RUNNING a business is challenging with economic shifts, skills shortages, competitor activity and technology developments impacting.

However, on top of managing difficult workers, keep an eye on debtors and financing investment in new IT crime is something which takes many businesses by surprise.

If you are in the UK retail trade it is estimated that high end ‘steal to order’ and general pilfering cost the sector £613m in 2015.

This has to be passed onto consumers. In the end we all pay.

However there is one threat which is rising more quickly and threatens every business. Cybercrime.

Rising at over 20 per cent per year cybercrime now costs UK businesses over £1bn per year. ‘Whaling’; tricking the CEO to transfer money with an e-mail meant to be from another employee and ransomware, which renders your system inaccessible until a fee is paid are on the rise.

The Police and Crime Commissioner for Cheshire, David Keane, will be talking at a public lecture at the Warrington Campus of the University of Chester on Wednesday on ‘Police and Crime Plan for Cheshire.’

Crime is a huge financial and emotional cost to business and society.

Let’s see the plan and work to protect the future.

Visit chester.ac.uk/node/38542.

  • LAWRENCE Bellamy is associate dean of the University of Chester's Padgate campus and writes a regular column for business.