A Triple Threat across the Americas

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.

Are companies in the Americas managing to fend off this triple threat? This research suggests that many have limited defenses in place, and the shift to hybrid or remoted working is making existing controls less effective.

• The majority of companies across North and Latin America reported that they have suffered losses from fraud, compliance breaches, and/or cyberattacks.
• Large companies are more at risk of fraud
• Fraud threats differ between North and Latin America
• The COVID-19 pandemic has made things worse
• Businesses expect fraud, compliance risk and cyberattacks to rise
• Not enough companies are completely on top of fraud controls, compliance, and cyber security

Companies have urgent priorities

Fraud:
Never discount the possibility of an inside job. A significant 31 percent of respondents say their companies have suffered from fraud perpetrated by an insider in the past year.

Compliance:
Compliance is now a reputational issue. More respondents say that reputational considerations cause their leaders to pay attention to compliance than say the same of fines and enforcement.

Cyber security:
Sow and steady will not win the cyber security race. Respondents tell us it takes about a month, on average, for a cyberattack to be fully contained, and most seem satisfied with how well their companies do in this area. This indicates that there is a potentially fatal lack of urgency.

For more information, download the full report below.

• A triple threat across the Americas  (PDF/1.1MB)