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Latest PwC Figures Show Cyber as the Fastest Growing Economic Crime
Cyber-crime incidents in the UK up 20% since 2014 according to PwC
The UK has seen a double-digit rise in economic crime against corporations over the past two years, driven by a rise in cyber-crime. The findings, contained in the biennial PwC Global Economic Crime Survey 2016, polled participants in over 115 countries (including the United Kingdom) and showed a staggering rise in cyber-crime capable of disrupting key business practices.
Whilst other forms of crime are on the decline, such as bribery and asset misappropriation, the report shows cyber-crime to be increasing year on year with over half (51%) of UK organisations expecting to be victims of cyber-crime over the next two years.
The increase in cyber-crime incidents within organisations is, according to PwC, a result of the growing use of technologies such as cloud and IoT, which have increased the threat surface for potential hackers. As techUK has highlighted in the past, it is important that security is at the forefront of an organisation’s business strategy in order to ensure that the benefits of cloud and IoT are fully realised. Most worryingly, the report highlights the lack of business planning for cyber incidents and the lack of confidence in law enforcement to effectively deal with growing levels of cyber-crime, which in turn has a negative effect on the levels of business reporting to the police. Almost 60% of organisations have no confidence in UK law authorities dealing with cybercrime, a statistic that was reflected last year in techUK’s ‘Partners Against Crime’ report which showed that in 2014 nearly 85% of cyber-crime and fraud incidents were not reported to the police.
Commenting on the report Talal Rajab, techUK's Programme Manager for Cyber and National Security, said:
“It is concerning that 30% of UK organisations surveyed in the report have no cyber response plan. It is crucial that cyber-security is not treated as just an IT problem, which the report suggests, and that it is an issue that is at the forefront of the boardroom’s agenda so that the right people, processes and governance are in place to stem the growing tide of cyber-crime”
