PricewaterhouseCoopers (PwC) published its 2011 Global Economic Crime Survey, suggesting that 40 percent of the companies surveyed do not have the capability to detect and prevent cyber crime.
In addition, 34 percent admitted they had experienced economic crime in the last 12 months (up 13 percent on 2009), with reputation damage from cyber crime the biggest fear for 40 percent of respondents. An audit firm has brought out its new Global Economic Crime Survey. According to the auditors, it paints a complete picture of how businesses worldwide are navigating their way through the maze that economic criminals create to shroud their activities. For the UK findings, visit the PwC website – <br><br>http://www.pwc.co.uk/eng/publications/global-economic-crime-survey-2011-uk-report.html<br>The PwC 2011 Global Economic Crime Survey was completed by 3,877 respondents from 78 countries. Of the total number of respondents, 52pc were Directors or Senior executives of their respective organisations, 36pc represented listed companies and 38pc represented organisations with more than 1,000 employees.<br><br>The report is divided into two sections:<br><br>Cybercrime: Its impact on organisations, their awareness of the crime and what they are doing to combat the risks.<br><br>Fraud, the fraudster and the defrauded: The types of fraud committed, how they are detected, who is committing them and what the repercussions are.<br> <br>Ross Brewer, vice president and managing director of international markets at LogRhythm commented:<br> <br>“I wish I could say I was shocked by these stats, but the volume and severity of breaches this year have made it patently obvious that many organisations have severely limited visibility into what exactly is happening within their own systems. The PwC survey respondents are right to fear reputational damage as our research has found 87 percent of the UK public would actively avoid interacting with an organisation that had suffered data loss as a result of cyber crime. If, as expected, data loss disclosure laws are introduced across Europe next year, this reputational damage will be even more likely to negatively affect business performance.”<br> <br>“While it is still important to integrate traditional perimeter security solutions into your overall security strategy, it is vital organisations realise that they are no longer the most effective way to detect threats and defend the IT estate. Cyber attacks today are increasingly sophisticated, specifically designed to subvert security, and breaches, to a certain extent, are now inevitable. The only way to ensure data remains safe is to employ systems that monitor 100 percent of network activity in real-time, providing the advanced correlation and analysis of log data needed so that anomalous activity can be identified and responded to as soon as it occurs. Rather than keeping threats out, data security now depends on 360 visibility of network activity so that threats can be remediated the instant they materialise.”
