News & Resources

PwC: Cybercrime a top concern facing businesses

Feb 10, 2012 Karen Umpierre

Cybercrime is a mounting concern for businesses and consumers alike, and underscores the importance of stringent ID verification, security and risk management practices across all levels of business strategy. According to the recent PricewaterhouseCoopers Global Economic Crime Survey, cybercrime is no among the top four financial crimes reported by businesses. Roughly one-quarter of surveyed organizations claim they have experienced cybercrime incidents over the past year. "In addition to direct financial losses, companies can also suffer loss of reputation - and loss of business - if customers' personally identifiable information is stolen," says Stu Sjouwerman, founder and CEO of web security consultant KnowBe4. "Certain industries, such as financial services and healthcare insurance, are among those at greatest risk." The PwC report also pointed out how it is more possible for skilled individuals to conduct considerable cyberattacks and hacks remotely and anonymously through company computer networks. Not only do businesses need to protect their financial data and resources, but their customers' as well. With a host of new payment technologies, such as m-commerce and near field communications, this imperative will become even more pressing.