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Recent cyber-attacks on the UK National Health Service and companies all over the world have rung alarm bells over how firms protect their business from being targeted by criminals. A new report tells business leaders how to crack the hackers on scams such as executive impersonation, where fraudsters dupe unwitting staff into transferring money from company accounts.
In the three years to 2016, almost 16,000 organisations across the globe had their IT systems breached – or 17 cases of business e-mail compromise every day, according to the US-based Internet Crime Complaint Centre.
Eight steps, ranging from better use of technology in preventing malpractice, to encouraging whistleblowers, are included in the report, Keeping Business Clean. In addition to fighting cyber security, the advice also covers how to counter theft of machinery, false invoicing and concealing activities such as forced or child labour.
Tanya Barman, Associate Director of Ethics, the Association of International Certified Professional Accountants said: “The three main types of fraud and corruption affecting firms are theft or misuse of a company’s assets; falsification of documents for financial gain; and bribery and improper use of confidential information. Professional accountants are trained to analyse financial and non-financial information, putting them in a good position to challenge any suspicious activity in their company. As well as the financial damage from a fraudulent act, corruption costs both the business affected by the initial crime and the supply chain, too.”
Peter Van Veen, Director of the Business Integrity Programme for Transparency International UK, which tackles commercial corruption, said: “The role of accountants and finance professionals in detecting, uncovering and preventing corrupt practices in organisations is critical. This publication shows the positive role they play in the fight against corruption.”