60% of the Canadian organizations surveyed experienced some form of fraud or economic crime in the last 24 months

TORONTO, Nov. 17, 2022 /CNW/ - PwC has unveiled its Canadian Insights of the 2022 Global Economic Crime Survey which examines organizations' attitudes toward fraud and financial and economic crime in the current polycrisis environment. Polls were conducted at two different times (May and June 2022), in an expansive study that surveyed over 2,300 people in 68 countries.

External threats are on the rise:

• On a global scale, 51% of the organizations that PwC surveyed reported experiencing some form of fraud or other economic crime within the last 24 months. But in Canada, that number was higher at 60%.
• 73% of Canadian respondents said that as a result of the disruption caused by COVID-19, their organization has experienced increased fraud risk.
• Unsurprisingly, given the rapid acceleration of digitization over the past several years, cybercrime still accounts for the majority of economic crime: 43% of respondents have been victims of it in 2022.
• Over 95% of business leaders interviewed report that their crisis management capabilities need improving.

As the world prepares to emerge from the long term impact of the global pandemic on the economy, and as we ready ourselves for a world beyond COVID-19, organizations can expect to face many more serious crises; from financial, legal, technological, to reputational. These crises can be serious and long lasting, and require different responses.

"With a foreseen economic downturn and liquidity contraction, we can expect economic crime to remain a significant threat for Canadian organizations, and for newer forms of economic crimes to emerge," says Marie-Chantal Dréau, Partner,  Advisory Services - Forensic, Disputes and Crisis Management Services, PwC Canada.

In Canada, new types of fraud and financial misconduct have arisen in the last two years. They can be related to the pandemic and government relief programs, as well as to supply chain issues and environmental, social and governance (ESG) programs. In addition to experiencing new types of fraud, this year Canadian organizations that suffered losses from fraud that were higher than US$1 million increased by 20%, compared to 2020.

PwC Canada has a dedicated group of crisis management experts who specialize and are equipped to provide holistic support through the full crisis lifecycle.

"Crisis response requires a strategic, agile and timely action plan in order to preserve an organization's reputation and value. At PwC, we continue to reimagine how to solve important problems for our clients at times of crisis through building stakeholder trust and delivering sustained outcomes," says Edward Matley, Partner, National Crisis and Resilience Lead, PwC Canada. "Based on the conversations with our clients and the current landscape, a team dedicated exclusively to clients' crisis management has prepared us to provide support during times where every minute counts."

As we live in a world quickly evolving towards human-led AI and new technologies, Canadian business leaders must quickly adapt to face a variety of attacks and challenges. For more details, read PwC's Global Economic Crime and Fraud survey.

SOURCE PwC Management Services LP

Julie Ibrahim, [email protected], 416-356-8182