TORONTO, March 9, 2015 /CNW/ - Cyber-attacks, data breaches and losses of consumer information are dominating the headlines, making Fraud Prevention Month more relevant than ever before. These attacks and related cyber security-based threats pose a mounting risk for Canadian businesses of all sizes. It's no longer a question of if an attack will occur, but when. In fact, 60 per cent of KPMG C-Suite survey respondents reported recently increasing their budget to secure data against the threat of cyber-attacks.
As Fraud Prevention Month kicks off, KPMG has identified three themes which are particularly applicable to Canadian business.
Executive impersonation fraud
In these scams, criminals use email to impersonate a company executive and trick the organization's finance team into transferring money to a fake account. Often, the habits of the executive are studied by criminals who use irregular circumstances to make out of character transactions and urgent requests for funds.
Financial institution fraud
Banks and financial institutions face a myriad of complex cyber security challenges including compliance pressures, emerging threats and material risks. These challenges are compounded by the rising risk posed to banks by third party data loss incidents that force financial institutions to assume the costs incurred through the cancelling and reissuing of credit and debit cards.
Small and medium enterprise fraud
Small businesses regularly focus on the bare minimum to meet compliance requirements and stay in business, despite being just as vulnerable to hackers and cyber-attacks as larger organizations. Unlike larger organizations, these enterprises are often unable to recover from the financial and reputational repercussions of an incident.
KPMG cyber security leaders Kevvie Fowler and Paul Hanley are available to discuss these emerging issues and the broader cyber security landscape in Canada. To arrange an interview please contact Niklaus Schwenker, National Manager, Communications.
For more information on Fraud Prevention Month, particularly as it relates to individuals, you can visit the Competition Bureau of Canada.
KPMG LLP, an Audit, Tax and Advisory firm (kpmg.ca) and a Canadian limited liability partnership established under the laws of Ontario, is the Canadian member firm of KPMG International Cooperative ("KPMG International"). KPMG member firms around the world have 162,000 professionals, in 155 countries.
The independent member firms of the KPMG network are affiliated with KPMG International, a Swiss entity. Each KPMG firm is a legally distinct and separate entity, and describes itself as such.
SOURCE KPMG LLP
For further information: Niklaus Schwenker, National Manager, Communications, KPMG in Canada, 416.777.3155, [email protected]