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Ceturtdiena 27.10.2016 | Name days: Lilita, Irita, Ita

Latvian businesses face increased risk of cyber attacks

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUOver the course of the past two years, Latvian businessmen have had to deal with increased risk of cyber attacks, which were mentioned as increased risks by 62% of respondents. The risk of cyber attacks is followed by bribery and corruption risks, mentioned by 44% of respondents. 42% of respondents also mentioned the risk of internal fraud.

Aside from the aforementioned risks, Latvian businessmen are also concerned about the transparency and fairness of long-term investment projects (34%), according to the latest EY survey on corruption and fraud prevention matters carried out in 17 countries.

According to responses, businessmen are most concerned about the growing money laundering risk.

«Risk dynamics are determined by multiple different factors. These include growing use of technologies in most active industries, more active work of supervisory institutions and scandals that negatively impact reputation of different businesses. Growing risks also increase demand for more demanding internal control measures and, more importantly, different risk assessment and prevention initiatives, where internal data processing systems (internal communication, e-mail, server information, etc) play a major role,» – says EY partner in Baltic States Diana Krisjane.

Risk perception differs from industry to industry. For example, 74% of entrepreneurs in the financial sector note an increase in cyber attack risks. 46% of them also mention the escalation of money laundering risks. The risk of cyber attacks in energy and public utilities sectors is mentioned by 56% of respondents, followed by risks of non-transparency in long-term investment projects (46%). Risks of corruption are roughly the same among different sectors.


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