Cybercrime is the second most common type of fraud reported by financial firms, more than double the level across other industries, as criminals turn increasingly to technology as their main weapon against banks, a survey showed. Some 39 percent of financial services companies that suffered from economic crime last year said they had been hit by cybercrime, compared to 17 percent in other industries, according to the survey by consultancy PwC. Banks in Europe and the United States are being told by regulators to toughen their defences against cyber attacks, which have grown more frequent and severe as criminals and "hacktivists" become more sophisticated. Banks are often targeted for financial gain, but sometimes it is to disrupt business. Hundreds of bankers took part in simulated "cyber attacks" last year in New York and London to test their resilience to such threats. PwC said its survey even appeared to underestimate the scale of attacks, saying its experience showed a clear
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