How well positioned is the chemicals sector to deal with threats of economic and cybercrime? According to the recently published findings of PwC’s 2018 Global Economic Crime Survey, chemical companies are largely in lockstep with other industries when it comes to guarding themselves and utilizing risk assessments to protect their businesses. Examining the survey’s full results, we can see both areas in which the chemicals sector is excelling as well as the areas in which it can improve compared to global, cross-industry averages.
The complete survey was based on data from more than 7,000 respondents across 123 territories. Here are the key takeaways from the 111 respondents across the chemicals sector, most of which are in line with the results from the full global survey:
49% of chemical respondents were affected by economic crime in the previous two years, identical to 49% of all companies.
29% of chemical companies anticipate cybercrime to be the most serious threat they face in the next two years while 15% said procurement fraud.
In the last two years, 40% of chemical companies have been targeted by phishing, 38% by malware and 12% by man in the middle attacks.
59% of chemical respondents have a fully operational cyber security program in place to deal with these threats, on par with the same percentage of all global respondents.
48% of chemical organizations have performed a general fraud risk assessment in the previous two years compared to 54% of all global firms.
Here are four steps that companies can take to fight fraud:
For more information, visit PwC’s 2018 Global Economic Crime & Fraud Survey for the chemicals sector.