New research commissioned by global S&P500 corporate payments company, Corpay, finds that 99% of UK finance leaders surveyed have experienced payments-related cyber incidents in the past two years, exposing the fragility of legacy systems and an urgent need for change.
With finance functions now a frontline target, the research saw ‘cybersecurity threats’ attract the largest percentage of responses (42%) from surveyed CFOs when asked what operational risk they were most concerned about over the next 12-24 months. In addition, nearly all of those surveyed (94%) plan to increase cyber investment over the next year, with more than half (51%) preparing a significant uplift.
The findings from a survey of 150 UK CFOs reflect the pressures facing finance leaders today as they work to manage risk, control costs, and modernise operations in an increasingly complex and interconnected payments landscape.
In response, finance leaders are turning to automation to bolster resilience and cut inefficiency. More than half (54%) of CFOs surveyed identified Accounts Payable as the area of their finance operations they would most like to improve through automation, followed by expense management (53%), cross-border payments (47%), and fraud detection and prevention (42%). Every CFO surveyed expressed an appetite for automation, underscoring a universal demand for digital transformation.
However, barriers to progress remain. Almost half of CFOs surveyed (47%) cite integration with existing systems as the most significant barrier to automation, followed by resistance to change within the organisation (41%), cybersecurity and data privacy concerns (37%), and budget limitations or a lack of in-house expertise (32%). The findings suggest that legacy systems are not only inefficient but also widen the threat surface, keeping organisations and finance teams exposed, even as investment in cyber defences is predicted to ramp up.
Real-time visibility also emerged as a key challenge. 94% of CFOs surveyed say real-time oversight of finance and payments is important5, with half describing it as very important, yet only 64% feel confident their processes are optimised for cost control and efficiency.
Piero Macari, Vice President of Products at Corpay, said:
“Given that cyber threats are now universal, increasing automation within the financial processes of an organisation can support CFOs in minimising cyber attacks. With 99% of surveyed CFOs reporting some form of payments-related incident, and 94% indicating the importance of real-time visibility, it’s clear the status quo is unsustainable. Legacy systems are no longer just an inconvenience – they’re a liability.
“This research reinforces why we developed Corpay Complete in the first place: to meet the real challenges CFOs are facing right now. Between the acceleration of digitisation, the rise of embedded finance, and reported skills shortages within finance teams, CFOs are under pressure to do more with less. Corpay Complete is purpose-built to give CFOs and finance teams real-time visibility and greater control. It’s a unified, mobile first platform for accounts payable, domestic and international transactions, and expenses that helps finance teams work smarter, move faster, and manage risk with confidence.”
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