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Most businesses are hurt by cybercrime

Source: The Washington Times

Date: July 10, 2003

Stop Cyber Crime NEW YORK, -- A survey covering 3,623 companies in 50 countries shows most businesses are being financially hurt by cybercrime and other forms of economic crime.

PricewaterhouseCoopers said its Global Economic Crime Survey 2003 shows 47 percent of telecommunications and 46 percent of IT companies are suffering from economic crimes, figures only exceeded by banking and insurance industries.

But PricewaterhouseCoopers says the apparent high incidence of economic crime in high-tech companies may partly reflect the companies' ability to detect such crime.

The International Data Group News Service said economic crime covers many areas, including theft, financial misrepresentation, product piracy, money laundering, bribery and cybercrime.

IDG said while asset misappropriation, or theft, was the biggest reported category, 15 percent of the companies reported suffering losses from cybercrime. The average loss of cybercrime among the companies was $812,000, but more than two-thirds said they could not put an accurate figure on how much cybercrime had cost them.

Original article: http://washingtontimes.com/upi-breaking/20030709-035538-2800r.htm

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