Trade sector sees increased fraud and data breaches in FY22

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The Department of International Trade admits it will suffer an increase in fraud cases and an increase in data breaches during the 2021/22 fiscal year.

In its annual and financial statements for the 12 months ending March 31, 2022, the DIT said it had suffered more widespread misconduct in the 12 months ending in April compared to previous years. says.

The annual report does not state the exact number of fraud cases it handled last year, but said it “slightly increased the number and diversity of detected cases.”

The agency said it has continued to focus on assessing and managing fraud risk throughout the year, and said the introduction of digital tools has enabled it to better detect fraud attempts and allow authorities to be “more proactive” in preventing fraud. .

He added that an understanding of fraud risk has enabled the agency to identify and implement new controls that help reduce risk to both the DIT and other departments.

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The DIT said new cases of companies abusing their brand and misrepresenting their affiliation with departments contributed to the rise in fraud cases. The increase in detected cases was accompanied by an increase in grant fraud that was prevented through the department’s due diligence procedures, it said.

According to its annual report, the DIT “develops its anti-bribery and corruption capabilities” by conducting a comprehensive assessment of current risks and “re-examining the department’s due diligence framework for working with the business.” There is.

Elsewhere in the report, the DIT said there were 62 data breaches in the sector during the year, up 17% from the 53 breaches identified in 2020-2021. He described the increase as “small.”

“Only one of these violations met the criteria to be reported to the Information Commissioner’s office,” the report said. However, he added that two more cases were reported spontaneously.

The DIT said the increase in data breaches could be attributed to increased awareness of data protection issues among staff as the work involved expanded.

The report also noted that 12 mandatory redundancy packages worth a total of £284,000 had been agreed for 2021-22, a significant increase from the single package worth £78,000 agreed the year before.

However, the 2021-22 figures are more in line with the DIT’s calculations for 2019-2020, which total £244,000 for the nine staff laid off.

The DIT’s annual and financial statements for 2018-19 documented a total of 42 cases of forced layoffs with a price tag of £1.2m.

A DIT spokesperson said the DIT is focused on securing the right people to negotiate trade deals and attract inward investment, promoting growth across the country in the process.

“If we need to cut jobs, we will make sure to carefully consider them,” they said.

Trade sector sees increased fraud and data breaches in FY22

Source link Trade sector sees increased fraud and data breaches in FY22

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