Cybercrime now fourth most common

Cybercrime is now the fourth most common economic crime in South Africa after the misappropriation of assets, bribery and corruption, and financial statement fraud, according to the PwC Global Economic Crime Survey. The PwC study, which is carried out globally every two years, found that 60% of local organisations felt that the risk of cybercrime had increased in the past 12 months – compared to only 39% globally. Some 47% of South African respondents stated that their losses for the 12 months before the survey amounted to more than US$100 000, with 11% reporting that their losses ranged between US$ 5 million and US$100 million. “Organisations also noted collateral damage such as impact on reputation/brand, share price, employee morale, business relations, loss of market share, and relations with regulators,” says Louis Strydom, head of PwC’s Forensic Services Practice. He warns that Cybercrime is both an internal and external threat, in that it usually requires access to protected information.