Beicio Cymru Loses £57k in Cyber Fraud Incident in 2023

Cycling

Beicio Cymru, formerly known as Welsh Cycling, suffered a significant financial loss of £57,000 in early 2023 due to a cyber fraud scam. This incident severely impacted the organization, with the loss nearly doubling its end-of-year deficit for the 2022/23 financial year.

In a communication sent to members in December 2023, Caroline Spanton, CEO of Beicio Cymru, confirmed the cybercrime. She explained that although the organization attempted to claim the loss through its cyber insurance, a mismanagement in their financial processes resulted in the insurance policy not covering the fraud. The organization’s deficit, which was initially reported as £45,000 at the Annual General Meeting (AGM), increased to £102,000 due to the fraud.

Upon discovering the incident, Beicio Cymru immediately reviewed and enhanced its financial processes to prevent future cyber fraud attacks. Despite the significant impact, the organization has declined to provide further comments on whether a criminal investigation is ongoing. However, they confirmed that their insurance coverage has since been adjusted to protect against similar risks in the future.

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