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In an increasingly uncertain world, it’s fast becoming clear that businesses now represent a new frontline for those seeking to harm the UK. Upon learning of this week’s disruption to online banking and other services, most people’s suspicions will have centred on yet another cyber attack. Cyber security professionals know attribution is fiendishly difficult to prove, but the increasing frequency and severity of attacks on UK businesses – highlighted by the National Cyber Security Centre (NCSC) in its latest annual report – is undeniable. Organised criminals – and malign state actors - are now driving a surge in cybercrime and online fraud, targeting people; businesses, and the third sector. The recent experiences of Jaguar Land Rover, Marks & Spencer and The Co-Op show that cybercrime is a growing threat. Its impact is immense. Costs are counted in billions. Lifesaving operations have been cancelled. Children’s details have been published on the dark web. Each new attack undermines confidence. Economic security and national security are inseparable. A country that cannot protect its citizens and institutions from fraud and cybercrime cannot safeguard its prosperity. No where is this truer than in the City of London — the financial heart of the UK, generating 14% of the national economy and £110 billion in taxes each year. A secure City is not just good for business; it is essential for national growth, investor confidence, and Britain’s global reputation. The City of London Police, the National Lead Force for Fraud, coordinates the national response to economic crime, providing the expertise needed to tackle offences that make up 43% of all crime yet still receive only a fraction of policing resources. Its partnership with the City of London Corporation enables it to pioneer innovative responses to emerging threats. Through public-private collaboration, the City Police has achieved measurable results. The Dedicated Card and Payment Crime Unit has saved the industry £800 million by preventing and disrupting fraud, while the Insurance Fraud Enforcement Department has secured over 1,000 convictions and recovered millions for victims. Every organisation now faces an escalating risk of cybercrime, with smaller businesses often the most vulnerable. As NCSC chief executive Richard Horne set out in his forward to the report: “From local coffee shops to providers of critical national infrastructure, every organisation must understand their exposure, build their defences and have a plan for how they would continue to operate without their IT (and rebuild that IT at pace) were an attack to get through.” The good news is that the City of London Police is already actively involved in tackling this challenge head-on via the National Cyber Resilience Centre Group (NCRCG) — established by the City Corporation and City Police, and which I have the privilege of chairing — is tackling this challenge head-on. Through nine regional Cyber Resilience Centres across England and Wales, smaller organisations are being supported to strengthen defences, protect supply chains, and build a culture of resilience. I urge businesses to connect with their regional centre to help build a culture of resilience that keeps our economy secure. Major companies are acting as ambassadors for this network, accelerating intelligence-sharing and sharpening the collective response to emerging threats. The NCRCG ensures coordination and shares best-practice nationwide. To make a strategic impact, we double-down on deterrence and prevention, driven by deeper collaboration between government, law enforcement, and industry. Data is our most powerful tool. Enhanced intelligence-sharing across financial services, telecoms, and social media platforms can deliver the joined-up response modern threats demand. We must also hit criminals where it hurts — their wallets. That means turbo-charging civil recovery, accelerating crypto-seizure capabilities, and reinvesting recovered funds into enforcement and victim care. So far this year, the UK has recovered £279.8 million. While welcome progress, this is still a fraction of the billions lost to cyber crime and fraud each year. An Asset Recovery Incentivisation Scheme can drive systemic change and increase the repatriation of funds to victims. The City is also modernising its own infrastructure to fight fraud, economic and cyber crime more effectively. The £600 million Salisbury Square Development — featuring 18 courts dedicated to prosecuting economic crime new court facilities alongside a new City of London Police headquarters — will expand capacity across the criminal justice system, improve outcomes for victims, and reinforce the UK’s global in legal and financial services. As government considers wider policing reforms, national coordination on fraud and cybercrime must be protected and strengthened. Over-centralisation could risk losing the specialist expertise and existing close partnerships with business that make the UK’s response effective. The threat landscape is evolving rapidly, as the Defence Secretary addressed in his lecture in the City of London this week. An effective response relies on the interplay between political will, investment, and the recognition that policing economic crime is about more than catching criminals: it’s about protecting trust — the foundation of our economy and our society. Tijs Broeke is the Chairman of the City of London Police Authority Board
