Cyber crime has increased because it's easy get involved and offenders are rarely caught or punished, says the Corporate IT Forum.
Research by the company identified that 69 percent of the 3,5000 businesses surveyed have seen an increase in cyber crime such as denial of service and website hacking. In fact, cyber crime is so rife that 68 percent of companies are forced to spend as much as 40 percent of their security budgets protecting themselves from cyber crime.
The survey also highlighted that confidence in the UK Government's ability to help fight cyber crime is at an all time low with only four percent claiming they'd report incidences of cyber crime and 57 percent admitting they feel that any report of cyber crime won't be handled properly.
David Roberts, head of the Corporate IT Forum said: "IT chiefs in UK PLCs don't think the government appreciates the scale of the cyber crime threat, the seriousness of the threat or how much it's costing".