Cyber crime is a top fraud concern for UK businesses, according to the latest EY Global Fraud Survey.
UK businesses see cyber crime as a bigger threat than their international counterparts, with 74% of respondents rating it as a high risk to their organisation, compared with 49% globally.
Businesses are also more concerned with the cyber threat from their own employees (36%) than from organised crime (26%).
Paul Walker, head of forensic technology and discovery services at EY, said this may not necessarily indicate mistrust between employers and employees.
“The issue is whether employees take cyber crime as seriously as management do, and the fact that employees are sometimes seen as the weak link,” he said.
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.
“The rest of the world is playing catch-up with the UK in recognising cyber crime as a serious threat,” said John Smart, head of EY’s UK fraud investigation and dispute services practice.
“High-profile cyber crime incidents and a number of government initiatives may have played an important role in ensuring high awareness of this issue among UK business leaders,” he said.
However, Smart said businesses now need to look at how they respond to these dangers.
“Awareness is just the beginning and business leaders need to ensure robust incident response strategies are in place,” he said.