Most businesses are armed against cybercrime, but many owners aren’t as prepared against traditional crime. In fact, more than a quarter of UK businesses were burglary victims last year, losing over £10,000. With these shocking figures in mind, Anthony Neary, managing director of our security retailer shares information about the cost of crime.
Crime on the rise
A recent survey has revealed that more than a quarter of UK businesses have been a victim of crime during the last 12 months (28%), with burglaries affecting 30% of business premises. Latest figures show that businesses lost a total of £12.9 billion to burglaries and theft last year. This was more than three times the amount lost to cybercrime (£3.75 billion).
Smaller businesses are the worst affected – around 1.79 million small firms have been victims of at least one crime in the last two years. 83% of those affected experienced criminal damage, burglary or theft. Despite the high volume of crimes affecting businesses, less than half claimed to have a safe or secure storage room for their valuables. Storage cabinets are a great choice for adding an extra layer of protection when storing documents, electronics and other valuables or perhaps if petty cash is kept on site. Browse our range: Storage Cabinets
Financial impact
When hit by crime, significant financial loss is often an outcome and 45% of victims said this was the case. Many also experienced indirect costs such as damage to property. A third of businesses also reported having to pay for additional staff time to deal with the incident and almost one in 10 said that the crime prevented them from carrying out planned business activity in the future, which was a further cost to them.
Most victims experienced a financial impact but almost one in five large companies lost up to £50,000 and 20% of small businesses lost up to £10,000. Out of those affected, one in 25 said that they were forced to close as a result of the financial loss.
Further research found that only 21% of businesses were covered by their insurance to the full amount of their losses, and it appears that many premises do not have the correct security features in place to be fully covered by their insurance.
We would recommend investing in tactics to deter thieves, such as burglar alarms. There are also more methods to follow to keep burglars away, which you can learn about in this blog: How to Deter Burglars: 5 Ways to Keep Your Home Safe
Security provisions
Over a quarter of businesses reported that they do not have a working alarm, whilst half stated that they had security cameras and lights. A staggering 21% said that they had no protective measures in place for their stock or equipment.
With so many businesses being victim to destruction or loss of property, it’s clear more needs to be done to better prepare against crime. Many already have CCTV, but they are not appropriately protecting their physical assets. Over 55% of businesses admit to not having secured storage, so this is where further steps are needed to protect property if thieves gain access to the premises.
We would suggest installing a high security safe to hold money and valuables, that is either floor or wall mounted. View our options: Safes
Another option that is reliable for businesses that have personal devices or other tech for their employees is laptop lockers. Not only will this prevent theft and loss of equipment, but it also stops data breaches and loss of earnings as a result. Another benefit is you won’t have to wait for new devices to arrive to continue working when internet access or apps are needed for staff. Learn more: Laptop Lockers
Many insurance companies now insist that more measures are implemented that protect items to ensure full coverage, and having extra features can also lower premiums due to their protective qualities. This means that security products will not only save you money but ensure that you are appropriately compensated in the event that your business falls victim to crime.
The cost of crime on businesses in the UK can be high, so prepare today. We have a wide selection of products, from burglar alarms to secure safes. Browse our full range: For more advice and tips, visit our blog page: SafeZone
