A court dedicated solely to dealing with the aftermath of cybercrime has been given the go ahead.
By acknowledging that cybercrime is now firmly on the justice and law agenda, it is in some senses an iconic move.
The court will be built in the City of London and provides, what is often referred to as the square mile, a second court house alongside the world famous Old Bailey.
This specialist court will host judges who are not only versed in the intricacies of law but also the application of new technologies to crime.
And it can’t come soon enough:
- A security report from last year estimated that cyber thieves stole a total of £130 billion from consumers in 2017, including £4.6 billion from UK internet users.
- More than 17 million Brits were hit by cybercrime in the past year. The UK accounts for less than 1 per cent of the global population, yet makes up almost 2 per cent of the 978 million global victims of cybercrime.
- The most common crimes were phishing mails which attempt to trick victims into revealing personal information.
- Technical support scam, ransomware attacks and fraudulent online purchases were high on the list of scams.
Unfortunately the new court has to go through the convoluted process of gaining planning permission and sourcing funding. As such the actual building is unlikely to be ready before 2025.
On a separate but related note the Center for Strategic and International Studies (CSIS), estimates that cybercrime costs the global economy $600 billion a year the equivalent of nearly one per cent of global GDP a year.