According to a recent survey released on Tuesday, about 50% of Indian organizations observe fraudulent incidents during and after the epidemic, with a significant majority (77%) believing that the Covid-19 outbreak was the reason for a discernible spike in fraudulent activity.
Nearly half of respondents, according to consultancy firm Grant Thornton Bharat, linked the increase in fraudulent activity to the move from onsite to remote work settings and the ensuing lax internal controls.
Particularly, 64% of these scams were the result of cyber attacks, highlighting the serious dangers that firms face as they traverse increasingly digital environments.
The report surveyed more than 250 CXOs from a variety of industries, covering a range of roles and responsibilities, including business and strategy, finance, information technology, risk and compliance, and legal
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The survey disclosed that 25% of the organisations have had losses of one crore or more, as they observe fraudulent incidents. Moreover, 75% of these organisations are facing financial damages beyond 5 crore.
Partner to Grant Thornton Bharat, Samir Paranjpe said, “Our survey highlights the growing awareness among organisations regarding fraud prevention, with 60 per cent of companies now prioritising cybersecurity and anti-fraud technologies on their strategic agenda.”
The most impacted sectors include manufacturing (46%) financial services (51%) and technology, media, and telecommunications (58%), which emphasises the urgent need for specialised anti-fraud tactics to address their particular vulnerabilities.
According to the report, following the COVID-19 pandemic, 73% of organisations have enhanced their governance and compliance frameworks, 63% have implemented enhanced awareness training for staff, vendors, and customers, and 62% regularly conduct continuous control assessments of high-risk areas.
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