Cybercrime is a growing risk for FS firms

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

 

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

Around 50% of 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."

 

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