Asset misappropriation, cybercrime top threats for Luxembourg firms: PwC

A survey by consultancy firm PwC Luxembourg found that asset misappropriation, cybercrime and money laundering are the top three threats for banks, financial services companies and data centers in Luxembourg, Delano reported. The survey found that 18% of companies in the country suffered up to €5 million ($6 million) in losses due to economic crime. Michael Weis, partner at PwC Luxembourg, said that while external factors accounted for 82% of the fraud committed, the misconduct of internal staff is the most damaging and difficult to detect.

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