Global Economy
Global Fraud Survey: Cybercrime a concern for Irish business executives
By Finfacts Team
Jun 13, 2014 - 2:06 AM

Printer-friendly page from Finfacts Ireland Business News - Click for the News Main Page - A service of the Finfacts Ireland Business and Finance Portal

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 businesses

  • 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.

© Copyright 2011 by Finfacts.com