Cyber crime costing firms a fortune
19 Jun 2006
Computer-based crime is costing some firms up to £270,000 an hour but many companies are not doing enough to protect their IT security or make the authorities aware of the problem, according to a new report.
Cyber crime is one of the fastest growing types of fraud for businesses but many firms are failing to help prevent future attacks by failing to use adequate software or inform the police when the crime is committed for fear of adverse publicity.
The latest research from risk consultants Protiviti found a 66 per cent increase in the number of computer related crime cases in the first three months of the year compared with the same period in 2005.
"Through greater connectivity and technological advances, e-crime is growing at a rapid rate and will continue to do so for the foreseeable future," Sean Holohan of Protiviti told the Press Association.
"However, the factors behind this also make it easier to identify the electronic 'fingerprints' of the criminals."
Firms are often not aware of scale of problem because they can not visualise the crime or are falsely confident in the security of their system.
Common cyber crimes included fraudulently mis-stating accounts by abusing spreadsheets, defrauding company payroll systems to create fictitious staff to steal money, and creating false certifications and other official documents.
© Adfero Ltd.
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