Thursday, March 29, 2012

Cybercrime now major drag on financial services, PwC finds

Too few organisations in the financial services sector are investing in the response mechanisms needed to cope with cybercrime incidents, a PwC survey has found.
This is despite cybercrime now being a major cause of losses in the financial sector, ahead of accounting fraud, bribery and corruption and even money laundering, it said.
The prominence of cybercrime in the figures, drawn from 878 responses from professionals in the sector in 56 countries, is no surprise given that almost all cybercrime impacts on financial services at some point.
Cybercrime is now the second biggest cause of economic crime experienced by the sector, beating all other forms bar catch-all 'asset misappropriation' (mostly simple physical theft) even though PwC admits that definitions of what constitutes it vary from organisation to organisation.
Many financial organisations still prefer to draw a veil over the issue of cybercrime losses because of the technological 'lack' it suggests in their operations.

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