Mon, Jun 26, 2017
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. FinTech - Rise of robots: Inside the world's fastest growing hedge funds[more]

    From Bloomberg.com: Believe the hype. Quants have never been more popular. After doubling over the past decade, assets run by so-called systematic funds have hit a record $500 billion this year, according to estimates from Barclays Plc. In some ways, their meteoric rise is due to the same technolog

  2. Legal - Bond market concerns could scuttle Paulson's Fannie-Freddie plan[more]

    From Bloomberg.com: A hedge fund proposal for freeing Fannie Mae and Freddie Mac from U.S. control is poised to face stiff opposition from investors who say it risks wrecking the mortgage-bond market. The Moelis & Co. blueprint, which firms including Paulson & Co. and Blackstone Group LP sponsored,

  3. Other Voices: Are your pricing policies and procedures for less liquid instruments adequate?[more]

    Komfie Manalo, Opalesque Asia: The unrelated position mismarking incidents that quickly precipitated the closures of both Visium Asset Management and Marinus Capital have been recent focal points for market participants, but regulatory scrutiny of valuation choices for less liquid instruments is

  4. FinTech - AI hedge fund Numerai now live on Ethereum, Cryptocurrency hedge funds generate huge returns as bitcoin surges[more]

    AI hedge fund Numerai now live on Ethereum From Cryptoninjas.net: Back in February, Numerai announced numeraire (NMR), a cryptographic token to incentivize a new kind of hedge fund built by a network of data scientists. Earlier today, the Numeraire smart contract was officially deployed

  5. Investing - Advisors slash hedge fund positions, Theravance Biopharma is a top pick of investment guru Seth Klarman, As asset management industry grows a search for new revenue streams[more]

    Advisors slash hedge fund positions From Barrons.com: Financial advisors have cut wealthy clients' exposure to hedge funds by up to one third over the past 12 months, The Financial Times reports. Advisor firms in the FT's annual top-300 ranking have reduced their hedge fund allocation to