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The effects of commercial property crime

Commercial premises may be a target for criminals, often resulting in serious financial loss. According to the 2023 Commercial Victimisation Survey, 409,000 businesses experienced criminal activity. This equated to 26% of total UK businesses, down from 28% in 2022. However, the number of commercial premises in the country increased over that period.

Last year, the most prevalant crimes encountered by businesses were:

• Theft (14%)

• Burglary (8%)

• Vandalism (8%)

• Assaults against employees or customers (7%)

Theft and burglary topped the types of crimes faced by businesses in 2022 too, with 15% and 9% shares of total crimes. 9% of locations with a computer also suffered at least one cyber crime offence. These ranged from receiving fraudulant emails to hacking scams.

Industries that were commonly targeted included:

• Wholesale and retails (41%)

• Transport, accommodation and food (32%)

• Primary and utilities (32%)

• Other services (28%)

Financial impact

A 2022 survey indicated that 45% of victims suffered significant financial loss as a result of commercial property crime. 33% of businesses reported having to pay for additional staff time to deal with the incident. Others said that the crime prevented their business from carrying out normal activities.

In 2023, 63% of victims disclosed moderate financial impact, although no premises had to close as a result. Notably, close to a fifth of larger businesses in London lost up to £50,000 due to criminal activities. Some premises were not insured to the full amount of their losses, implying that they had the wrong level of cover.

Cyber security

1. Protect digital assets

Wireless cameras are often vulnerable to hacking if not secured. Attackers could gain access to the video feed or control the camera. You should also be mindful of data interception, where wireless signals are hijacked. Interceptions can lead to data breaches where criminals gain access to sensitive information.

The best way around this is to set up two-factor authentication. Setup an account and request a password for extra security. Passwords should also be changed frequently but avoid easy-to-guess phrases. In addition, using accredited companies to install and maintain your security systems will further reduce risk.

2. Network security

Create firewalls and virtual private networks (VPN) for all digital devices connected to your security system. These will safeguard against data breaches.

Firewalls control incoming and outgoing traffic on your networks, blocking any suspicious software. Remote VPN gives remote access to company networks to individual hosts, such as remote users. Organisations with multiple sites can use VPNs to provide access to corporate email and file services.

Privacy of sensitive information is ensured through multi-factor authentication and data encryption.

3. Employee training

Equip your employees with the tools, knowledge and support to counter cyber security attacks. Conducting regular training around phishing or malware may help prevent data breaches. With cyber attacks becoming more sophisticated, this could save your business money in the long run.

Training also creates a culture of security, with risk management at the heart of your company values. Employees should feel empowered to identify and report suspicious activity. Seek formal certification to meet training standards, such as ISO 27001 or the Cyber Essentials scheme.