UAE- Cyber breaches are fastest growing risks in MENA: survey
(MENAFN- Emirates News Agency (WAM))
DUBAI 3rd February 2016 (WAM) --- Cyber breaches and insider threats are the fastest-growing risks and are driving investment in Forensic Data Analytics (FDA) according to MENA executives.
This is according to EY's 2016 Global Forensic Data Analytics Survey 'Shifting into high gear: mitigating risks and demonstrating returns'. The threats and breaches include malicious insiders stealing manipulating or destroying data.
The survey was conducted by EY a leader in assurance tax transaction and advisory services with 665 executives globally across nine industry sectors including financial services life sciences manufacturing and power and utilities.
EY notes that sixty-nine percent of respondents 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.
Mike Adlem MENA Fraud Investigation and Dispute Services Leader EY says "Cybercrime and insider threats are an everyday reality posing a dynamic and relentless challenge. In MENA 40% of businesses consider this risk to have increased however globally more than 60% of businesses say the risk has increased. This may be due to lower awareness in MENA as well as increasing regulatory pressures being applied in other regions."
He noted that businesses in MENA need to continue to raise risk awareness with management and prepare for the expected increased regulatory pressures that will be applied in the future.
Adlem says the use of FDA should form a critical component of risk management and compliance programs and be applied in both a proactive and reactive manner.
Paul Marsters Director MENA Forensic Technology & Discovery Services EY says given the level of pressure on fraud prevention that organisations in MENA are facing it is no surprise that the majority of respondents are expending more effort on proactive initiatives.
Marsters says that with technology becoming increasingly sophisticated the opportunity to drive value from FDA efforts is improving.
WAM/MMYS