Financial Crime World

Bulgarian Organisations Most Often Victimized by External Fraudsters

Economic Crimes in Bulgaria

A recent study has revealed that the most serious economic crimes experienced by Bulgarian organisations were perpetrated by external entities or individuals, emphasizing the need for companies to develop mechanisms to minimize these threats.

Technology Plays a Crucial Role

According to the survey, 75% of respondents believe that implementing technology in combating fraud and/or economic crime enables continuous real-time monitoring, while 72% consider it provides actionable insight. Furthermore, nearly a quarter of companies use or plan to use artificial intelligence to combat fraud, which is in line with global trends.

Cybersecurity Measures

The study also found that the growing threat of cybercrime is recognized by Bulgarian companies, with the number of organisations implementing a Cyber Security Program (CSP) increasing by 20% over the past two years. A further 12% of respondents intend to implement such a program shortly.

Regulatory Efforts Lag Behind Global Standards

However, regulatory and enforcement efforts in Bulgaria lag behind global standards, with only 37% of respondents claiming that it is likely that they will share information concerning a suspicion of or subject to cyberattacks with enforcement authorities.

Proactive Approach Needed

The report also highlighted the need for companies to be proactive in combating fraud, rather than reactive. A significant proportion of Bulgarian organisations (54%) believe that changes in the regulatory environment have an increasing impact on their operations, while only 36% responded that changes in the enforcement of regulation would have a greater impact.

Study Highlights

  • 75% of respondents believe that implementing technology in combating fraud and/or economic crime enables continuous real-time monitoring.
  • 72% consider it provides actionable insight.
  • Nearly a quarter of companies use or plan to use artificial intelligence to combat fraud.
  • 20% increase in organisations implementing a Cyber Security Program (CSP) over the past two years.
  • Only 37% of respondents claim that they will share information concerning a suspicion of or subject to cyberattacks with enforcement authorities.

Experts Weigh In

Albena Markova, Partner at PwC Bulgaria

“Developing mechanisms to minimize external threats has become an imperative for Bulgarian organisations. By implementing technology and being proactive in combating fraud, companies can reduce the occurrence and costs of economic crime.”

Reneta Mamassian, Manager at PwC Bulgaria’s Forensic Services

“The key is to find a balance between a technology’s effectiveness and its cost. Companies must also focus on creating a cohesive and resilient culture within their organisations to prevent fraud from occurring in the first place.”

About PwC Bulgaria

PwC Bulgaria is a member firm of the PwC network, a global professional services firm with over 236,000 people in 158 countries. The company provides assurance, advisory and tax services to its clients.

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