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Fraud has metamorphosed into a major global concern. Regardless of size, profitability, or industry, organizations currently face severe challenges concerning economic and operational sustainability in the wake of deliberate and unethical fraudulent acts. The PricewaterhouseCoopers (hereinafter referred to as PwC) (2020) survey revealed that 47% of international firms were affected by fraud compared to 49% in 2018, 36% in 2016, 37% in 2014, and 34% in 2011. The PwC’s (2020) survey respondents reported total losses of 42 billion USD owing to fraud that negatively impacted brands, reputations, and market shares. Ironically, only 56% of the affected organizations conducted investigations, whereas barely one-third of these companies reported fraudulent outcomes to their boards.

Individuals and corporations alike are aware of the need for data protection. They undergo training and perform exercises where various types data-jeopardizing techniques or cyberattacks are simulated in order to increase the resilience of society and preparedness for crisis situations (National Cyber and Information Security Agency, 2019a). With the help of the General Data Protection Regulation (GDPR), the European Commission (EC) seeks to draw a line between the personal data security and the free and uncontrolled manipulation of personal data (IT Governance Privacy Team, 2020). Since its advent, the GDPR has put burden on the shoulders of various institutions which have been struggling to share data. Not surprisingly, it brought a flareup of frustration (Bovenberg et al., 2020). The intension was good, as the GDPR would ensure and balance the fragile relationship between the data protection and other regulations, such as competition law, consumer protection or intellectual property (De Hert et al., 2018).