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Cybercrime hits financial firms hardest: PwC survey

39% of financial firms that suffered fraud say they were hit by cybercrime

Reuters  |  London 

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% of financial services companies that suffered from economic crime last year said they had been hit by cybercrime, compared to 17% 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 defences against cyber attacks, which have grown more frequent and ...

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First Published: Tue, March 04 2014. 05:37 IST