Businesses are haemorrhaging money—an eye-watering average of $98.5 million a year—thanks to cyber threats, fraud, and tricky regulations. This revelation comes from a new study by Fidelity National Information Services (FIS) in collaboration with Oxford Economics.
Key Points
- Companies are losing an estimated $98.5 million annually due to various risks, predominantly from cyber threats (88%) and fraud (79%).
- FIS conducted a global survey of 1,000 business leaders across six industries to highlight these financial drains.
- Slow payments and heightened risks lead to friction in the financial processes, such as detecting fraud effectively.
- A gap in financial technology skills and human error considerably exacerbate these issues within companies.
- Firms that actively implement and manage financial technology reported better preparedness to tackle these challenges.
Why should I read this?
If you’re in the business world, this article is a must-read! It uncovers a staggering financial slip-up that could be costing your company millions. With the rapid evolution of technology, understanding these pitfalls will help you safeguard your bottom line, making this article a time-saver and a game-changer for staying ahead in the corporate landscape.