On October 5th 2011 this past week, the UK was ordered to invite governments from all around the world to discuss their problems with cyber crimes. Foreign secretary William Hague gave a speech on Wednesday aimed to regulate online freedom and enhance internet security. His intentions for the meeting are to come up with ways of protecting citizens from cyber-attacks with ensuring that the internet will be open to all. In an attempt to regulate cyber crime, Hague has urged several governments to consider fighting back by stating that the UK government’s computers had been infected by viruses in 2010. Hague claims to have witnessed criminals attempting to steal data from a UK defense contractor. Home secretary Theresa May stated that over the next four years the government plans to reduce cyber crime as a part of a fund for national cyber security. The government stated its intentions on regulating cyber crime in the Strategic Defense and Security Review last October. During this review Downing Street requested that another 500 million should go towards creating a cyber-security program despite their spending budget. A study was conducted in February of last year by the Office of Cyber Security and Information Assurance which found that cyber crime costs the UK an estimated 27 billion a year. The study also found that UK companies loose over 21 billion a year due to intellectual property thefts. Local taxpayers loose about 3.1 billion due to identity thefts and other scams on the internet. In regulating online internet security, governments intend to focus on catching those involved in data and identity theft to further reduce the risk of being victims of cyber crimes.
http://www.v3.co.uk/v3-uk/news/2114745/uk-host-global-cyber-crime-meeting-november
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