Cybercrime in mainland China and Hong Kong registers growth

Friday 28 November 2014 00:41 CET | News

Financial losses from cybercrime in Hong Kong and mainland China have climbed to USD 2.4 million in 2014, up 33% from 2013, a recent study shows.

According to a survey by international accounting company PricewaterhouseCoopers (PwC), the global average increased 34% in the same period. Results of the survey showed that 41% of mainland and Hong Kong respondents said that former employees are the most likely inside source of security incidents, versus 33% globally.

Findings indicate 47% of mainland and Hong Kong respondents (as opposed to 24% globally) said they believed that their competitors were among the prime suspects to commit cybercrime causing financial losses.

Security compromises are a persistent and globally pervasive business risk. Most such risks are exposed by outsiders, including law enforcement agencies and fraud monitoring agencies as well as consultants, the survey showed.

Even though many mainland and Hong Kong respondents reported that they have data protection policies in place, they cited lack of a security strategy or vision as a main obstacle to an effective security programme.

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Keywords: cybercrime, China, Hong Kong, PricewaterhouseCoopers, online security, web fraud
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime

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