The bi-annual Unisys Securty has been released this week and has showed there to be a "surge" in financial security concerns relating to online fraud and ID theft.

Around 72 per cent of UK respondents believe they are now at a greater risk of such problems.

Neil Fisher, the vice-president of global security solutions at Unisys, noted that conditions derived from the current economic climate are making many organisations cut their costs and perhaps move away from a need to become even more secure.

He said: "Robust security procedures to protect against online fraud and ID theft are crucial to ensuring customer confidence, particularly with regards to online shopping and banking."

Mr Fisher added that now is not the time for companies in the UK to "take its eye off the ball" in regard to keeping its customers safe and protected from such threats.

Unisys was created after a merger between Sperry Rand and Burroughs Adding Machine Co in 1986.

According to a recent survey by Connect, the two biggest IT headaches for businesses were 'everyday hassles with IT' (37 per cent) and 'security concerns' (32 per cent).