White-collar crime: It is no longer a question of if, but when

According to a recent survey by the credit insurer Acredia, 86% of companies see economic crime as a threat

Vienna (OTS)

  • New technologies like machine learning and fake videos push security concepts to the limit
  • Only 33 percent of businesses claim to be insured against white-collar crime damages.
  • New insurance product from market leader Acredia wants to close gaps in protection

In our digital world, the question is no longer if a company will become a victim of white-collar crime, but when.“, said Michael Kolb, CEO of the largest national credit insurer Acredia, on the occasion of the presentation of a current survey*. Around 150 Austrian companies were surveyed on the subject of white collar crime in cooperation with the institute of market research Peter Hajek Public Opinion Strategies.

“We wanted to know how high companies estimate the risk of becoming victims of white-collar crime,” reports Kolb. “57 percent rate the threat as very high or high, and another 29 percent rate the threat as medium. Only 14 percent rate the risk as low.

New technologies as an additional threat

Businesses today are faced with order fraud, rerouted payment flows, embezzlement, embezzlement, phishing, spyware, etc., among other things.says Michael Kolb. At the same time, criminals are becoming more creative and spying on companies in depth before the actual attack. “New technologies constantly open holes in corporate security networks. With machine learning and deepfake videos, voice and image can now be imitated in a deceptively real way.Kolb warns.

Therefore, companies must continually adapt their security concepts. Small and medium-sized businesses, in particular, can quickly reach their organizational and financial limits. This makes them an ideal gateway for scammers targeting large companies.

Risk is highly valued, but rarely hedged

However, the risk of white collar crime is rarely insured. Only 33 percent of companies surveyed said they had adequate insurance. After all, four percent plan to insure their business in the next year and 57 percent are considering insurance. “There is a huge protection gap here, especially considering how quickly fraud methods are evolving.‘, emphasizes Kolb.

New insurance product to close gaps in protection

A new insurance product especially for SMEs is now coming onto the market, which is intended to help close the gaps in protection. “ACREDIA Trust is a so-called fidelity insuranceKolb explains. “This allows companies to insure themselves against financial losses caused by criminal acts of trusted persons or third parties..”

Examples of typical crimes covered by the ACREDIA Trust are:

  • Fake President/Bogus CEO Scam
  • order fraud
  • payment fraud
  • Property crimes, such as property damage, embezzlement, or theft
  • Betrayal of own and third party trade secrets
  • Know breaches of duty
  • External attacks targeting IT systems, such as phishing and keyloggers

The groups of perpetrators are diverse and can range from unknown hackers to the staff of third-party service providers and your own administration.

ACREDIA Trust will be available on the market from mid-September.

* Online exploratory survey: Austrian companies, n=147, survey period: July 2022;

About the Acredia Group

With a market share of more than 50% and total commitments of more than EUR 29 billion, Acredia is Austria’s leading credit insurance company, protecting outstanding receivables at home and abroad.

Acredia is owned by a management holding company: Euler Hermes AG, Hamburg, owns 49% and Oesterreichische Kontrollbank AG, Vienna, 51%. The total turnover of the Acredia Group is 83.5 million euros. Acredia has obtained the “equalitA” seal of quality from the Federal Ministry for Digital and Economic Affairs and is therefore one of the companies in Austria that actively promotes women internally. www.acredia.at

Questions and contact:

Mag. Marion Koll, spokesperson for Acredia Versicherung AG
Tel: +43 (0)5 01 02-2150, Mobile: +43 664 80102 2150, Email: marion.koll@acredia.at

Bettina Pepek, kommunikationsraum GmbH
Mobile: +43 664 510 8678, Email: pepek@kommunikationsraum.at

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