A growing culture of businesses neglecting to report cyber crime over fears of reputation damage could put many more firms out of business, Europol’s Cybercrime Centre warns.

The head of the Centre, Troels Oerting, says all businesses are likely to be affected by cyber crime sooner or later as online coverage continues to spread across the globe.

Companies that believe business information security isn’t important should check again or end up going bust, he says, adding that such attacks are now a normal part of business.

The Centre says so much of the financial data and company records being stolen by cyber crime gangs never makes the news because businesses fail to report breaches.

It found that cyber crime and losses through business fraud valued at more than €9m, monthly, is going unreported to avoid reputation damage and because of a perception by those businesses that reporting cyber crime will make no difference.

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