{"id":90939,"date":"1999-12-31T00:37:00","date_gmt":"1999-12-30T13:37:00","guid":{"rendered":"http:\/\/smartoffice.com.au\/australia-now-top-hotspot-for-cybercrime-pwc\/"},"modified":"1999-12-31T00:37:00","modified_gmt":"1999-12-30T13:37:00","slug":"australia-now-top-hotspot-for-cybercrime-pwc","status":"publish","type":"post","link":"https:\/\/staging.strixdevelopment.net\/smartoffice\/1999\/12\/31\/australia-now-top-hotspot-for-cybercrime-pwc\/","title":{"rendered":"Australia Now ‘Top Hotspot’ For Cybercrime: PwC"},"content":{"rendered":"

Australia is becoming a globally-recognised hotspot for cybercrime, with more than one in 10 Australian organisations reporting losses of more than $1 million a piece in the last two years, according to a new PriceWaterhouseCoopers report.The Australian edition of PwC’s 2016 Global Economic<\/p>\n

Crime survey found Australian organisations experienced cybercrime at double<\/p>\n

the global rate, with 65 percent experiencing cybercrime in the last 24 months,<\/p>\n

compared with a global average of 32 percent.<\/p>\n

It also says that money laundering hit 26 percent of organisations in the same<\/p>\n

timeframe, compared to 11 percent globally and just 9 percent across the<\/p>\n

Asia-Pacific region.<\/p>\n

Meanwhile some 31pc of Australian organisations told PwC they expect to<\/p>\n

experience bribery and corruption in the next two years.<\/p>\n

Aussie organisations are also dealing with more individual incidents of<\/p>\n

economic crime, with 30 percent experiencing more than 100 incidents. That<\/p>\n

compares with only 9 percent of global respondents experiencing the same<\/p>\n

volume.<\/p>\n

To make matters worse, PwC says only 42 percent of Australian organisations<\/p>\n

have a fully operational incident response plan and only 40 percent described<\/p>\n

their first responders as fully trained.<\/p>\n

Indeed PwC reckons cybercrime is now the number one economic crime in<\/p>\n

Australia, followed by asset misappropriation and then procurement fraud.<\/p>\n

Says PwC forensic services leader Malcolm Shackell: “I think it’s fair to<\/p>\n

say we’re a legitimate economic crime hotspot – it’s not a good picture. <\/p>\n

“The high rate of economic crime exposed in part reflects our serious<\/p>\n

approach to reporting but – given we are lagging on early detection mechanisms<\/p>\n

– it reflects our reliance on doing what we have always done.”<\/p>\n

Adds PwC cyber partner Richard Bergman: “It’s particularly concerning that<\/p>\n

only half of the organisations surveyed identified the board as being proactive<\/p>\n

regarding their organisation’s state of readiness for cyber incidents – and<\/p>\n

only one fifth of first-responder teams include digital forensic investigators.<\/p>\n

“As a result, cybercrimes may be going undetected and when they are being<\/p>\n

picked up, response teams may be overlooking evidence and therefore limiting<\/p>\n

their organisation’s ability to prosecute.”<\/p>\n

<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Australia is becoming a globally-recognised hotspot for cybercrime, with more than one in 10 Australian organisations reporting losses of more than $1 million a piece in the last two years, according to a new PriceWaterhouseCoopers report.<\/p>\n","protected":false},"author":47,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[28,26],"tags":[],"class_list":["post-90939","post","type-post","status-publish","format-gallery","hentry","category-archive","category-technology","post_format-post-format-gallery"],"yoast_head":"\nAustralia Now 'Top Hotspot' For Cybercrime: PwC - Smart Office<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/staging.strixdevelopment.net\/smartoffice\/1999\/12\/31\/australia-now-top-hotspot-for-cybercrime-pwc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Australia Now 'Top Hotspot' For Cybercrime: PwC - 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