Internal Threat Management
Monitor end-user activity while complying with privacy regulations
As insider fraud approaches continue to evolve and sophisticate it's important organizations build their internal fraud prevention strategy to work on the collective mission of protecting our community against fraud and financial crime.
To help, we've explored four key insider fraud trends impacting businesses
1. The explosion of bring your own device and wear your own device policies
2. Global regulations and compliance requirements
3. Fraud detection and prevention through machine learning and artificial intelligence technologies
4. Migration to the cloud
1. The explosion of bring your own device (BYOD) & wear your own device (WYOD) Policies.
COVID-19 forced businesses globally to adopt BYOD & WYOD policies to accommodate the sudden shift to remote working and as we adopt a hybrid working approach, let's take a further look at what this means for organizations.
BYOD & WYOD are organizational policies that allow employees to use their personal phones, laptops, smartwatches etc., to access company information and perform work tasks.
In today's hybrid working environment
82% of companies let employees use their personal devices for work purposes, unsurprisingly, as BYOD reduce IT costs by 45%
Despite boosting productivity by fuelling an always-on work culture, the security risks posed are undeniable, as employees' devices are less secure and harder to monitor for insider threats.
Consequently, insider fraud solutions have become a hot topic in board room discussions, as IT, Fraud, HR and security teams state their case for better solutions to protect their corporate networks.
Hybrid working has cemented itself as the new normal, creating further opportunities for bad actors to use their personal devices for fraud and data leakages. This leaves organizations with an important question to answer - does the productivity benefits of BYOD and WYOD outweigh the insider threat whilst building an insider fraud prevention strategy?
2. Global Regulations and compliance requirements
With an increasing number of organizations falling victim to insider fraud as criminals become more sophisticated, it's unsurprising that government bodies are enforcing stricter compliance regulations.
Today, organizations are mandated to implement robust mitigation solutions to protect their customers, partners, and their own data against insider fraud.
For instance, GDPR requires organizations to have strict policies on data access and storage to avoid internal breaches and collusion with external parties. Organizations that do not comply can find themselves in a world of reputational and financial pain.
This year, organizations are starting to review and invest in analytics-driven platforms that screen and monitor transactions to detect suspicious activity for their business-critical systems.
3. Fraud detection and prevention through advanced machine learning (MI) and Artificial Intelligence (AI) Technologies
Advanced technologies such as ML and AI play a pivotal role in sustaining and growing corporations in today's digitalized world, but did you know that these technologies can be deployed to protect organizations from insider fraud?
As fraudsters increasingly leverage sophisticated technologies to access sensitive data, it's important that organizations shift away from traditional processes such as audit files and adopt automated insider fraud solutions. Such as network monitoring, which stores user activity across business-critical systems and identifies outlier behaviors in real-time to flag a potential fraud case before it happens.
But the benefits of these technologies don't just stop there! AI & ML can also help alleviate key pain points organizations experience when investigating fraudulent activities, including:
1. Minimizing information overload
caused by unconsolidated data making it harder to detect insider fraud.
2. Reducing false positives
due to outdated technology collecting fragmented behavioral patterns, leading to false fraud alerts.
3. Closing the gap with fragmented data
to evidence and build a sufficient case against an 'internal bad actor'
4. Migration to the Cloud
Year on year, more organizations are migrating to cloud-based technologies. The acknowledgement that legacy processes and systems can't overcome today's evolving fraud and risk threats drives organizations to turn to the cloud. However, it can be difficult for organizations that aren't cloud-native to keep up, especially if you don't know where to start.
Here are a few key areas to review when choosing your cloud technology partner.
1.How established and knowledgeable is the partner with cloud technology and migration projects?
2.Do they understand the regulations your organizations need to adhere to?
3.How can they ensure the security of your client's data?
82% of companies let employees use their personal devices for work purposes, unsurprisingly, as BYOD can reduce IT costs by 45%
