We have seen a 13% rise in fraud since our last survey and organisations see more fraud ahead. In today's technology driven environment, cybercrime is emerging as a serious threat to organisations.
Below are some of the highlights from this year’s report.
- 34% of respondents experienced economic crime in the last 12 months (13% increase from 2009)
- Almost 1 in 10 who reported fraud suffered losses of more than US$5 million
- Cybercrime now ranks as one of the top four economic crimes
- Reputational damage resulting from cybercrime is the biggest fear for 40% of respondents
- 40% of respondents don’t have the capability to detect and prevent cybercrime
- 56% of respondents said the most serious fraud was an ‘inside job’
- Senior Executives made up almost half of the respondents who didn’t know if their organisation had suffered a fraud
Against this backdrop, here are 5 ways to protect your organisation against economic crime:
- Know who you are dealing with – staff, suppliers, partners and agents
- Align IT, Internal Audit and the Board in the fight against economic crime
- Conduct regular fraud risk assessments
- Leadership by a Cyber-Savvy CEO, who instils a cyber risk-aware culture
- Implement a cyber crisis response plan
To download the report click here.