Economic crime is on the rise, with cybercrime affecting almost a third of global businesses, according to the latest survey by audit firm PwC.
In the last two years, 36 percent of organizations surveyed experienced economic crime, the Global Economic Crime Survey revealed on Thursday. The most common forms of economic crime were asset misappropriation, cybercrime, and bribery or corruption.
The rate of economic crime rose in Africa, Western Europe and the Middle East, while 14 percent of total respondents said they had lost more than $1 million as a result of crime in the last two years.
The environment for economic crime is becoming increasingly complex as the cost of crime rises, according to Andrew Gordon, global leader of forensic services at PwC.
"Too few companies are adapting their risk assessments and control frameworks fast enough," he said in a press release.
"Action on economic crime is not the responsibility of one person or team, it must be embedded within an organizations' culture."
More worryingly, PwC found corporations are becoming less effective at dealing with crime.
Read more: Third of global firms now hit by cybercrime: Survey
In the last two years, 36 percent of organizations surveyed experienced economic crime, the Global Economic Crime Survey revealed on Thursday. The most common forms of economic crime were asset misappropriation, cybercrime, and bribery or corruption.
The rate of economic crime rose in Africa, Western Europe and the Middle East, while 14 percent of total respondents said they had lost more than $1 million as a result of crime in the last two years.
The environment for economic crime is becoming increasingly complex as the cost of crime rises, according to Andrew Gordon, global leader of forensic services at PwC.
"Too few companies are adapting their risk assessments and control frameworks fast enough," he said in a press release.
"Action on economic crime is not the responsibility of one person or team, it must be embedded within an organizations' culture."
More worryingly, PwC found corporations are becoming less effective at dealing with crime.
Read more: Third of global firms now hit by cybercrime: Survey
