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Cybercrime stood out among 19 categories of economic crime as the most widespread — and most disruptive — event experienced over the past two years, around the world and in the US. And in the US, about 22% of respondents experienced cybercrime for the first time, as a result of disruption from the pandemic and responses to it, including rapid shifts to all things digital.
It’s not news that cyber attacks have risen and spread over the past two years. What’s not often reported is businesses’ experience with cybercrime compared to other types of economic crime. The Global Economic Crime and Fraud Survey 2022 provides valuable context and broader lens. Is your company allocating resources properly to fight the most important fraud risks to your business? Can your company reap efficiencies from improvements that address classes of crime that tend to go together?
Cybercrime is perpetrated for direct financial gain: ransom to get data and systems restored, intellectual property theft, proceeds from sales of data in the dark web. And then there’s cyber-enabled economic crime: the kind that starts as a cyber attack and then morphs into vendor fraud, customer fraud or money laundering, as the fraudster wends its way through systems, devices, and user identities to reach its final prize.
Arrayed against businesses is a growing economy of commercial cybercrime providers. Fraudsters need only to buy from these providers for offensive security solutions. The established cybercrime providers operate globally and can provide tools such as phishing-as-a-service or ransomware-as-a-service or access-as-a-service.
Cybercrime, if not stopped, is an enabler of many other forms of economic crime. The clear implication? Your organization needs to build a panoramic view of risk management that integrates cyber, financial controls, and other controls.
Partner, US Investigations & Forensics Leader, PwC US
Partner, Global Investigations & Forensics Leader, Global Crisis Consulting Leader, PwC US