According to the AFP 2016 Payments Fraud and Control Survey, nearly 75% of companies were targets of payments fraud last year. Not surprisingly, as the threat level increases, so does the cost of an attack.
The reason the number of attacks and the resulting costs are skyrocketing is simple: Attackers – whether inside or outside your institution – are using more sophisticated techniques to gain access to sensitive information. Additionally, as fraud tactics become more sophisticated, they are more difficult for traditional security systems to identify. In order to protect both corporate and customer data, compliance, security, and fraud officers must rethink how they approach fraud detection and overall cybersecurity.
“There are only two types of companies: those that have been hacked and those that will be. And even they are converging into one category: companies that have been hacked and will be hacked again.”
Former FBI Director Robert Mueller
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