EY’s 13th Global Fraud Survey,
'Overcoming compliance fatigue: reinforcing the commitment to ethical growth,'
has found that 57% of Irish respondents consider themselves to be at high risk
of cybercrime attacks. The survey included in-depth interviews with more than
2,700 executives across 59 countries, including chief financial officers, chief
compliance officers, general counsel and heads of internal audit.
Fifty-four percent of respondents in emerging
markets have identified that bribery and corruption happen widely in these
territories, with results showing that 10% of emerging market respondents have
been asked to pay a bribe, compared to 3% in developed markets.
The incidence of fraud and reported levels
of corruption are not declining. Six percent of respondents stated that
misstating financial performance is justifiable in order to survive an economic
downturn. This is an increase from 5% two years ago, and is driven by responses
from emerging markets where, in some jurisdictions, a significantly higher
proportion of respondents stated that they could justify such actions:
in Singapore, 28% thought misstating performance is justifiable; in India, 24%;
and in South Africa, 10%.
The survey included in-depth interviews with more
than 2,700 executives across 59 countries, including chief financial officers,
chief compliance officers, general counsel and heads of internal audit. Nearly
40% of all respondents believe that bribery and corruption are widespread in
their country. With respondents portraying a business environment of pervasive
corruption in many countries, it would appear that management and boards are
struggling to respond to long-standing threats, let alone addressing emerging
risks such as cybercrime.
Cybercrime tops list of fraud concerns for Irish
- 57% of Irish executives consider their
companies to be at risk of a cybercrime attack;
- 53% of Irish respondents perceive hackers as
their biggest cybercrime threat;
- 16% of Irish respondents indicated bribery
and corruption is widespread in Ireland;
- 39% of respondents indicated they are
willing to give entertainment to win or retain business.