Cyber crime rises by 89%

Nearly a quarter of firms have been hit by economic crime and, despite a huge emphasis on whistleblowing, not a single fraud has been reported by whistleblowers.

The PWC Economic Crime Survey published today found that cybercrime has risen rapidly in the last two years growing by 89%.

As the sophistication of attacks increased the cost to institutions rose as well. Among the firms that had been hit, 40% said that the cost of the crime was between €75,000 and €750,000. A further one-in-ten said the loss was more than €750,000 which is double that compared with 2011.