Data breaches cost UK close to £4 billion every year, according to data from Credas Technologies.

The research suggests that, on a global level, there have been close to 10 billion digital data records stolen or breached since 2013.

The identity verification checks provider said that the UK ranks fifth in the world when it comes to national total data breaches, with more than 140 million files stolen or breached in the past nine years.

Across the UK, this equates to around 28 million data breaches per year, which is estimated to cost the UK £3.7 billion annually.

The UK was behind the USA, India, China, and South Korea.

“We have passwords and logins for everything from our current accounts to our pension pots and we also apply for new bank accounts, mortgages, rental properties and more online,” said Tim Barnett, chief executive, Credas Technologies. “While this brings great convenience, it also leaves you vulnerable to criminals and today, the lengths these criminals will go to are advancing at a faster rate than some businesses and organisations are improving their digital security.”

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