21 November 2014

Cybercrime a growing risk for FS firms - PwC survey

27 March 2012  |  5791 views  |  0 anonymous figure in front of stock exchange

Cybercrime is a growing threat to financial services firms and is now the second most common type of economic crime the industry faces, according to a PricewaterhouseCoopers survey.

Cyber attacks accounted for 38% of all economic crime incidents that finance companies experienced in 2011, according to the poll of 878 industry respondents from 56 countries, behind only asset misappropriation.

Around half of respondents think that the threat of cybercrime has increased in the last year while, unsurprisingly, IT is considered the department presenting the biggest risk, cited by 63% of those asked.

Asked about what concerns them about the fallout of cybercrime, 54% say the reputational damage, 49% the loss of personal identifiable information, only 39% the actual financial losses and 32% regulatory issues.

Despite the risks, 29% of respondents say that their company offers no cybersecurity-related training, although this compares well to other industries covered by PwC.

Andrew Clark, forensic services partner, PwC, says: "It appears that some FS organisations are complacent about the risks that cybercrime poses, in spite of serious concerns about potential damage arising from cyber threats."

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

02 February, 2012
17 January, 2012
22 November, 2011
15 November, 2011
05 September, 2011
28 April, 2011
31 January, 2011
09 January, 2009
10 December, 2008

Featured job

to £100k base, commission, benefits
London, UK

Find your next job