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Cyber breaches threat increase in Singapore

Anuradha Shukla | Jan. 29, 2016
Driving investment in forensic data analytics (FDA), says survey.

58% of Singapore respondents state that the level of concern in cyber breaches and insider threats has increased over the past two years.

EY's 2016 Global Forensic Data Analytics Survey indicates that malicious insiders stealing, manipulating or destroying data, are the fastest-growing risks and are driving investment in FDA.

80% of the respondents in Singapore ranked bribery and corruption risk as the area for the highest use of FDA.

FDA is also extensively used in internal fraud (75%) and cyber breach or insider threat (63%).

"For organisations, the threat of cybercrime is an everyday reality, posing a dynamic and relentless challenge. Boards and senior management need to strengthen their organisations' ability to detect and respond by incorporating FDA as a critical component of their risk management and compliance programs," said Reuben Khoo, EY's Asia-Pacific leader for Forensic Technology & Discovery Services, Fraud Investigation & Dispute Services. "This is especially critical given the current regulatory enforcement environment and market reaction to instances of alleged corporate fraud, bribery and cyber breach."

Early fraud detection

73% of organisation in Singapore view the benefits of FDA as being able help in early fraud detection.

70% view as it being useful in detecting fraud that one could not have detected before and the same percentage said it is good for speeding up responses in investigations.

Only 33% of Singapore respondents think that FDA can help with reduced costs of anti-fraud program.

Only 3% of Singapore respondents say that they have fully realized the benefits of using FDA with regards to early fraud detection.

"We see a general sense of urgency to adopt FDA, yet there is also a need to educate senior management on the need for sufficient investment. We believe the gap between their perception of the need for FDA and their reluctance to fund it can stem from the lack of awareness of the full spectrum of risk management benefits that FDA can deliver," added Khoo.

 

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