PwC Survey Reveals True Extent Of Cyber CrimeTue 29 Nov, 2011 // Chris Allan
A recent fraud survey conducted by PricewaterhouseCoopers LLP has discovered that cyber crime is the third most common type of economic crime in the UK. It was also found to be one of the top four economic crimes facing companies, with 51% of respondents in the UK reporting at least a single instance of economic crime within the last 12 months.
Economic crime has risen, and may rise further as businesses and public sector organisations try to reconcile the current impact of austerity and spending cuts with continued high standards of security.
The Global Economic Crime Survey (GECS) conducted by PwC covers just under 4,000 organisations in 78 countries, and is considered to be the most comprehensive study of economic crime in the business world.
William Beer, Director of Cyber Security Threats at PwC, said:
“Organisations face serious threats from cyber criminals from within as well as outside. It is clear that senior executives need to take these risks more seriously. Almost four in ten respondents say their organisation doesn't have the capability to prevent and detect cyber crime.
"On top of this, we've discovered that organisations might not be clear about exactly what cyber crime is, whom it affects and what they need to do to protect themselves."
It has been shown that economic
crime has hit 34% of companies globally over the past 12 months, creating considerable losses of over $5 million.
Interestingly, 46% of the UK respondents shared the opinion that cyber crime is largely an external threat. The survey, however, also suggests that the current perceptions of cyber crime are in fact changing toward a greater realization of the dangers and risks posed by internal cyber crime.
The survey revealed that 83% of respondents believed that the biggest consequence of cyber crime is reputational damage. William Beer, Director of Cyber Security Services at PwC, added:
"Reputational damage strikes an organisation at its core. The effects can seriously damage the perception of a brand, leading to loss of market share. As society becomes less tolerant of unethical conduct, businesses need to ensure they place a premium on building public trust."
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