More than half of all businesses expect cyber breach within a year

More than half of businesses predict a serious fraud incident or security breach within the next year if they continue with their current technology, processes and tools, research from a Leeds company has shown.

Cyber Crime

Ahead of its Fraud Summit in June, Leeds-basedy Callcredit Information Group, has revealed that a further 17 per cent of those surveyed revealed that this is something they have already experienced.

The research, which asked 105 fraud prevention managers and directors about their attitudes and techniques, also found that fraud prevention priorities have shifted since 2017.

Sign up to our Business newsletter

Sign up to our Business newsletter

This year, one of the biggest focuses in the fight against fraud is developing a fraud response strategy, according to 91 per cent of those surveyed, compared to 80 per cent last year.

John Cannon, managing director, fraud and ID with Callcredit Information Group, said: “Our research suggests that for most businesses, a security breach is now considered an almost inevitable occurrence, so it’s no surprise that fraud leaders see prevention as the key tactic in the fight against fraud.

“It’s encouraging to see that businesses are increasingly adopting robust prevention tactics, but the challenge is far from over.

“With the ever-evolving fraud threat, businesses are having to continually adapt their strategies to tackle the problem.”

The research highlighted a significant uplift in the adoption of identity verification measures and fraud prevention technology, with 90 per cent of those surveyed stating these were amongst their top priorities as a business for this year.