Economic security

Executive Summary: Global Economic Crime Survey

This story is an executive summary of PricewaterhouseCoopers’ 2014 Global Economic Crime Survey.

 The financial services industry is under attack. Approximately 39 percent of financial sector respondents said they had been victims of cybercrime, compared with only 17 percent in other industries, according toPricewaterhouseCoopers’ 2014 Global Economic Crime Survey. Forecasters expect the volume of cyber attacks to grow and the level of their sophistication to rise.

 Banks are well aware of the issue and are devoting considerable resources to combat it. For example, by the end of 2014, JPMorgan expected to spend $250 million a year on cybersecurity, with about 1,000 specialists dedicated to the problem, according to the Financial Times.