A study found that the bigger cyber threats to British businesses are home grown, rather than from traditional sources like Russia, Asia and Africa.
72% of the cyber attacks targeted towards UK businesses are coming from within the country, which has raised serious question regarding security and privacy of businesses in the UK.
Mexico has emerged as the second biggest threat to the UK followed by Nigeria and Germany, overshadowing Russia and Asia that traditionally posed major threat to UK businesses previously.
The report also highlighted techniques used by the hackers, which includes "spoo?ng" attacks.
Nearly 11.4 million fraud attempts were made during the last peak Christmas shopping period in 2014. Criminals are also using stolen identities and mixing them with crimeware tools to trick businesses.
The UK is presently experiencing a boom in online and mobile commerce, but it has also become one of the prime targets of cyber criminals, and UK businesses are finding it difficult to differentiate between fraudsters and real consumers as device spoofing has become common.
According to the survey, the UK has lost £2.92bn worth of online orders due to fraud and basket abandonment as a result of repetitive step up, with security authentication increasing by 10%.
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The UK is not the only nation facing threat from its homeland, as 87% of cybercrime in France comes from French hackers, and German hackers target 81% of cybercrime in Germany, according to the ThreatMetrix Cybercrime Report.
ThreatMetrix EMEA Research and Communication director Tony Larks said : "Organisations are taking a ‘one size fits all’ attitude to security and without taking a bespoke approach that looks at context and the history of these.
"Digital Identities, online retailers in the UK are in danger of driving their own customer base away and losing millions of pounds. We believe shared intelligence is key and that the only way to ensure more fluidity within the world of online commerce is for businesses to collaborate.
"Quite simply this means sharing anonymous information on who or what they’re seeing as and when it happens."
