ERNST & YOUNG SRL

  |  2016-02-02

Significant increase in risk from cyber breaches and insider threats among top drivers of investment in forensic data analytics

Three out of five respondents plan to increase their spending on forensic data analytics (FDA) over the next two years

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Cyber breaches and insider threats, which include malicious insiders stealing, manipulating or destroying data, are the fastest-growing risks according to executives and are driving investment in FDA, finds EY’s 2016 Global Forensic Data Analytics Survey, Shifting into high gear: mitigating risks and demonstrating returns.


The survey was conducted with 665 executives globally across nine industry sectors, including financial services, life sciences, manufacturing and power and utilities. When looking at the current use of FDA tools to investigate incidents or manage risk, the survey found that internal fraud risk ranks highest for the application of FDA at 77% and cyber breach or insider threat risk ranks second at 70%.

Sixty-nine percent say that they need to do more to improve their current anti-fraud procedures, including the use of FDA tools.

 

Notably, this figure increased to 74% for the C-suite cohort. Of those respondents citing regulatory pressure as the reason to improve their procedures, C-suite respondents were found to be the most concerned as regulatory enforcement becomes more rigorous and widespread.


Burcin Atakan, Lider Fraud Investigation & Dispute Services (FIDS) EY Romania, says: „Cybercrime threat is a daily reality for companies and a continuous and dynamic challenge. This means that executives and top management must include FDA as a critical component of their compliance and risk management programs. The need for these investments is also emphasized by the current regulatory environment and the market’s reaction to alleged fraud, bribery and cyberattacks within the corporate environment."

 

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