Friday 18 October 2019
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Channel Islands firms must be aware of social media as a growing business risk, highlighted by Kroll’s annual Global Fraud and Risk Report

Tuesday 08 October 2019

Channel Islands firms must be aware of social media as a growing business risk, highlighted by Kroll’s annual Global Fraud and Risk Report
Adversarial social media activity was a relevant factor in 27% of significant incidents suffered by global businesses in the last 12 months, according to data from the latest Global Fraud and Risk Report released by Kroll, a division of Duff & Phelps, the global leader in risk mitigation, investigations, compliance, cyber resilience, security and incident response solutions.
  • Leaks of internal information cited as the most common business risk globally
  • 90% of global respondents are concerned that large-scale, coordinated cyber-attacks pose a serious threat to future global economic stability
  • Fraud risks related to cryptocurrencies are the number one risk of new technologies 

The report, with research conducted by Forrester Consulting, examines the current global risk landscape and analyses the biggest risks facing global companies and the steps being taken to prevent, detect and respond to daily threats. 

The most common risk, suffered by 39% of businesses, is leaks of internal information, highlighting the growing internal threat to intellectual property, trade secrets and other confidential information. Data theft and reputational damage caused by third-party relationships was next on the list of significant incidents, with 29% of respondents affected this year. External fraud was also cited as a common issue, at 28%. 

This digital threat is compounded by emerging technologies such as cryptocurrency. Nearly all (91%) of the global business leaders surveyed are investigating or have already adopted distributed ledger technology, whilst 81% are considering or already using cryptocurrencies. More than a third (35%) of businesses cited risk of fraud or theft as the primary concern when considering investing in such areas, followed by lack of clear regulatory oversight (29%), untested technology (19%) and potential involvement with bad actors (16%).

The report revealed that fraud-related incidents remain prevalent, with fraud from external parties affecting over a quarter (28%) of global respondents in the last 12 months. 

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