Economic crime against businesses continues to rise around the world. One out of four Hungarian companies and 37% of respondents globally reported having been the victim of economic crime in the last two years, but the actual numbers are probably even higher.
With over 5,000 responses from senior executives from around the world, including 91 Hungarian companies, this is the most comprehensive global survey of economic crime available to businesses.
“Economic crime affects every industry in Hungary. Procurement fraud and cybercrime have gradually emerged as major forms of fraud, and we treated them as separate categories for the first time in this year’s survey. Both forms are difficult to detect, so we strongly advise companies to adjust their risk assessment procedures appropriately.” – said Miklós Fekete, a PwC Hungary Advisory partner.
“It appears that, compared to their regional and global peers, Hungarian organisations underestimate the risk that they may become victims of cybercrime. The rate of reported economic crime might be lower than the regional and global average, but the new forms of fraud are often hard to detect and have a high latency. Only the combination of a strong, robust control environment and an appropriate detection mechanism can help avoid adverse surprises.” – said George Surguladze, PwC Hungary’s Forensic Services Leader.
Economic crime remains an important issue for organisations and businesses. New technologies and transforming work environments offer new opportunities and pose new challenges. Business leaders who understand both can provide a competitive edge to their organization over their less cyber-savvy competition.