From: Out-Law.com

Financial services firms are more likely than non-financial companies to have been the victim of economic crimes such as fraud or theft, according to the findings of PwC’s latest review of global economic crime trends.

Of the 1,330 financial services firms in 79 countries surveyed by PwC as part of its 2014 Global Economic Crime Survey, 45% reported that they had experienced some form of economic crime compared to 34% of firms across all other industries. Around 39% of these incidents were cybercrimes, compared to 17% of incidents affecting firms in other industries, PwC said.

The professional services firm said that the amount of cybercrime affecting the financial services sector was likely far higher than the reported figure. It said that it was aware of a “clear majority” of financial services firms, particularly those in the retail banking sector, experiencing cybercrime during the survey period.

“The financial services sector was one of the first to be targeted by cybercrime – little wonder, as there have always been significant potential financial gains to be had from subverting computerised processes and corporate controls in banks,” said PwC’s Andrew Clark, one of the authors of the report. “In our experience, financial services organisations do not always identify and log the cyber element of economic crime experienced. This leaves them exposed to cyber threats in spite of any existing cyber defence: if cybercrime is not being accurately tracked, the true risk of cybercrime cannot be fully grasped and understood.”

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