PwC Global Economic Crime Survey 2016: “More than one in three organisations (36%) experienced economic crime in the last two years, with cybercrime affecting almost a third (32%), the highest ever level in PwC’s biennial survey of Global Economic Crime. The PwC Global Economic Crime Survey 2016 interviewed over 6000 participants in 115 countries. Despite the marginal decline in economic crime reported overall, the financial cost of each fraud is on the rise. 14% of respondents experienced losses of more than $1m in the last two years.

• Overall rates: The overall rate of economic crime reported has fallen for the first year since the financial crisis, but only marginally – to 36% from 37% in 2014. Regionally, lower levels of economic crime are reported in North America (37% vs 41%), Eastern Europe (33% vs 39%), Asia Pacific (30% vs 32%) and Latin America (28% vs 35%). It rose in Africa (57% vs 50%), Western Europe (40% vs 35%) and the Middle East (25% vs 21%).
• Most common economic crimes: Asset misappropriation (64%), cybercrime (32%), and bribery and corruption (24%).
• Highest increases: 68% of French and 55% of UK respondents reported economic crimes in the past 24 months, up 25% when compared to 2014. 61% of Zambian respondents reported economic crime, up 31% over 2014.
• Industry sector impacts: Financial Services reported the most economic crimes over the two year period, followed by government and state owned enterprises, and retail and consumer industries. Aerospace & Defence was the biggest riser in the period at 9%. Specific crimes are affecting different industries, with Transportation & Logistics for example experiencing a 16% increase in Bribery & Corruption.
• Cybercrime: Incidents reported were up 8% to 32% and over half (53%) of respondents perceived an increased risk of cyber threats over the last 24 months. 34% believe it is likely that their organisations will experience cybercrime in the next 24 months.  Despite big financial losses reported linked to cybercrime, respondents reported the greatest impact to their organisations coming from damage to their reputation and legal, investment and enforcement costs.
• Response to cybercrime: Only 37% of respondents reported having a fully operational incident response plan in place. Almost a third have no plan at all, with 14% of respondents not even intending to implement one. 45% of respondents do not believe that their local law enforcement agencies have the required skills and resources to combat cybercrime…”