Economic cyber crime may not be the topic of popular crime shows but it has the #2 spot on financial services firms’ radar. Misappropriation is the first concern with 78% of firms falling victim.
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Cyber crime has affected 38% of firms. This number compares to 16% of firms across industries, showing a direct connection between financial firms and cyber crime. Since money is involved, this should be no surprise, although higher reporting of such crimes naturally comes from industries like finance which are more regulated and monitor activity more closely.
was global and had almost 4000 respondents from just under 80 countries. Across industries, cyber crime is #4 on the list of economic crimes. Its top ranking damaging effect is sullied reputation of a firm. Despite this, over 60% of respondent organizations do not monitor social media involvement, do not review cyber threats, and do not have a crisis plan in place.
In the financial firm arena, most crimes emanate from outside the organization and are more easily detected. A cyber crime is defined as a crime in which the internet plays a predominant part.