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Incidence Of Cybertheft Surpasses Incidence Of Physical Theft For The First Time, Study Says
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Written by Daniel   
Thursday, 21 October 2010 17:57

From DarkReading

Fraud-related losses rose 20 percent to $1.7 billion in the past year, Kroll study says
Incidence of theft of information and electronic data at global companies has overtaken physical theft for the first time, according to a study released yesterday.

According to the latest edition of the Kroll Annual Global Fraud Report, the amount lost by businesses to fraud rose from $1.4 million to $1.7 million per $1 billion of sales in the past 12 months -- an increase of more than 20 percent.

 



The findings are the result of a study commissioned by Kroll and conducted by the Economist Intelligence Unit, which surveyed more than 800 senior executives worldwide.

While physical theft of cash, assets, and inventory has been the most widespread fraud by a considerable margin in previous Global Fraud Reports, this year's findings reveal that theft of information or assets was reported by 27.3 percent of companies during the past 12 months -- up from 18 percent in 2009. In contrast, reported incidences of theft of physical assets or stock declined slightly, from 28 percent in 2009 to 27.2 percent in 2010.

According to the 2010 survey, 88 percent of companies said they had been the victim of at least one type of fraud during the past year. Of the specific countries analyzed, China is the top market in which companies suffered fraud -- 98 percent of businesses operating there said they have been affected. Colombia ranked second with a 94 percent incidence of fraud in 2010, followed by Brazil with 90 percent.

"Theft of confidential information is on the rise because data is increasingly portable, and perpetrators -- often departing or disgruntled employees -- can remove it with ease absent sufficient controls," says Robert Brenner, vice president of Kroll's Americas region. "At the same time, there is a growing awareness among thieves of the increasing intrinsic value of an organization's intellectual property.

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