Monday, May 5, 2014
U.S. businesses are losing more financially from cybercrime, compared to their global peers, but are generally less aware of the cost, according to PWCâ€™s 2014 Global Economic Crime Survey.
As cybercrime continues to increase in volume, frequency and sophistication, PWCâ€™s findings suggest that U.S. organizations are more at risk of suffering financial losses in excess of $1 million due to cybercrime.
According to the study, some 7 percent of U.S. companies lost $1 million or more, compared to just 3 percent of global organizations.
In addition, 19 percent of U.S. organizations lost $50,000 to $1 million, compared to 8 percent of global respondents.
PWC doesnâ€™t elaborate on the reasons for this discrepancy, but other studies have noted that the types and frequencies of attacks vary from country to country.
U.S. companies are also more likely to experience the most expensive types of cyber attacks, such as malicious insiders, malicious code, and web-based incidents, the research suggests.
Despite having more to lose, some 42 percent of U.S. companies were unaware of cybercrimeâ€™s cost to their organizations, compared to 33 percent of global respondents, according to PWC.
Yet, overall U.S. companies appear to have a greater understanding of the risk of cybercrime than their global peers.
PWC notes that U.S. organizationsâ€™ perception of the risks of cybercrime exceeded the global average by 23 percent.
Also, 71 percent of U.S. respondents indicated their perception of the risks of cybercrime increased over the past 24 months, rising 10 percent since 2011.
Hat tip to CNBC.com which reports on this story here.
Some 5,128 executives from 99 countries responded to the survey, of which 50 percent were senior executives of their respective companies. Some 35 percent represented listed companies and 54 percent represented organizations with more than 1,000 employees.