New Corpay research has found that 99% of UK CFOs faced payments-related cyber incidents in the past two years, prompting most to increase cybersecurity spending.
The study, based on responses from 150 CFOs across the UK, found that cybersecurity threats are now the most pressing operational concern for finance departments, cited by 42% of respondents. Almost all those surveyed (94%) expect to raise their cybersecurity budgets in the coming year, with more than half planning substantial increases.
Automation is seen as an important factor in resilience
In the context of rising digital threats, finance leaders are looking to improve resilience through automation. Over half of respondents identified Accounts Payable as the function most in need of automation, followed closely by expense management, cross-border payments, and fraud prevention. Every participant expressed an interest in further automation, indicating widespread recognition of its role in improving efficiency and control.
However, many organisations still face structural challenges. Nearly half of CFOs pointed to integration difficulties with existing systems as the main obstacle to automation. Other barriers include internal resistance to change, cybersecurity and data privacy concerns, and limited budgets or expertise. The findings suggest that outdated systems not only hinder progress but also expand exposure to risk, even as investment in digital defences accelerates.
Finance leaders also expressed concern about visibility within their operations. While 94% considered real-time oversight of payments and financial processes important, only 64% were confident that their current systems deliver the level of insight and efficiency required for effective cost management.
According to representatives from Corpay, increased automation can help finance teams limit vulnerabilities and improve operational visibility. They noted that widespread incidents and the continued reliance on legacy systems have made modernisation unavoidable.
Corpay has positioned its recently launched Corpay Complete platform as a tool for unifying and digitising Accounts Payable processes, including domestic and international payments and expense management. The company says the solution enables organisations to automate manual workflows and gain improved oversight across financial transactions.
