Fraud and corruption risks are not going away. The threats facing companies doing business anywhere, but especially in emerging markets, are growing in number and complexity.
EY’s Fraud Investigation and Dispute Services practice recently released these six themes for fraud and corruption trends in 2014.
1. Dealing with reputational harm and the business risk associated with cybercrime will become the responsibility of more than just the chief information security officer. Technology is great, except for all the problems it can cause. Companies must keep pace with technology to grow their businesses, but they also face greater threats associated with increased use of cloud-computing and social media. Organisations’ reputations can be dented faster than ever thanks to the viral nature of social media. And cyber-attacks, more organised and more global, can lead to losses of trust and actual property. EY says cybersecurity has become a board-level issue and risks in this arena require “immediate and planned responses” organised by legal counsel. In other words, it’s not just an IT problem anymore.
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Source: Neil Amato | CGMA Magazine