October is National Cyber Security Awareness and this week’s theme, cybercrime, is particularly apt with the holiday shopping season getting underway. Cybercrime is the fastest growing economic crime, jumping from fourth to 2nd place among the most reported types of economic crimes in PwC’s Global Economic Crime Survey 2016.
Attacks by cybercriminals are also growing more and more sophisticated and costly. Take the financial sector. While financial institutions have always been a target of choice, the stakes were raised significantly with this year’s hack of the SWIFT messaging system, which siphoned off $81m from the Bangladesh central bank and has caused problems for numerous other institutions.
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