Sat, Jun 25, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

PwC’s 2011 global economic crime survey shows 13% rise in fraud since last year

Friday, December 02, 2011
Opalesque Industry Update - Accountancy and auditing firm PricewaterhouseCoopers (PwC) has seen a 13% rise in fraud since its last survey and organisations see more fraud ahead. In today's technology driven environment, cybercrime is emerging as a serious threat to organisations.

Below are some of the highlights from this year’s report.

  • 34% of respondents experienced economic crime in the last 12 months (13% increase from 2009) •
  • Almost 1 in 10 who reported fraud suffered losses of more than US$5 million •
  • Cybercrime now ranks as one of the top four economic crimes •
  • Reputational damage resulting from cybercrime is the biggest fear for 40% of respondents •
  • 40% of respondents don’t have the capability to detect and prevent cybercrime •
  • 56% of respondents said the most serious fraud was an ‘inside job’
  • Senior Executives made up almost half of the respondents who didn’t know if their organisation had suffered a fraud
Against this backdrop, here are 5 ways to protect your organisation against economic crime:
  • Know who you are dealing with – staff, suppliers, partners and agents •
  • Align IT, Internal Audit and the Board in the fight against economic crime •
  • Conduct regular fraud risk assessments •
  • Leadership by a Cyber-Savvy CEO, who instils a cyber risk-aware culture
  • Implement a cyber crisis response plan
To download the report click here: Source

BG

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Roundup: Hedge funds shrink as liquidations outpace new launches in Q1: hedge fund news, week 27[more]

    In the week ending 17 May, 2016, HFR said hedge fund liquidations declined narrowly to begin 2016 after rising sharply to conclude 2015, as investors positioned f

  2. Europe - Hedge funds keep powder dry over big Brexit bets, Hedge funds sense profit in Europe shock waves after Brexit vote, Soros warns Brexit may cause pound plunge worse than Black Wednesday, After Brexit: What will happen if Britain votes to leave the UK?[more]

    Hedge funds keep powder dry over big Brexit bets From FT.com: Hedge funds are shying away from big bets on Brexit, with many unwilling to risk further losses having already suffered a painful first half of the year. With the outcome of a UK vote on the country’s membership of the Europea

  3. News Briefs - ’Flash Boys’ get green light to launch stock exchange, Pimco says ‘storm is brewing’ in U.S. commercial real estate, Bankers get ready to rumble at Hedge Fund Fight Night, AIMA Australia celebrates 15th anniversary[more]

    ’Flash Boys’ get green light to launch stock exchange In an investing environment ruled by fast, the newest U.S. public stock exchange is banking on slow. Well, slower. IEX Group, which won Securities and Exchange Commission approval on Friday to go head-to-head with the New York Stock E

  4. Blackstone buys minority stake in New York-based credit hedge fund Marathon[more]

    Benedicte Gravrand, Opalesque Geneva: Blackstone Strategic Capital Holdings Fund, a vehicle managed by Blackstone Alternative Asset Management (BAAM), has acquired a passive, minority interest in Marathon Asset Management, for an undisclosed sum. Based in New York,

  5. Global markets fell, hedge funds gain in mid-June on Brexit, Fed rate concerns[more]

    Komfie Manalo, Opalesque Asia: Global financial markets declined through mid-June, as uncertainty associated with the upcoming Brexit referendum and expected U.S. Fed interest rate hike contributed to increases in volatility across asset classes, data provider