Cyber breaches and insider threats growing risks for UK businesses
20 January 2016 |
Cyber breaches and insider threats are the fastest-growing risks for UK companies, according to new research from EY, and firms feel they need better anti-fraud measures.
The survey showed that breaches and malicious employees tampering with data are the most up-and-coming fraud risks for 83 per cent of executives going into 2016.
65 per cent said that internal fraud, for example false travel expenses, was the fastest-growing risk, making it the second quickest-rising category.
Meanwhile, 68 per cent of UK firms feel they need to improve their anti-fraud procedures.
Paul Walker, EY’s UK head of forensic technology and discovery services, said: “UK companies are facing both old and new challenges in fraud prevention.
“It is interesting to see that the more ‘low tech’ forms of fraud, such as submitting false receipts, still pose a big concern for many companies as well as the evolving threat of cyber crime, which is now an everyday reality and a relentless challenge in order to stay ahead of the hackers.
“We are therefore seeing more boards and senior management looking towards advanced technology such as forensic data analytics as a critical component of their risk management and compliance programmes.
“This is especially critical given the current regulatory enforcement environment and market reaction to instances of alleged corporate fraud, bribery and cyber breaches.”
For more on the 2016 Global Forensic Data Analytics Survey, see the EY website.