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PwC: Cybercrime is ‘second most reported economic crime’

PwC: Cybercrime is ‘second most reported economic crime’
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The Global Economic Crime Survey 2016 released by PwC has revealed that cybercrime now ranks second among the most common economic crimes reported by the survey respondents, leaping from 24% in 2014 to 32% in 2016.

According to the report, of the 6337 respondents surveyed, over a quarter of them reported that they had been affected by cybercrime. However, another 18% said they didn’t know whether they had or not.

The report categorised cyber economic crimes into two. “Over the last few years, cyber economic crime has evolved to a point where one could segment it into two distinct categories – the kind that steal money and bruise reputations; and the kind that steal IP and lays waste to an entire business.”

About 53% of survey respondents expected an increased risk of cyber threats, perhaps due to intensifying media coverage. However, companies are ill-prepared to face the waves of current cyber threats. “Our survey suggests that companies are nonetheless inadequately prepared to face current cyber threats,” the report says.

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Kayode Oladeinde Technology Journalist at Technology Times. Mobile: +234 (0) 7031526929