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UK businesses failing to act proactively to cybercrime

Filed under: Cyber Security — Stephanie on December 26, 2011

A new survey claims that threats to cyber security are on the increase in the UK but businesses are failing to put processes in place to prevent IT security breaches.

Pricewaterhouse Cooper (PwC), the management consultancy, compiled the Global Economic Crime Survey which highlights that many businesses could be doing more to protect themselves from cyber fraud but often have never completed a full risk assessment and only put processes in place once a breach of security has happened.

Nearly 4,000 people completed the survey across 78 countries with UK respondents totalling 178. The feedback from UK businesses has been collated into a spin off report called ‘Combating Cybercrime to Protect UK Organisations’.

Since 2009 the report reveals that economic crime is on the rise and information security crime is increasing. 26 percent of those questioned admitted they had been affected by a cyber attack within the previous 12 months.

58 percent felt that external sources posed the biggest threat of cybercrime whilst only 8 percent felt the threat came from insiders. In the UK 65 percent of internal fraud can be traced back to middle management that has increased by 38 percent over the past two years. The report identified that the usual internal fraudster profile is that of a male, non-graduate whohas been employed for three to five years in the age 31 to 40 bracket. IT employees are viewed as most likely to commit fraud but the report highlighted that all departments can pose a risk.

The need for strong processes in place and highly qualified staff in risk management jobs is essential to limit these forms of cybercrime.

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