Accordingly, the associated uncertainties following the COVID-19 pandemic and the adoption of digital activities and work from home have created new risks for companies related to digital security, employee safety and misinformation.
According to PwC’s Global Economic Offenses and Fraud Survey-2022, “These reasons have led to new cases of fraud. In the last 24 months, 52 percent of Indian companies have faced fraud or economic offence. Of these, 95 percent have faced a new kind of risk due to the crisis caused by Covid-19.
1,296 organizations from around the world were included in this survey. Of this, 112 are from India, representing 32 different industries.
It said that around 67 per cent of the organizations in India reported irregularities. It was the result of external attacks or nexus between external and internal sources. In the year 2020, this figure was 56 percent.
Puneet Garkhel, Partner and Head (Forensic Services), PwC India, said that in the last two years, the position of units at the organizational level has become more sensitive. As such, it is imperative that companies not only continually focus on their policies, training and internal controls to combat new types of fraud, but also prioritize investments in cutting-edge technology.
According to the report, the good thing is that companies in India have taken steps to deal with the fraud. This is known from the figures. 52 percent of Indian organizations have faced fraud or economic crime in the past 24 months, up from 69 percent in 2020.
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