Cybercrime Tops List of Fraud Concerns

Cybercrime is one of the biggest concerns for UK businesses, according to EY’s 13th Global Fraud Survey.

The survey found that 74% of respondents stated cybercrime to be a high risk to their organisation compared to 49% globally - second only to Brazil at 76%.

Globally, nearly 40% of all respondents believe that bribery and corruption are widespread in their country, however this drops to 18% in the UK.

The UK appears to be performing significantly better than the rest of the world when it comes to getting the basics right around fraud and corruption. According to the survey, 94% of respondents agree that senior managers in the UK have strongly communicated a commitment to anti-bribery policies – roughly 10% more than the global average.

UK businesses are also top of the preparation table, with 88% having attended some form of bribery and corruption training. Furthermore, the UK is third globally when it comes to whistleblowing procedures, with 82% of respondents stating that their organisation has a whistleblowing hotline.

Despite these important processes being in place, 14% of UK businesses still reported a significant fraud in the last two years and 18% of executives consider bribery and corruption to be widespread. This may demonstrate that a culture of good compliance is failing to work its way down organisations, says EY.

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