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Cyber crime to become the most disruptive in the next 24 months

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As economic crime in South Africa hits record levels, organisations expect cyber crime to become the most disruptive in the next 24 months, writes ITWeb

This is according to a PWC’s Global Economic Crime and Fraud Survey 2018, released on 27 February 2018. The survey examines over 7 200 respondents from 123 countries, of which 282 were from SA.

PWC defines economic crime as the use of deceit or other criminal conduct to deprive another of money, property or a legal right or to effectuate an economic harm.

The report says South African organisations that have experienced economic crime is now at a staggering 77%, followed in second place by Kenya (75%), and thirdly, France (71%). With half of the top ten countries who reported economic crime coming from Africa, the situation at home is more than dire, says PwC.

Asset misappropriation continues to remain the most prevalent form of economic crime reported by 45% of respondents globally and 49% of South African respondents, says the . It notes the second most reported crime in SA at 42% and taking third place globally at 29% – is fraud committed by the consumer. This was followed closely by fraud (39% in South Africa versus 22% globally).

Meanwhile, Junaid Amra, forensic technology partner for PwC, said as models continue to evolve through digital revolution and boundaries between industries and technology blur, many companies in SA expect to be affected by cyber attacks and fraud in the coming year.