Articles (13)
Events (1)
Audios (5)
Videos (12)
News (372)
Blogs (121)
Shares (16)

Cybercrime is now the second most common form of economic crime experienced by financial services firms, according to a new survey from Pricewaterhouse Cooper (PwC).

The Global Economic Crime Survey found that two-thirds of firms surveyed said they’d been the victim of theft or “misappropriation” of financial assets.

Meanwhile, 38 percent of the nearly 4,000 respondents from financial services firms said they have been exposed to some type of cybercrime, compared with just 16 percent across all industries, the survey said.

According to PwC, cybercrime is defined as, “‘an economic crime committed using computers and the internet.” Examples include” distributing viruses, illegally downloading files, phishing and pharming, and stealing personal information like bank account details.”

Cybercrime is reported most often by highly regulated industries like financial services, due to a higher level of transparency, the study said.

In addition, the study found that in financial crimes, “the main perpetrator usually comes from outside the organization.”

Although cybercrime currently ranks as one of the top four economic crimes, most respondents said their company has no regular formal review of cybercrime threats in place, while 2 in 5 said they have not received any cyber security training, according to the survey.