Skip to main content

Protect Your Organisation: Theft Against Businesses Is On The Rise

Theft is a serious concern for any organisation, regardless of size or industry. What’s more, recent research revealed that theft against businesses is on the rise. 

In fact, the Crime Survey for England and Wales discovered an 8 per cent increase in theft offences between 2017 and 2018—totalling over 3.5 million reported cases over the course of just one year. Between physical burglaries and cyber-attacks, the following organisational theft trends have emerged:

1) Motor theft—Insurance experts found that the cost of motor theft claims increased by over 30 per cent from 2017 to 2018. Further, many car thieves have utilised technology to steal keyless entry cars. By using a relay device to intercept the signal from a vehicle’s key fob, thieves can now steal a car in less than a minute.

2) Metal and tool theft—Especially in the manufacturing and construction sectors, metal and tool theft are significant issues. Metal theft costs the UK economy nearly £770 million every year, and over 50 per cent of builders were victims of tool theft in 2018.

3) Cyber-crime—More than 30 per cent of UK businesses experienced a cyber-attack in the past year. Although cyber-crime doesn’t necessarily result in physical damages, the costs of stolen data—and steep GDPR non-compliance fines, for that matter—are high.

4) Retail theft—The cost of retail crime jumped by 12 per cent in 2018, with organisations suffering a total loss of £700 million in customer theft alone, a 30 per cent rise from last year.

Such startling statistics highlight the importance of purchasing robust insurance. For more information, contact ICB Group today.

T: 01784 608 100

The content of this Profile is of general interest and is not intended to apply to specific circumstances. It does not purport to be a comprehensive analysis of all matters relevant to its subject matter. The content should not, therefore, be regarded as constituting legal advice and not be relied upon as such. In relation to any particular problem which they may have, readers are advised to seek specific advice. Further, the law may have changed since first publication and the reader is cautioned accordingly.
© 2019 Zywave, Inc. All rights reserved.