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What about Corporate Fraud ?

One in three organisations reports being hit by economic crime, such as fraud, cybercrime, IP infringement or corruption. And the PWC survey on global economic crime underlines that the highest levels of economic crime have been reported in Africa (50%) but also North America (41%), Eastern Europe (39%) and Asia Pacific (32%). It is of course a global threat throughout the world which affects all sectors of the industry and services. And corporate fraud is above all a threat to the patents and business processes of the company. The report shows that by industry, economic crime is most commonly reported in the financial services and the retail and consumer sector. Not surprisingly it is the engineering and construction sector which is the most affected by bribery and corruption. And 18 % of organisations suffering fraud reported a significant financial impact of between USD 1 million and USD 100 million. These figures do not take in account a substantial number of companies that prefer not to disclose the frauds they were victims of, especially in the financial sector. Now to cybercrime ! It is obviously today one of the most threatening type of economic crime particularly dangerous because often detected long after the damage is done. It needs to be added that 60% of fraudsters are on the inside. Cyber-attacks mainly originate from competitors but can also be orchestrated by States. As a consequence the main challenge for firms will be to identify the most sensitive data stored in their computer systems to ensure maximum security for these informations. This is all the more important as a growing number of companies are starting to offshore their research centres and headquarters.

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