In the ever-changing threat landscape engineering & construction (E&C) companies must face on a daily basis, one leading threat is relatively new while another is as old as the industry itself. When E&C organizations were asked in PwC’s 2018 Global Economic Crime Survey to name the most disruptive threats they anticipate facing in the next two years, respondents listed corruption and cybercrime. These same E&C firms appear positioned to address these threats head-on, however, according to the preventive measures many of them reportedly have in place.
The complete survey was based on data from more than 7,000 respondents across 123 territories. Here are the key takeaways from the 341 respondents across the engineering & construction sector, most of which are in line with the results from the full global survey:
On par with the global average, 48% of E&C companies were affected by economic crime in the previous two years vs. 49% of all respondents.
22% of E&C respondents anticipate bribery and corruption to be the most serious threat they face in the next two years while 18% said cybercrime.
In the last two years, 34% of E&C companies have been targeted by malware, 31% by phishing and 11% by network scanning.
54% of E&C respondents have a fully operational cyber security program in place to deal with these threats vs 59% of all global respondents.
48% of E&C 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: