The Dark Side of the COVID-19 Pandemic: Cybercrime, Economic Crime, and Misinformation

The COVID-19 pandemic has brought about unprecedented challenges for organizations and individuals worldwide. Beyond the health and economic implications, the pandemic has also led to a significant increase in cybercrime, economic crime, and misinformation.

Rise of Cybercrime during the Pandemic

• The pandemic saw a 21% increase in global respondents experiencing new types of fraud.
• Remote work created new vulnerabilities for organizations, including intellectual property theft and phishing scams.
• Social media played a significant role in spreading disinformation and misinformation, leading to financial and reputational damage.

Economic Crime Trends: A Historical Perspective

• Data may not immediately show the emergence of economic crime trends.
• However, history suggests that they will eventually become clear.

Staying Vigilant: The Importance of Risk Assessment

• Organizations should regularly review their risks and work environments to stay vigilant against fraud and cyber threats.

Building Trust and Managing Risks with PwC’s Forensic Services

PwC’s Forensic Services team provides assistance in building trust and managing risks associated with business fraud, financial crimes, and other irregularities. Their services include:

• Forensic investigations
• Digital forensics & incident response
• Anti-money laundering compliance
• Fraud prevention maturity assessments

By understanding the impact of the pandemic on cybercrime, economic crime, and misinformation, organizations can take proactive steps to mitigate risks and build trust with their stakeholders.