Research highlights a rising concern over cyber-attacks among UK businesses, with significant implications for operational integrity.
- A substantial 73% of UK businesses consider cyber-attacks as the primary fraud threat for the upcoming year.
- Despite widespread awareness, a small fraction of organisations remain unconcerned about fraud risks.
- Hybrid working has necessitated robust counter-fraud strategies to safeguard sensitive information.
- Leadership acknowledges the crucial need for specialised training to combat evolving fraud tactics.
Research conducted by a leading fraud prevention service, Cifas, reveals that 73% of UK corporate businesses view cyber-attacks as the most significant fraud threat they face in the next 12 months. This is a pivotal concern given the financial magnitude, as fraud constitutes more than 40% of all crimes in England and Wales.
Surprisingly, despite the prevalence of cyber fraud, 8% of businesses express no concern about it, reflecting a disparity in awareness and preparedness among organisations. The heightened reliance on hybrid and remote working models has amplified the importance of implementing effective counter-fraud measures, ensuring operability and security irrespective of employee location.
Furthermore, there is an ongoing need to prevent employees from becoming inadvertent accomplices in fraudulent activities, such as disclosing sensitive data for financial incentives. This remains a notable issue for over half of those surveyed, signalling the persistent vulnerabilities even well-protected organisations face.
The risk associated with insider threats and supplier fraud is notably lower, with only 42% of respondents identifying these as concerns. This indicates a potential underestimation of these risks within the corporate landscape.
Rachael Tiffen, Director of Learning for Cifas, emphasises the underestimated impact of fraud, which can have far-reaching and often debilitating effects on businesses. She advocates for the essential investment in workforce training and the establishment of an anti-fraud culture within companies to better protect employees, customers, and stakeholders against potential financial and reputational damage.
A proactive approach and robust training are imperative for UK businesses to mitigate the extensive risks posed by cyber-attacks.
