Cybercrime against businesses 'explodes'

Nov 29, 2011
More than one in three companies say that in 2011 they have been victims of fraud, a report said on Tuesday, with reports of cybercrime targeting businesses around the world skyrocketing.

More than one in three companies say that in 2011 they have been victims of fraud, a report said on Tuesday, with reports of cybercrime targeting businesses around the world skyrocketing.

About 34 percent of 3,877 businesses in 78 countries said they had been victims of over the last 12 months, the report by PricewaterhouseCoopers (PwC) said, up from 30 percent of business in 2009.

The study said that the apparent increase in fraud was down to more effective detection methods, with the proportion of companies noting up from five percent in 2009 to 18 percent in 2011.

One business in 10 said that it had lost over five million dollars (3.7 million euros) to fraud.

Cyrbercrime has exploded, with 23 percent of companies saying they had been victim of computer or Internet related crime in 2011, up from "very low and statistically insignificant" levels in previous surveys, the report said.

The latest survey shows that reports of cybercrime are almost as widespread as accounting fraud or , both at 24 percent.

Reports of accounting fraud were down 14 points, largely because of companies taking more care of their accounts in the wake of the 2008 , PwC's Jean-Louis Di Giovanni told a press conference.

Asset misappropriation (theft) was however by far the most reported economic crime, affecting 72 percent of respondents.

PwC said that 54 percent of reported fraud affected businesses of over 1,000 employees, while 17 of reported fraud affected companies with less than 200 employees.

Explore further: Facebook awards 'Internet Defense Prize'

add to favorites email to friend print save as pdf

Related Stories

Alibaba says China police arrest 36 in fraud probe

Jul 02, 2011

Police have arrested 36 people in southeast China following an investigation into fraud on e-commerce site Alibaba.com and other websites that duped buyers out of more than $6 million.

Fighting back against business fraud

Mar 26, 2008

Smaller businesses are increasingly taking action to protect themselves against business fraud, according to an internet survey run by The University of Nottingham Institute for Enterprise and Innovation (UNIEI).

US charges 91 in wave of health fraud cases

Sep 08, 2011

US authorities have charged 91 people over some $295 million in alleged fraud schemes related to Medicare, the government-run health program for seniors, the Justice Department said.

Recommended for you

Facebook awards 'Internet Defense Prize'

4 hours ago

Facebook awarded a $50,000 Internet Defense Prize to a pair of German researchers with a seemingly viable approach to detecting vulnerabilities in Web applications.

Twitter tries to block images of Foley killing

23 hours ago

Twitter and some other social media outlets are trying to block the spread of gruesome images of the beheading of journalist James Foley by Islamic State militants, while a movement to deny his killers publicity ...

User comments : 0