Australia is eventually becoming a hotspot for economic crime, as organisations are struggling to take control, chiefly of cybercrime.
There has been more than one-in-10 Australian organisations, which had reported losses of over $1 million.
The disclosure from the PricewaterhouseCoopers 2016 Global Economic Crime Survey throw light on the intensity of the problem of economic cybercrime in Australia.
It has been reported that 52 per cent of organisations had faced economic crime in the last two years. Economic crime is at 26 per cent in Australia, compared to 11 per cent internationally and 9 per cent across the Asia-Pacific region, says The ABC.
These companies mentioned of issues in data quality, resources, skills and board level engagement. These sections are outrunning detection and control programs and are left with inadequate protection.
According to the report, Australian organisations are depending on internal tip-offs and whistleblower revelations to get information about a suspected crime.
During recent times, scandals that have affected Commonwealth Bank’s insurance arm and 7-Eleven have been revealed with the help of evidence given by former workers.
In the report, PwC stated that the country’s infrastructure for battling bribery and corruption, at a national level, is of high concern.
The sort of economic crime most commonly experienced is still consistent with what was there in the previous years.
“We are dealing with an increasingly complex economic crime environment driven by cyber threats,” said Malcolm Shackell, a PwC partner and services leader.
According to Shakell, there has been a high rate of economic crime that has been exposed. While this reflects a “serious approach to reporting” but he believes that the country is quite behind on early detection mechanisms.
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The biggest problem showcased in the survey is the deficiency of a proactive approach. According to The Australian, only 7 per cent of the country’s organisations are indulging into sophisticated monitoring approaches.
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This approaches include data or predictive analytics. It helps to prevent and predict economic crime and cybercrime.