Cybercrime now third biggest business crime issue says PwC survey

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Cybercrime is now the third biggest crime problem experienced by UK businesses behind only asset theft and accounting fraud, the PricewaterhouseCoopers (PwC) Global Economic Crime Survey has found.

Nearly half of the 178 middle and senior managers in private and public sectors said that cybercrime (defined as loss of IP, malware incidents and industrial espionage) had increased in the last year, with a quarter reporting more than 10 incidents.

Half of these incidents happened in the financial services sector, ahead of media and communications (17 percent), industry and manufacturing (13 percent); the public sector reported a relatively low rate of 8 percent. The burden of responsibility for such incidents appears to fall overwhelmingly on the CIO, CSO, and to a lesser extent the CEO even if the problem area turns out to be in information systems normally considered beyond their area of expertise.