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# Cybercrime Risk on the Rise: 24% of Companies Globally Experience Increased Threats

A new report by PwC highlights the growing concern over cybercrime, with nearly one-third (29%) of companies globally experiencing an increased risk of cyber attacks in 2022. The survey found that organized crime groups are becoming more specialized and professional, taking advantage of vulnerabilities to outsmart their prey.

## Borderless Threat

The report notes that hackers can initiate attacks from anywhere in the world and request ransom payments through international channels such as cryptocurrency, making it a borderless threat. Cyber attacks are also immune to traditional prevention tools, underscoring the need for companies to develop strategies to protect themselves from fraudsters.

### ESG Reporting Fraud on the Rise

In addition to cybercrime, the report warns of the growing risk of ESG (Environmental, Social and Governance) reporting fraud. With environmental responsibility becoming increasingly important to stakeholders, accuracy in ESG reporting is essential. However, just 8% of organizations surveyed experienced ESG reporting fraud, and the incentive to commit fraud in this area is only expected to increase.

### Fraud Risks in Thailand

The report highlights several key concerns for Thai businesses, including:

* The manipulation of ESG reports by employees or third parties
* The lack of awareness about ESG objectives and result tracking and monitoring
* The need for increased investment in people and technology to strengthen risk management capabilities

## Best Practices for Fraud Risk Management

To combat the growing threat of fraud and economic crimes, PwC recommends several best practices, including:

* Conducting a periodic fraud risk assessment to understand key fraud risks and how they are being proactively monitored
* Understanding the end-to-end life cycle of customer-facing products and identifying opportunities for fraudsters to exploit them
* Striking a balance between user experience and fraud controls in customer-facing channels
* Orchestrating data into a centralized platform to track the end-to-end life cycle of users and generate meaningful alerts

## Conclusion

Preventing fraud and economic crimes is a complex challenge that requires continuous improvement in governance, people, processes, and technology. Companies must be vigilant in protecting themselves from cybercrime and ESG reporting fraud, and take proactive steps to manage these risks.

For more information on how PwC can help you manage your fraud risk, please contact Phansak Sethsathira at [phansak.sethsathira@pwc.com](mailto:phantsak.sethsathira@pwc.com) or +66 (0) 2844 1000 ext. 1043.

### About PwC

PwC is a global network of firms delivering assurance, tax, and advisory services to clients in 158 countries. The firm's professionals are committed to delivering value to their clients through quality services, innovative solutions, and deep industry knowledge.

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