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Cyber Crime - Protecting Against a Growing Threat
Published on: 2012-05-30
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Cyber-crime - an emerging threat
Cyber-crime has emerged as one of the top four types of economic crime.
Between 2009 and 2011, an increasing number of companies reported that they had fallen victim to cyber-crime. While some of these threats may be discovered during internal auditing procedures, it took a well-known multinational company roughly 10 years to detect that they had been penetrated. Plenty of time for cyber criminals to complete their mission. According to PwC's sixth Global Economic Crime Survey (GECS), of the respondents who had experienced economic crime, 28% reported damage to employee morale, 19% damage to reputation/brand and another 19% to business relations.
Fighting cybercrime from the top
Today, most people and businesses rely on the internet and other technologies. As a result, they are potentially opening themselves up the attacks from criminals anywhere in the world. Against a backdrop of data losses and theft, corporate espionage and hacking, PwC looks at the changing threat environment and how traditional defenses are ineffective in stopping today’s sophisticated cyber-attacks. A change in how we react to the threats is required. And that is something that needs to come from the top and from both Government and industry partnerships.
Economic crime is on the rise
PwC’s sixth Global Economic Crime Survey (GECS) has been completed recently. We have seen a 13% rise in economic crime since our last survey. Organizations, especially those in the financial services (“FS”) industry, see more fraud ahead. The fallout isn’t just the direct costs: economic crime can seriously damage brands or tarnish a reputation, causing organizations to lose market share. As society becomes less tolerant of unethical behavior, businesses need to make sure they are building, and keeping public trust. “Traditional” frauds like asset misappropriation, accounting fraud and bribery and corruption remain the top three that our respondents fell victim to in the last 12 months.
Date: Tuesday, 12 June 2012
Time: 08:00-10:00
8.00-8.30 Registration 
8.30-9:00 Presentation by Benjamin Ee, PwC on GECS 
9:00-9:45 Presentation by Samuel Sinn, PwC on Cybercrime 
9.45-10.00 Q&A

The Westin Beijing Chaoyang. 
7 North Dongsanhuan Road, Chaoyang District, Beijing 
T: +86 10 59228604
Members: 200 RMB 
Non-Members: 400 RMB
Please register online or via email to Mr. Julien Derouaux: This e-mail address is being protected from spambots. You need JavaScript enabled to view it before June 11 
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