Cybersecurity is the biggest compliance concern of organisations, according to new research from ComplyAdvantage.
It was named as the main concern by 54% of 600 companies surveyed in November and December 2020. The same research indicates that more than 6 in 10 compliance departments plan to upgrade legacy technology in 2021.
This new data comes against a background of rising financial crime attempts: 74% of respondents said they had filed more suspicious activity reports (SARS) in 2020 than in the previous year. That trend is also reflected in government data: Singapore, for example, the Cyber Security Agency of Singapore’ s annual report reveals that cyber crime cases have jumped by more than 50% in 2020 compared to the previous year.
Charles Delingpole, founder and CEO of ComplyAdvantage, warned that, “International crime syndicates, rogue nations, global terrorists and cyber-criminals have become increasingly more aggressive," during the Covid-19 pandemic
Comply Advantage is one of the KYC, Compliance and AML solution provider facing the Treasury Dragons on 16th February. Readers can register here