Fraud and corruption risks worry 93% of Portuguese managers

Portuguese managers identified the risk factors they are most concerned about and that represent the biggest threats to their business, with 93% of respondents citing risks associated with bribery and corruption as their top concern.

The WTW Survey on “Responsibility of Directors and Directors (D&O) 2023/2024”, completed in February 2024 and presented yesterday in Lisbon, surveyed more than 900 company directors around the world, including in Portugal.

In Portugal, the study shows that when asked which threats to business operations are considered “very” or “extremely” significant, 93% of respondents cited risks associated with bribery and corruption as the biggest risk to businesses today, followed by loss. Data (91%) and computer attacks (91%), which include digital extortion.

These values ​​are higher than the European average, with cyberattacks and digital extortion being the main threats (79%), followed by loss of information (77%) and the presence of corruption (72%).

“This study has been developing for several years and we have witnessed increasing concern on the part of Portuguese managers regarding the risks of corruption, largely due to the media coverage surrounding this issue and the high reputational costs involved which are clearly evident. In the various media cases recorded Data protection and cybersecurity are also being prioritized, completing the top 3 of the most relevant risks for organizations in our country, says Jorge Tobias, Head of FINEX at WTW Portugal.

However, according to the same person, “Although cyber risk is one of the things that causes the most headaches for Portuguese managers, only 40% consider their companies to be prepared to face a cyber attack (compared to 56% of the global average).” Only 33% have cyber insurance (compared to 45% of the global average).