Life Sciences: KPMG 2022 Fraud Outlook
A triple threat across the Americas
Five things life sciences executives need to know
Our recent report, A triple threat across the Americas highlighted the overlapping fraud, non-compliance and cyber attack challenges that confront businesses across all sectors today. This follow-up piece reviews the dangers facing life sciences (LS) companies, and outlines five things that sector executives need to know:
- Life sciences companies are facing the biggest compliance challenge of any sector covered in our survey, but only a minority are investing in the resources they will need to deal with it.
- Life sciences companies show high confidence in their fraud defenses, despite the highest fraud burden of any sector.
- Cyber attacks, in particular ransomware and intellectual property (IP) theft, are the dominant fraud challenges in the life sciences sector.
- The main kinds of fraud perpetrators which have affected life sciences companies reflect the dominant types of fraud the industry faces.
- Cyber security is another area for this industry where extensive risk and overconfidence co-exist.
As we look at the ‘triple threat’ from a fraud, non-compliance and cyber perspective, the Life Sciences industry is especially susceptible having incurred more compliance penalties in the last 12 months than any other sector, and is a continued focus in our survey.
Steve Sapletal
National Life Sciences Advisory Leader
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Life Sciences: KPMG 2022 Fraud Outlook
Download PDFA triple threat across the Americas: KPMG 2022 Fraud Outlook
KPMG is pleased to present its 2022 outlook on fraud, cyber attacks and compliance concerns across the Americas. Our survey of more than 600 executives across multiple industries confirms anecdotal evidence about the effects of the pandemic on these three interconnected threats: it reveals that fraud, compliance concerns and cyber attacks are common, have increased in severity — and are expected to become more frequent.
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