The latest enterprise risk management news from around the world

UK organizations over-confident about fraud risk: survey

Despite over half (56 percent) of UK organizations being affected by fraud, confidence levels in fraud prevention techniques are remarkably high, reveals research.

Callcredit Information Group’s Fraud & Risk report surveyed 201 fraud prevention managers and directors and found that a majority of businesses (75 percent) believe they are one step ahead of fraudsters, with a mere 13 percent feeling that they are lagging behind them.

Faced with a myriad of internal and external cyber security challenges, it is not surprising that more than half of organizations have experienced fraud despite high confidence levels. Employee access to social media (43 percent) and bring your own device to work (BYOD) (35 percent) are cited as the two biggest obstacles to fraud prevention. Further challenges include skills shortages (31 percent), device proliferation (30 percent) and lack of investment in technology (29 percent).

The potential impact of the issue on the business’ bottom line can be significant, with two thirds (66 percent) of those affected reporting that the cost of fraud exceeded their annual cover provision by, on average, 23 percent.

www.callcredit.co.uk



Want news and features emailed to you?

Signup to our free newsletters and never miss a story.

   

A website you can trust

The entire Continuity Central website is scanned daily by Sucuri to ensure that no malware exists within the site. This means that you can browse with complete confidence.

Business continuity?

Business continuity can be defined as 'the processes, procedures, decisions and activities to ensure that an organization can continue to function through an operational interruption'. Read more about the basics of business continuity here.

Get the latest news and information sent to you by email

Continuity Central provides a number of free newsletters which are distributed by email. To subscribe click here.