Cybercrime is surging because it's becoming increasingly easy to commit offences online and offenders are rarely caught or punished, says the Corporate IT Forum.
Research by the company identified that 69 percent of the 3,500 businesses surveyed have seen an increase in cybercrime such as denial of service (DoS) attacks and website hacking. In fact, cybercrime is so rife that 68 percent of companies are forced to spend as much as 40 percent of their security budgets protecting themselves from such attacks.
The survey also highlighted that confidence in the government's ability to help fight cybercrime is at an all time low. Only four percent claimed they would report an attack, while 57 percent admitted they felt that any report of cybercrime wouldn't be handled properly.
David Roberts, head of the Corporate IT Forum, said: "IT chiefs in UK PLCs don't think the government appreciates the scale of the cyber crime threat, the seriousness of the threat or how much it's costing".