Cybercrime Threat Looms Over Croatia’s Finance Industry: PwC Survey Reveals Alarming Trends
A recent survey conducted by PricewaterhouseCoopers (PwC) has revealed a staggering increase in cybercrime and economic crime affecting Croatian companies. The 2018 Economic Crime and Fraud Survey highlights alarming trends, with 53% of companies reporting that they have fallen victim to fraud, a 26% increase from 2016.
Cybercrime on the Rise
The survey reveals that Croatia ranks among the countries with the highest rates of cybercrime, affecting every third business (33%) - a 25% increase compared to two years ago. Malicious software (35%) and online identity theft (27%) are the most common types of cybercrimes reported by Croatian companies.
Disruptions and Consequences
The survey found that nearly half of those surveyed (47%) reported that cyberattacks have seriously disrupted or shut down their business processes. Moreover, 32% believed that cyber attacks would be the type of crime to cause the largest disruptions with negative consequences.
Cybersecurity Measures
However, a concerning 23% of businesses do not have or are not familiar with any cybersecurity programs intended to prevent and detect such crimes. The survey also revealed that over half of those surveyed (53%) would share information on their suspicions or experiences with cyberattacks with the relevant authorities.
Sophisticated Tools Used
The results showed that Croatian businesses are increasingly using sophisticated tools for revealing and tracking fraud, with 50% of reported cases of fraud being detected through the use of advanced methods such as:
- Fraud risk management
- Data analysis
- Monitoring of suspicious activities
Perpetrators of Fraud
Ivana Rapic, forensic manager at PwC Croatia, noted that the results differ from those on a global level in terms of the typical perpetrator of fraud. While globally, internal perpetrators account for 52% of cases, Croatian businesses reported that external perpetrators (50%) are more common, with customers being the majority (70%).
Risk Assessments
The survey also highlighted a lack of general risk assessments among Croatian companies, with 48% never conducting such assessments - a figure nearly identical to those who claimed they have not experienced or were unaware of fraud (47%).
In summary, the PwC survey reveals a growing threat of cybercrime and economic crime in Croatia’s finance industry. It is essential for businesses to implement effective cybersecurity measures and conduct regular risk assessments to mitigate these threats.