Cyber Crime Wave on the Horizon, Survey Says

A recent PwC survey suggests cybercriminals are targeting U.S. corporations at a far greater rate compared to the rest of the world. While 54 percent of U.S. companies experienced some sort of cyber crime in the past two years – including all types of cyber hacks and data breaches – only 32 percent of companies outside the United States have dealt with these types of attacks. Additionally, when defining cybercrime, the company did not necessarily need to experience an economic impact following the breach because often, companies do not know that information until long after a breach occurs. Didier Lavion, a principal at PwC explains, “I think two years from now, you’re going to see asset misappropriation increase. People are going to figure out that they’ve lost money or intellectual property, and it takes a while for them to figure that out.”  Further, experts predict the number of cybercrimes will only get worst in terms of the number of breaches and the amount stolen, making the need for adequate cybersecurity practices and cyber insurance not a luxury but a necessity.