Businesses around the world are collectively losing out on almost $100 million (£75.6m) a year due to a sharp increase in fraud, regulatory hurdles and cyberthreats, with up to three-quarters of firms reporting critical threats every month.

That’s according to new research from fintech FIS and Oxford Economics, The Harmony Gap: Finding the Financial Upside in Uncertainty, which aims to identify the true impact of financial, operational and technological ‘disharmony’.

Studying these disruptions and inefficiencies, FIS found that of the more than 1,000 business leaders polled across the UK, US and Singapore, 88% identified cyber-threats as the top source of friction within their business.

That’s unsurprising, given that a staggering 74% said their firm faces high-profile cyberattacks monthly, while more than a third (37%) admitted they experience cyberthreats every day.

Fraud is also a growing concern, with 79% of firms identifying this as an obstacle to their growth. Although the majority of businesses (83%) now prioritise fraud risk management, just 53% are happy with their fraud response plans. 

FIS found that firms need to take action to plug critical gaps in their fraud response, as almost half of firms (47%) said they don’t regularly train employees on fraud or cyber-awareness, leaving them exposed.

Another headache for business leaders is keeping on top of the money lifecycle, as 51% said their business faces greater tension when money is in motion, including when moving money through payments systems, credit and debit accounts, and card networks.

While 79% of respondents said their business has adopted automated payment processing tech, and more than four-fifths (82%) have implemented embedded finance solutions, 57% of firms still reported experiencing transaction delays at least once a month. 

Bucking these trends, however, are those firms with fintech teams. The majority of organisations (85%) with dedicated fintech units reported feeling well-equipped to address frictions within the business, including cyber-threats and compliance failures.

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These firms also reported higher sales growth than those without designated fintech teams, with 83% seeing revenue increases after embedding fintech solutions. 

The study suggests that more organisations are looking to tech to smooth the rough edges of business disruption, as over half (55%) reported they are investing in innovative solutions, such as genAI and machine learning, to meet their strategic objectives and 56% plan to employ AI to increase their organisation’s agility in response to market dynamics.

“The findings highlight that a well-defined technology strategy, supported by a dedicated and knowledgeable team, is a fundamental component of a firm’s success,” said Firdaus Bhathena, chief technology officer at FIS.

“Companies that invest in building or partnering with fintech expertise are better positioned to optimise their financial operations, mitigate risks and ultimately achieve the financial harmony that drives sustainable growth.”