NU Online News Service Oct. 19, 3:55 p.m. EDT
Theft of information and electronic data at global companies has overtaken physical theft for the first time, but most losses are smaller, spanning months and even years, according to an annual fraud survey.
While this may appear to be good news, the frequent repetition of small losses can create a significant problem in aggregate, according to the Kroll Annual Global Fraud Report. The survey found that the amount lost by businesses to fraud rose from $1.4 million to $1.7 million per billion dollars of sales in the past 12 months--an increase of more than 20 percent.
The report, commissioned by Kroll with the Economist Intelligence Unit, surveyed more than 800 senior executives worldwide. Nearly a third (29 percent) of the respondents were based in North America; 25 percent in Europe; just under a quarter from Asia-Pacific region; and 11 percent each from Latin America, the Middle East and Africa.
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