anti-virus software installed and 20% had no firewalls."
Garreth Griffith, head of risk management at PayPal, said malware had grown by 600% over the past year.
Griffith admitted that of the $60bn processed by eBay last year, at a rate of more than $2,000 a second, the company suffered losses of 0.3%, or $20m.
He warned that while more e-crime is being detected, there is still much to be done and he urged Welsh businesses to forge new partnerships and work together in the cybercrime battle.