Telecoms, Media & Entertainment, Technology (TMT): KPMG 2022 Fraud Outlook
A triple threat across the Americas
Five things TMT 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 telecoms, media & entertainment, and technology (TMT) companies, and outlines five things that sector executives need to know:
- TMT companies face predictable fraud challenges related to their heavy use of information and communication technology but need to remember other vulnerabilities too.
- The sector’s confidence in its anti-fraud policies may be misplaced.
- TMT leaders would be well served to remember the reputational risks of non-compliance and due diligence when making investment decisions.
- Sector cyber-defenses seem insufficient in the face of a growing, and increasingly diverse, challenge.
- TMT actively addressed the cyber-risks of working from home, but most executives are now concerned about the ongoing challenges of hybrid working.
Fraud, cyber attacks, and other threats are on the rise. To serve the needs of customers, employees, suppliers, and society, prevention, detection, and responsiveness should be top of mind for TMT companies. Those who remain focused on these areas not only will protect their organizations’ and customers’ sensitive information but also will build trust and create a competitive advantage.
Mark Gibson
National Sector Leader for Technology, Media, and Telecommunications (TMT), KPMG US
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Telecoms, Media & Entertainment, Technology (TMT): 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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