According to technology association TechUK, police and industry should work together to tackle cyber crime at both a regional and local level.
The report, titled the Partners against Crime, calls for collaboration between police and industry to raise standards of reporting, recording and responding to cyber crime.
The report was based on interviews with police and industry stakeholders and freedom of information requests to all UK police holders, and comes just a week after the Office of National Statistics revealed there was an average of 625,000 cyber crime offences a month in England and Wales between May and August 2015. Security experts believe this is just a fraction of the actual number.
The UK government warned that 90% of major businesses have faced a cyber attack in the past year with 74% of small businesses also victims of cyber crime.
Associate director of defence and security at TechUK, James Murphy, said: "Digital technology is revolutionising the way criminals operate.
"Police forces have made a number of positive steps to meet the challenge in recent years but they cannot meet it on their own."
TechUK believes the ability to tackle cyber crime remains the responsibility of civil society, including businesses, consumers and the technology industry.
Murphy added: "It's only by working in partnership with the cyber security industry that the police can access the skills, capacity and reach that they desperately need."
The report found that 50% of police forces surveyed could not supply accurate figures of cyber crime reports without manually analysing every crime in their recording systems.
Adrian Leppard, commissioner of the City of London Police, said: "Within the context of shrinking public sector sources there is clearly the opportunity for private sector technology firms to work in closer partnerships with the police to tackle the threat posed by cyber crime.
"Creating structures that work nationally to facilitate this will be challenging but we should wrestle with these issues as the threats we face are significant. Just as technological innovation helped the public and police win the battle against other crime types it has great potential to assist law enforcement in investigating and designing out cyber crime.
"It's by working together we can share expertise and knowledge toward the collective goal of making the UK a more hostile place to commit cyber crime."
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