Kroll
Global Fraud and Risk Report 2019/20
 'Mapping the New Risk Landscape'

Retail Rankings Lowest of All Sectors

Download Kroll’s annual Global Fraud and Risk Report to learn about the biggest risks facing global organizations, by region and by sector, and the steps being taken to prevent, detect and respond to daily threats.

In 2019, Kroll commissioned Forrester Consulting to conduct an online survey of 588 senior executives across the globe who have significant involvement in determining their organization’s risk management strategies.

The broadening of the risk landscape is visible in the types of significant incidents our survey respondents report experiencing in the last 12 months and in the priority levels they assign to various risk mitigations. The most frequently cited incident is leaks of internal information, reported by 39 percent. But this perennial challenge now coexists with risks from relatively recent threats, such as data theft, and even newer threats, such as adversarial social media activity.

Mobile connectivity and social media have created a digital world in which information asymmetries have greatly lessened, giving rise to different consumer expectations and business models. Those new business models are scrambling the traditional definitions of industries and sectors. All of these developments dramatically increase the number of unknowns - and thus the risks - with which organizations must contend.

The broadening of the risk landscape is visible in the types of significant incidents our survey respondents report experiencing in the last 12 months and in the priority levels they assign to various risk mitigations. The most frequently cited incident is leaks of internal information, reported by 39 percent. But this perennial challenge now coexists with risks from relatively recent threats, such as data theft, and even newer threats, such as adversarial social media activity.

The following were the main findings of this year’s report:

• Leaks of internal information cited as the most common business risk

• Organizations fear the escalation of digital threats

• 90% of respondents are concerned that large-scale, coordinated cyber-attacks pose a serious threat to future global economic stability

• Fraud risks related to cryptocurrencies are the number one risk of new technologies

Editor's Note: 'Retail, Wholesale and Distribution' - Respondents in the retail industry, incorporating both wholesale and distribution, expressed the lowest rankings in virtually every category compared to all other industries.

However, this is according to Kroll's model which is more enterprise risk management with a emphasis on cyber and not as much the physical inventory customer facing business model. Nonetheless it's a great barometer of the current global risk management position and what businesses across the globe are dealing with. A lot of which does impact retail. So it's a great source of information and warrants learning.
 

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Article originally published on kroll.com