Survey Finds Cybercrime Ranked Third Biggest Crime Worry for Businesses

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Survey Finds Cybercrime Ranked Third Biggest Crime Worry for BusinessesAbout The Authors

22nd June 2012 06:18 - Information Technology

The PricewaterhouseCoopers Global Economic Crime Survey has revealed that cybercrime is now the third biggest crime affecting UK businesses.

Nearly half of the 178 middle and senior managers in private and public sectors who took part in the study said that cybercrime, defined as loss of IP, malware incidents and industrial espionage, has increased significantly in the last year.

In addition, a quarter of the surveyants reported more than 10 cybercrime incidents this past year alone, with 50% of these occurring in the financial services sector.

Other industries have also been hit – media and communications have a 17% rate, industry and manufacturing 13%, while the public sector reported a relatively low rate of 8%.

The main cybercrime worry in the UK was found to be reputational damage, since this can potentially cause serious harm to an organisation’s brand, which would lead to loss of market share.

In response to the survey results, LogRhythm Vice President Ross Brewer commented: “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."

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