Cyber-attacks have emerged as a significant concern for UK businesses, with 73% viewing them as the primary threat in the coming year.
- Fraud, including cyber-attacks, remains the most common crime, accounting for over 40% of offenses in England and Wales.
- Despite prevalent fraud, 8% of businesses surprisingly express no concern about it in the upcoming year.
- Hybrid and remote working increase the necessity for robust fraud prevention measures and employee protection.
- Rachael Tiffen, a cybersecurity expert, emphasizes the underestimated impact of fraud and the need for comprehensive prevention training.
Research conducted by a leading UK fraud prevention service highlights that nearly three-quarters of UK corporate businesses identify cyber-attacks as the foremost fraud threat for the next 12 months. This highlights the pervasive risk that cyber threats pose to modern enterprises.
Fraud constitutes a significant portion of criminal activity in England and Wales, making up over 40% of all recorded offenses. This underscores the critical necessity for businesses to prioritize cyber security and fraud prevention strategies.
Surprisingly, data reveals that 8% of respondents are unconcerned about any type of fraud for the forthcoming year. This complacency is concerning given the financial stakes and the commonplace nature of fraud.
As hybrid and remote working continue to be widespread, businesses must establish effective anti-fraud measures and internal controls. This is essential to safeguard workforces operating in diverse environments and protect sensitive information from cybercriminals.
Approximately 54% of surveyed business leaders express concern over the targeting of employees by fraudsters, indicative of the importance of safeguarding personnel against cyber threats that could exploit human vulnerabilities.
In contrast, insider threats and supplier fraud were an apprehension for 42% of respondents—a noteworthy portion but less than might be expected given the current business climate.
Rachael Tiffen from Cifas highlights, “Fraud can have devastating, long-lasting repercussions that many businesses struggle to recover from.” This stresses the need for businesses to have robust operations and investments in place to educate their workforce about evolving fraud threats effectively.
Creating an anti-fraud culture within organizations is imperative. This not only aids in protecting employees—the frontline of any business—but also in safeguarding customers and stakeholders from financial and reputational damage.
The mounting concern regarding cyber-attacks among UK businesses calls for significant investment in fraud prevention and workforce education.
