Survey asks CFOs about data security and fraud issues
For the first time, Bank of America Merrill Lynch's 2015 CFO Outlook annual Pulse Survey asked CFOs about data security and fraud issues. The survey also conducted research on 250 middle market CFOs to understand their views on the current state of the US and global economies and how they've performed thus far in 2015.
With a high commitment to data security, 82 percent of US companies have a formal data security plan. An increase was shown in the investment of data security for 69 percent of the surveyed companies.
Offensive tactics are paying off since 10 percent of companies stating that they have had a data breach at their companies and 48 percent of them said the impact of the breach was minimal.
There are an increased number of detection and prevention methods in place. Companies are gung ho on battling fraud. Results show that 91 percent are installing anti-virus spyware detection programmes and 90 percent are installing actively managed firewalls. Malware software is being used by 83 percent of companies and 70 percent have corporate fraud prevention policies.
A whopping 98 percent of CFOs spent the same or more time expecting and managing fraud within their companies. A little over half (55 percent) report that their fraud-related responsibilities have stayed the same in the past year and 43 percent feel they have increased.