Trusteer says latest PwC economic crime report highlights increased danger of cyber threats

New York, (PresseBox) - Commenting on the latest UK edition of PricewaterhouseCooper's global economic crime survey, Mickey Boodaei, CEO of Trusteer the leading provider of cybercrime prevention solutions, says that cybercrime has become the third most common type of economic crime, while levels of conventional economic crime have fallen.

"It's also revealing that the report recommends that organisations need to take a fresh look at how they deal with fraud. While it's good to see this recommendation, it is worrying that 47% of respondents said the cybercrime threats against their organisation have increased over the last 12 months," he said.

"Our research suggests that these types of threats have increased for virtually every type of company - and their staff - over the last year," he added.

The Trusteer CEO explained that this conclusion is based on real-time threat intelligence derived from its cybercrime prevention software deployed on hundreds of financial institutions web sites and on tens of millions of endpoints and is designed to detect and remove malware and block future infections.

Boodaei says that one of the report's findings included the fact that over a quarter of those respondents who experienced an economic crime in the last 12 months also reported a cybercrime.

The report, he adds, does well to note that this statistic is particularly alarming, but Trusteer's observations suggest that far too few staff in companies are aware of the rising levels of cybercrime that threaten their firm's assets, which of course, includes their money in the bank.

Even more worrying, says Boodaei, is the conclusion that 45% of respondents said they didn't have any cyber security related training in the last 12 months.

The report quite rightly concludes, he adds, that in view of this, the actual detection and prevention of fraud is also likely to be poor.

"The solution to these conclusions is one of installing the best possible IT security software and investing in staff training to ensure they are aware of the existence of IT threats, especially financial malware which is designed to siphon money out of the company's bank accounts," he said.

"Malware-driven fraud is a growing problem and one that can bring a company to its knees while the financial institutions investigate what happened to the firm's money. Unlike consumer/retail bank frauds - where the money is usually refunded promptly - company online banking fraud can take time to investigate, during which the firm's cashflow is stifled," he added.

"Companies need to be aware of the risk of cybercrime and how their bank account contents can be siphoned away in a relatively short period of time. This report is very welcome, since it highlights the need for easy-to-use, effective security software as already used by the banks across the UK."

For more on the UK PwC report: http://www.pwc.com/en_GX/gx/economic-crime-survey/assets/GECS_GLOBAL_REPORT.pdf

Trusteer

Trusteer is the leading provider of cybercrime prevention solutions that protect organizations against financial fraud and data breaches. Hundreds of organizations and millions of end users rely on Trusteer to protect their computers and mobile devices from online threats that are invisible to legacy security solutions. Trusteer's Cybercrime Prevention Architecture combines multi-layer security software and real-time threat intelligence to defeat zero-day malware and phishing attacks, and help organizations meet regulatory compliance requirements. Leading organizations such as HSBC, Santander, The Royal Bank of Scotland, SunTrust and Fifth Third are among Trusteer's clients. For more information visit: www.trusteer.com.

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