Security Magazine logo
search
cart
facebook twitter linkedin youtube
  • Sign In
  • Create Account
  • Sign Out
  • My Account
Security Magazine logo
  • NEWS
    • Security Newswire
    • Technologies & Solutions
  • MANAGEMENT
    • Leadership Management
    • Enterprise Services
    • Security Education & Training
    • Logical Security
    • Security & Business Resilience
    • Profiles in Excellence
  • PHYSICAL
    • Access Management
    • Fire & Life Safety
    • Identity Management
    • Physical Security
    • Video Surveillance
    • Case Studies (Physical)
  • CYBER
    • Cybersecurity News
    • More
  • BLOG
  • COLUMNS
    • Cyber Tactics
    • Leadership & Management
    • Security Talk
    • Career Intelligence
    • Leader to Leader
    • Cybersecurity Education & Training
  • EXCLUSIVES
    • Annual Guarding Report
    • Most Influential People in Security
    • The Security Benchmark Report
    • Top Guard and Security Officer Companies
    • Top Cybersecurity Leaders
    • Women in Security
  • SECTORS
    • Arenas / Stadiums / Leagues / Entertainment
    • Banking/Finance/Insurance
    • Construction, Real Estate, Property Management
    • Education: K-12
    • Education: University
    • Government: Federal, State and Local
    • Hospitality & Casinos
    • Hospitals & Medical Centers
    • Infrastructure:Electric,Gas & Water
    • Ports: Sea, Land, & Air
    • Retail/Restaurants/Convenience
    • Transportation/Logistics/Supply Chain/Distribution/ Warehousing
  • EVENTS
    • Industry Events
    • Webinars
    • Solutions by Sector
    • Security 500 Conference
  • MEDIA
    • Videos
      • Cybersecurity & Geopolitical Discussion
      • Ask Me Anything (AMA) Series
    • Podcasts
    • Polls
    • Photo Galleries
  • MORE
    • Call for Entries
    • Classifieds & Job Listings
    • Continuing Education
    • Newsletter
    • Sponsor Insights
    • Store
    • White Papers
  • EMAG
    • eMagazine
    • This Month's Content
    • Advertise
  • SIGN UP!
Cybersecurity NewsBanking/Finance/InsuranceInfrastructure:Electric,Gas & WaterHospitals & Medical CentersPorts: Sea, Land, & AirRetail/Restaurants/ConvenienceTransportation/Logistics/Supply Chain/Distribution/ Warehousing

Report Says One Third of Global Firms Now Hit by Cybercrime

cyber 2 responsive default
February 26, 2016

Economic crime is on the rise, with cybercrime affecting almost a third of global businesses, according to a survey by PwC.

The PwC Global Economic Crime Survey 2016 said that while the marginal decline in economic crime reported overall, the financial cost of each fraud is on the rise. 1It reported that 4% of respondents experienced losses of more than $1 million in the last two years.

•Overall rates: The overall rate of economic crime reported has fallen for the first year since the financial crisis, but only marginally – to 36% from 37% in 2014. Regionally, lower levels of economic crime are reported in North America (37% vs 41%), Eastern Europe (33% vs 39%), Asia Pacific (30% vs 32%) and Latin America (28% vs 35%). It rose in Africa (57% vs 50%), Western Europe (40% vs 35%) and the Middle East (25% vs 21%).

•Most common economic crimes: Asset misappropriation (64%), cybercrime (32%), and bribery and corruption (24%).

•Highest increases: 68% of French and 55% of UK respondents reported economic crimes in the past 24 months, up 25% when compared to 2014. 61% of Zambian respondents reported economic crime, up 31% over 2014.

•Industry sector impacts: Financial Services reported the most economic crimes over the two year period, followed by government and state owned enterprises, and retail and consumer industries. Aerospace & Defense was the biggest riser in the period at 9%. Specific crimes are affecting different industries, with Transportation & Logistics experiencing a 16% increase in Bribery & Corruption.

•Cybercrime: Incidents reported were up 8% to 32% and over half (53%) of respondents perceived an increased risk of cyber threats over the last 24 months. 34% believe it is likely that their organizations will experience cybercrime in the next 24 months. Despite big financial losses reported linked to cybercrime, respondents reported the greatest impact to their organizations coming from damage to their reputation and legal, investment and enforcement costs.

•Response to cybercrime: Only 37% of respondents reported having a fully operational incident response plan in place. Almost a third have no plan at all, with 14% of respondents not even intending to implement one. 45% of respondents do not believe that their local law enforcement agencies have the required skills and resources to combat cybercrime.

•Risk & finance: More than a quarter of financial services firms have not conducted risk assessments for anti-money laundering or the combatting of the financing of terrorism (AML/CFT). A third of respondents cited data quality in relation to client information as being a significant challenge in relation to their AML/CFT systems. One in five financial services organisations have experienced enforcement actions by a regulator.

•Bribery: Over half (54%) of respondents say that top management would rather allow a business transaction to fail than have to use bribery. 13% had been asked to pay a bribe in the last two years and another 15% believe they lost an opportunity to a competitor that may have paid a bribe.

•The fraudster profile: Nearly half the serious incidents of economic crimes were carried out by perpetrators employed by the affected organization. Internal fraudsters are most likely to be male graduates, with three-five years of service, aged between 31 and40 years old, and serving a middle/senior management function.

•Drivers of crime: Seven out of ten organizations believe that opportunity is the main driver of economic crime committed by internal parties.

•What’s next? 20% of respondents believe their organizations are likely to experience the leading economic crimes - asset misappropriation, cybercrime or bribery and corruption in within 24 months. Within two years, six of the G20 (UK, USA, Italy, France, Canada and Australia) expect cybercrime to be the largest economic crime threat to their organization.

Overall, the report finds that business detection and response plans are not keeping pace with the level and range of threats now facing organizations, with a potential trend in fraud detection of too much being left to chance. It warns that a "passive approach to detecting and preventing economic crime is a recipe for disaster."

Data quality, skills, resources, and board level engagement, were among the recurring issues respondents cited, which combined, are leaving many organization’s detection and control programs unable to adequately protect an organization.

The report also highlights significant gaps between organizations with a code of conduct in place (86%) and those with regular training or advice in place (64%). It warns that such perception gaps can create potential vacuums “within which unethical activities can spring.”

http://press.pwc.com/News-releases/ALL/losses-rise-as-cybercrime-exposes-organisations---passive-approach--to-economic-crime/s/45BE9590-3F1C-40F0-AF3F-5E4D02E8BC57

http://www.pwc.com/gx/en/services/advisory/consulting/forensics/economic-crime-survey.html


 

KEYWORDS: asset management corruption crime cyber security cybercrime data theft loss prevention theft prevention

Share This Story

Looking for a reprint of this article?
From high-res PDFs to custom plaques, order your copy today!

Recommended Content

JOIN TODAY
To unlock your recommendations.

Already have an account? Sign In

  • Security's Top Cybersecurity Leaders 2024

    Security's Top Cybersecurity Leaders 2024

    Security magazine's Top Cybersecurity Leaders 2024 award...
    Security Enterprise Services
    By: Security Staff
  • cyber brain

    The intersection of cybersecurity and artificial intelligence

    Artificial intelligence (AI) is a valuable cybersecurity...
    Cybersecurity
    By: Pam Nigro
  • artificial intelligence AI graphic

    Assessing the pros and cons of AI for cybersecurity

    Artificial intelligence (AI) has significant implications...
    Cybersecurity Education & Training
    By: Charles Denyer
Manage My Account
  • Security eNewsletter & Other eNews Alerts
  • eMagazine Subscriptions
  • Manage My Preferences
  • Online Registration
  • Mobile App
  • Subscription Customer Service

More Videos

Sponsored Content

Sponsored Content is a special paid section where industry companies provide high quality, objective, non-commercial content around topics of interest to the Security audience. All Sponsored Content is supplied by the advertising company and any opinions expressed in this article are those of the author and not necessarily reflect the views of Security or its parent company, BNP Media. Interested in participating in our Sponsored Content section? Contact your local rep!

close
  • Sureview screen
    Sponsored bySureView Systems

    The Evolution of Automation in the Command Center

  • Crisis Response Team
    Sponsored byEverbridge

    Automate or Fall Behind – Crisis Response at the Speed of Risk

  • Perimeter security
    Sponsored byAMAROK

    Why Property Security is the New Competitive Advantage

Popular Stories

Rendered computer with keyboard

16B Login Credentials Exposed in World’s Largest Data Breach

Verizon on phone screen

61M Records Listed for Sale Online, Allegedly Belong to Verizon

Security camera

40,000 IoT Security Cameras Are Exposed Online

Security’s 2025 Women in Security

Security’s 2025 Women in Security

Red spiderweb

From Retail to Insurance, Scattered Spider Changes Targets

2025 Security Benchmark banner

Events

July 17, 2025

Tech in the Jungle: Leveraging Surveillance, Access Control, and Technology in Unique Environments

What do zebras, school groups and high-tech surveillance have in common? They're all part of a day’s work for the security team at the Toledo Zoo.

August 7, 2025

Threats to the Energy Sector: Implications for Corporate and National Security

The energy sector has found itself in the crosshairs of virtually every bad actor on the global stage.

View All Submit An Event

Products

Security Culture: A How-to Guide for Improving Security Culture and Dealing with People Risk in Your Organisation

Security Culture: A How-to Guide for Improving Security Culture and Dealing with People Risk in Your Organisation

See More Products

Related Articles

  • Security newswire default

    Workforce Drug Positivity Rises by Double-Digits in Almost One-Third of U.S. Industry Sectors Examined

    See More
  • New Newswire Feature Image 3/8/2012

    Number of Companies Buying Cyber Insurance Up by One-Third in 2012

    See More
  • One-Third of Adults Report Serious Impact from Recession

    See More

Related Products

See More Products
  • GSEC.jpg

    GSEC GIAC Security Essentials Certification All-In-One Exam Guide, 2E

  • CASP.jpg.jpg

    CASP+ CompTIA Advanced Security Practitioner Certification All-In-One Exam Guide...

  • 9780367221942.jpg

    From Visual Surveillance to Internet of Things: Technology and Applications

See More Products
×

Sign-up to receive top management & result-driven techniques in the industry.

Join over 20,000+ industry leaders who receive our premium content.

SIGN UP TODAY!
  • RESOURCES
    • Advertise
    • Contact Us
    • Store
    • Want More
  • SIGN UP TODAY
    • Create Account
    • eMagazine
    • eNewsletter
    • Customer Service
    • Manage Preferences
  • SERVICES
    • Marketing Services
    • Reprints
    • Market Research
    • List Rental
    • Survey/Respondent Access
  • STAY CONNECTED
    • LinkedIn
    • Facebook
    • YouTube
    • X (Twitter)
  • PRIVACY
    • PRIVACY POLICY
    • TERMS & CONDITIONS
    • DO NOT SELL MY PERSONAL INFORMATION
    • PRIVACY REQUEST
    • ACCESSIBILITY

Copyright ©2025. All Rights Reserved BNP Media.

Design, CMS, Hosting & Web Development :: ePublishing