News from Gareth Bacon: Hackers Could Be Costing the London Economy £35Billion a Year

31 August 2016

A recent report has estimated that 329,000 companies in London could have experienced an online security breach, with a potential cost to the economy of over £35Billion.

It also found that the vast majority of the businesses potentially affected by security breaches, an estimated 327,000 , were small organisations with 249 employees or less.

The new report Safe & Secure: Protecting London’s data proposes a new ‘Mayoral Standard’ for data security to help protect London consumers and businesses and from data theft.

This standard would allow companies that comply with a set list of security requirements to receive a stamp of approval. This would help companies keep up to date with security best practices, but also help provide piece of mind to consumers.

Gareth Bacon, GLA Conservative London Assembly Member:

“Data is the true currency of modern society and hackers are making a mint because companies are leaving the metaphorical door unlocked.

“This is theft on a massive scale with conservative estimates putting the potential cost of online data theft in London at £35 billion a year.

“A Mayoral Data Security Standard would help keep London companies informed on what simple precautions to take to lock off any weak points. It would also provide a clear sign to consumers that a company is taking their security seriously.

“Our lives are now online, and it’s time to take internet security as seriously as our own physical security.”



The report: “Safe & Secure: Protecting London’s data” can be accessed at:



Click here to download the report

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Notes to editors

Chris Hewett

Senior press officer

E: [email protected]


Gordon Cameron

Press officer

E: [email protected]