Cyber Crime: The shocking rise in Senior Management committing fraud

Publication: City A.M

Cyber crime targeting British businesses has rocketed 130 per cent over the past two years, with so-called “silver fraudsters” stepping up their fraudulent activity.

The full scale of computer crime is laid bare in a new investigation by accountancy giant PwC that ranges from senior managers dipping their fingers in the digital till to large-scale cyber attacks and hacking. Released this morning, the report says that 18 per cent of fraud is now committed by senior management, up from seven per cent in 2014.

“It is much easier for more senior individuals to commit economic crime, arguably because they’re able to circumvent the rules,” Tracey Groves, head of ethics and compliance in PwC’s forensics practice, told City A.M.

More than half of UK firms have fallen victim to economic crime over the past two years, with the rate of cyber crime jumping sharply. PwC found that external attacks are an increasing problem for companies.

Keely Rushmore, Partner at SA Law, told City A.M.: “Senior employees typically have higher levels of responsibility, minimal supervision, in-depth knowledge of the relevant systems and access to sensitive information.”

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