Cybersecurity Dominates CFOs’ Risk Concerns: 99% Report Incidents, 94% Plan Spending Boost

10/08/2025 – 07:01 PM

• Nearly every UK CFO surveyed (99%) has faced a payments-related cyber incident in the past two years¹, with cybersecurity now their number one operational risk.

• Appetite for automation is universal with Accounts Payable the top priority, but integration challenges with existing systems keep finance leaders exposed and inefficient.

• Real-time oversight is seen as essential, yet only 64% of those surveyed are confident that their systems can deliver it² – highlighting the need for modernised, unified solutions.

LONDON – In a concerning trend for corporate finance, a new study reveals that nearly all (99%) of UK Chief Financial Officers have grappled with cybersecurity breaches related to payments within the last two years, according to research commissioned by Corpay, a global S&P 500 corporate payments firm. This alarming statistic underscores the vulnerability of outdated financial systems and signals an urgent need for upgrades and enhanced security measures.

The survey highlights a significant shift in risk perception among finance leaders. When asked about their primary operational concern for the next 12-24 months, cybersecurity threats topped the list, cited by 42% of CFOs. This heightened awareness is translating into increased investment, with 94% of those surveyed planning to boost their cybersecurity spending over the coming year. More than half (51%) are preparing to substantially increase their investment in this critical area. This prioritization reflects not merely a defensive posture but also a strategic recognition of the financial impact of cyberattacks. The cost of remediation, potential fines, and reputational damage contribute to a compelling business case for proactive cybersecurity measures.

The findings, gathered from a survey of 150 UK CFOs, paint a picture of finance leaders navigating an increasingly complex and interconnected payments landscape while simultaneously facing pressure to manage risk, control costs, and modernize operations.

Automation is emerging as a key strategy for CFOs seeking to bolster resilience and drive efficiency. Accounts Payable was identified as the top area for improvement through automation by 54% of CFOs, followed closely by expense management (53%), cross-border payments (47%), and fraud detection and prevention (42%). The universal desire for automation, with every CFO surveyed expressing an appetite, suggests that digital transformation is now considered table stakes for finance departments. This demand isn’t just about streamlining processes; it’s about creating a more agile and resilient financial infrastructure capable of adapting to future shocks.

However, the path to automation isn’t without its obstacles. Integration with existing legacy systems was cited by 47% of CFOs as the most significant barrier, followed by internal resistance to change (41%), cybersecurity and data privacy concerns (37%), and budget limitations or a lack of in-house expertise (32%). The survey findings expose a critical paradox: legacy systems, intended to support core business functions, are not only proving inefficient but also expanding the attack surface, leaving organizations exposed even as cybersecurity investments increase. The difficulty in integrating new technologies with legacy infrastructure represents a significant bottleneck in the modernization process.

The study also highlights the importance of real-time visibility. A significant 94% of CFOs surveyed emphasized the importance of real-time oversight of finance and payments, with half considering it “very important.” However, only 64% expressed confidence in their processes’ ability to deliver cost control and efficiency. This gap between the perceived importance of real-time visibility and the actual capabilities of existing systems underscores the need for modernized solutions that provide a comprehensive and up-to-date view of financial operations. This lack of confidence can be attributed to fragmented data sources, manual reconciliation processes, and the inherent limitations of legacy systems that were not designed to provide real-time insights.

According to Piero Macari, Vice President of Products at Corpay, “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.”

Macari added, “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.”

The research highlights that finance leaders are ready to act but are constrained by outdated systems, fragmented processes, and a lack of visibility. Corpay Complete, launched earlier this year in the UK, provides an opportunity to make the change needed. By unifying and digitising Accounts Payable processes, including domestic and international payments, as well as corporate card expenses, it enables CFOs to automate manual processes, minimise threats, and gain total visibility across every transaction. The platform offers a holistic approach to finance management, integrating various functions into a single, streamlined system.

About Corpay

Corpay (NYSE: CPAY) is a global S&P 500 corporate payments company that helps businesses and consumers pay expenses in a simple, controlled manner. Corpay’s suite of modern payment solutions help its customers better manage vehicle-related expenses (like fuelling and parking), travel expenses (like hotel bookings) and payables (like paying vendors). This results in our customers saving time and ultimately spending less.

Corpay – Payments made easy.

‘Corpay’ and ‘Corpay Complete’ are trading names of Allstar Business Solutions Limited. Payment services provided by Allstar Business Solutions, Canberra House, Lydiard Fields, Swindon, Wiltshire, SN5 8UB, Registration Number 2631112 GB. Allstar Business Solutions is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (register reference 900470) for the issuing of electronic money and the provision of payment services.

‘Cambridge Global Payment’ and ‘AFEX’ are trading names that may be used for the international payment solutions and risk management solutions provided by certain affiliated entities using the brand ‘Corpay’. International payment solutions are provided in the United Kingdom through Cambridge Mercantile Corp. (UK) Ltd.

To learn more visit www.corpay.com