NZ firms Unprepared for Cybercrime say PWC

February 2016

A corporate crime survey by accounting giant PWC says 55 per cent of New Zealand companies either do not have an incident response plan for cybercrime, or have one but have not put it into action.

The survey found that 40 per cent of New Zealand firms experienced economic crime at some point over the past two years. It also found that over the next two years, 40 per cent of New Zealand businesses expected to experience cybercrime of which many of those organisations are unprepared for.

Only about half of boards ask for information regarding their organisation’s state of readiness to deal with cyber incidents.

Corporate controls detected just 24 per cent of crimes - significantly down from 56 per cent since the last survey in 2014.

Internationally, financial services organisations were the most targeted with 48 per cent reporting a higher number of economic crime incidents, followed by government and state-owned enterprises on 44 per cent.