26 August 2016
Find out more

Cybercrime a growing risk for FS firms - PwC survey

27 March 2012  |  6404 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)

Finextra news in your inbox

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

Related stories

MPs call for government cybercrime awareness campaign

MPs call for government cybercrime awareness campaign

02 February 2012  |  4815 views  |  0 comments
South Africa's Postbank loses R42 million to cybercrime gang

South Africa's Postbank loses R42 million to cybercrime gang

17 January 2012  |  5520 views  |  1 comments
UK banks wage cyber war games

UK banks wage cyber war games

22 November 2011  |  6755 views  |  0 comments
Another US firm sues bank after cyber-attack

Another US firm sues bank after cyber-attack

15 November 2011  |  10730 views  |  1 comments
US cybercrime czar falls victim to skimmers

US cybercrime czar falls victim to skimmers

05 September 2011  |  7875 views  |  3 comments
Crooks hacking US accounts and wiring money to China - FBI

Crooks hacking US accounts and wiring money to China - FBI

28 April 2011  |  9045 views  |  0 comments
UK and US exchanges call in security services over suspected cyber-attacks

UK and US exchanges call in security services over suspected cyber-attacks

31 January 2011  |  15571 views  |  0 comments
Financial services falling behind on data security - PwC

Financial services falling behind on data security - PwC

09 January 2009  |  9195 views  |  3 comments
US e-tailers to lose $4bn to fraud in 2008 - CyberSource

US e-tailers to lose $4bn to fraud in 2008 - CyberSource

10 December 2008  |  6369 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
Visit equens.comVisit VocaLink.comVisit www.abe-eba.eu

Top topics

Most viewed Most shared
hands typing furiouslyBlockchain: what to expect for 2017?
8661 views 0 | 56 tweets | 46 linkedin
hands typing furiouslyBig Data's Three Big Trends in 2016
7252 views 5 | 22 tweets | 13 linkedin
hands typing furiouslyHow Banks Are Losing Millions by Ignoring...
6823 views 10 | 23 tweets | 8 linkedin
Nordea looking for AI and blockchain breakthroughsNordea looking for AI and blockchain break...
6286 views comments | 17 tweets | 19 linkedin

Featured job

Find your next job