One-third of businesses have been the victim of crime in the last twelve months, a survey has found.
The Irish SME Association (ISME) published the results of its annual crime survey today which found that 34% of businesses have been impacted by crime in the last year, a 1% decrease on 2017 figures.
66% of respondents experienced more than two incidents, while 23% stated crime in their locality is ‘getting worse’.
41% of enterprises stated the direct cost of criminal activity was €1,000-€5,000, while 5% of business stated that direct cost was more than €10,000.
A quarter of businesses reported higher insurance premiums as a direct result of business crime, while 87% of SME business owners see the judicial system as ineffective.
Here are some of the other key findings:
Our annual Business Crime Report is out today. Report shows business crime significantly impacting on #insurance premiums. Check out the full publication here: https://t.co/Td0q6H0Rds #BusinessCrime pic.twitter.com/MFPkBIOcTG— ISME (@isme_ie) September 26, 2018
Commenting on today's report, ISME CEO Neil McDonnell said: “Today’s results highlight the threats facing business. Crime not only reduces profit and increases costs; it affects both corporate reputation and employee morale.”
“There are several concerns highlighted in today’s report. One particular area is the impact crime is having on insurance premiums. 18% of businesses would not report a crime for fear of increased insurance premiums; furthermore, 24% of businesses experienced higher insurance premiums as direct result of business crime."
"We need much more aggressive enforcement against white-collar crime such as insurance fraud and cyber-crime,” he said.
The survey was conducted in the second week of September, with a 13% response rate from businesses.