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Cybercrime: an increasing danger for funds

By   /   March 5, 2014  /   No Comments

PricewaterhouseCoopers

Financial firms have reported that fraudulent activity is becoming more and more prevalent from a cyber attack perspective. It now ranks second in terms of crime against the financial sector, according to a new report.

PricewaterhouseCoopers have recently published a study confirming that cybercrime is still a pertinent problem in the financial market. According to their results, 39 percent of financial sector respondents to their recent survey stated that they had suffered an attack of cybercrime. This is a steep increase on the 17 percent recorded from respondents from other sectors.

The rising sophistication of technology has played a large part in the increasing attacks through cybercrime on financial institutions. As the partner of PricewaterhouseCooper’s forensic arm, Andrew Clark, has stated, financial services need to identify and log cyber crime and count it as a real threat to prevent such attacks in the future.

The number of occurrences of economic crime has also risen in recent years, and across the world there have been negative effects on the industry. PricewaterhouseCoopers have noted that 45 percent of respondents have noted economic crime occurring in their facilities. The notable use of cybercrime against financial institutions makes economic crime through cyber means a likely result in future years.

The study encompassed responses from 79 countries, with approximately 1,330 respondents in total. PricewaterhouseCoopers is one of the world’s largest professional services firms, and operates across the globe.

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