Cybercrime on the Rise

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Cybercrimes like data breaches are getting lots of attention these days. But does the average company need to worry about them? The answer is a resounding yes, according to a survey from PricewaterhouseCooper, which found that cybercrime has become the second most common type of economic crime.

Of the 6,000 executives across the world who participated in the survey, 38 percent reported that their organizations dealt with economic crime in the last 48 months. Cybercrime increased big time, with 32 percent reporting an incident in the last two years. That’s an 8 percent increase from a year ago. Cybercrime was up and is now the second-most-reported type of economic crime (asset misappropriation is No. 1).

Cybercrimes can cause major losses, according to the report. Of the respondents affected by cybercrime, about 15 percent reported losses of more than $1 million; 2 percent reported losses in excess of $100 million.

Despite this potential for losses, many boards of directors aren’t focusing on cybercrime. Globally, just 27 percent of boards request information about the company’s state of cyberreadiness more than once a year, the report found.

The survey, The PwC Global Economic Crime Survey 2016, is available here.

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