Content thumbnail Shifting into High Gear: Mitigating Risks and Demonstrating Returns

“ We need to do Greater sense of urgency in emerging markets Respondents in these markets have the greatest sense of urgency to adopt FDA. more to improve A much larger percentage (78%) of respondents from these markets agree with the statement: “We need to do more to improve our current anti-fraud procedures, including our current anti- the use of FDA tools,” compared with 65% of organizations in developed markets. fraud procedures, including the use Figure 10: Perceived effectiveness by country of FDA tools.” 88% 83% 78% 78% 78% 78% of respondents from emerging 75% markets agree with the above 73% 70% statement, compared with 65% of 68%65% 65% organizations in developed markets. 63%60% 60% 58% 55% Emerging markets versus developed markets Respondents using FDA to Mexico India Brazil China / Hong KongAustraliaSouth AfricaJapanUKIrelandUAEUS France SingaporeGermanyItaly Switzerland 66% 72% actively address cyber breach or Developed markets Emerging markets insider threat �▀ ▀ Q. To what extent do you agree that “We need to do more to improve our current anti-fraud procedures, including the use of FDA tools”? Base: All respondents (665) Respondents The sense of urgency, however, is focused more on using FDA to combat traditional fraud, 48% 59% saying their such as bribery and corruption, than to address cybercrime or insider threat. Only 66% budget is of respondents in emerging markets are using FDA to actively address cyber breaches “sufficient” or internal threats, compared with 72% in developed markets. This is not to suggest that organizations in emerging markets don’t realize the potential for FDA to manage cyber and insider risks. On the contrary, 79% of emerging markets respondents think that FDA Respondents could play a significant role in combating cyber and insider risks. Focusing FDA investment saying they on more traditional fraud risks is understandable given likely funding constraints and the need to improve underlying maturity of the local market. 79% 61% management Forty-eight percent of emerging markets respondents say their budget is “sufficient,” awareness of the compared with 59% of their peers in developed markets. The funding challenge is directly benefits of FDA tied to management awareness. A significant 79% of emerging markets respondents say they need to improve management awareness of the benefits of FDA, compared with 61% in developed markets. The resulting focus of FDA investment on more traditional fraud risks rather than cybercrime or internal threats appears to be due to budgets and is clearly a gap to be bridged. 79% of emerging markets “ In Asia-Pacific, we are seeing more and more companies respondents think that FDA could play a significant role in investing in advanced forensic data analytics capabilities combating cyber and insider risks. for effective compliance monitoring, as well as fraud prevention and detection.” Reuben Khoo, Principal, Forensic Technology & Discovery Services, FIDS Singapore, EY 20 | Global Forensic Data Analytics Survey 2016

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