Cyber security in the spotlight

PwC recently concluded the sixth Global Economic Crime Survey. The survey, conducted between July and November 2011, garnered almost 4,000 responses from senior executives in 72 countries. It is the most comprehensive global survey of economic crime available to businesses. A total of 93 respondents from 17 industries across Malaysia responded to the survey.

The focus of the survey was to gauge the extent of economic crime experienced by organisations in the last 12 months - with a special focus on cybercrime.

In the Global Economic Crime Survey 2011, 44% of Malaysian organisations reported being victims of economic crime in the last 12 months; a 57% increase from the 28% reported in the fifth installment of the survey in 2009. There is also increased awareness on the risks relating to cybercrime among Malaysian organisations.

 

Survey results show that:

  • 7% of those respondents who’d experienced fraud in the past 12 months reported losses of more than US$5 million.
  • The most common type of fraud was asset misappropriation (83%).
  • 57% of the fraud in Malaysian organisations within the last 12 months was detected through tip-offs and whistle-blowing (37%) and suspicious transaction reporting (20%).
  • 28% of respondents project that they are likely to encounter cybercrime in the next 12 months.