The 2014 Global Economic Crime Survey released by PricewaterhouseCooper (PwC) indicates that companies and organizations based in the United States have become “increasingly vulnerable” and “more threatened” by cyber crime than many countries around the globe, according to an article recently published by Entrepreneur Magazine. The article indicates that businesses in this country “were hit harder financially by cyber crime relative to other countries in recent years.”
Statistics and “measured damages” recorded in this survey indicate, as outlined in the article, that “seven percent of U.S. organizations lost $1 million or more, compared with 3 percent of global organizations.” The report also quoted that “19 percent of U.S. organizations lost between $50,000 and $1 million, compared with just 8 percent of global respondents.” The article stated that the PwC survey and its measurements reflect a two year period – the years 2011 through 2013.
The article quoted PwC principal and former FBI deputy director Sean Joyce to say, “While government regulations may help, it’s up to each company to assess their own vulnerabilities and take appropriate action. The private sector knows more about what’s going on on the net. They just don’t share their information.” The report notes that the needed security infrastructure has not been a priority investment for many U.S. companies “because they aren’t accounting for the financial damage cybercrime could have on their business.”