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Cybercrime hits financial firms hardest: survey

04
Mar
2014

Cybercrime is the second most common type of fraud reported by financial firms, more than double the level across other industries, as criminals turn increasingly to technology as their main weapon against banks, a survey showed. Some 39 percent of financial services companies that suffered from economic crime last year said they had been hit by cybercrime, compared to 17 percent in other industries, according to the survey by consultancy PwC. Banks in Europe and the United States are being told by regulators to toughen their defenses against cyber attacks, which have grown more frequent and severe as criminals and hacktivists become more sophisticated. Banks are often targeted for financial gain, but sometimes it is to disrupt business.

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