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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


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