Cyber-Based Financial Fraud Impact
From the moment interconnected networks were used to facilitate financial and business operations, threat actors have been attempting to attack these networks for their own gain. Repelling these attacks has been on a continuous curve of improvement for many years, and yet businesses continue to lose significant amounts of money and intellectual property to cyber-based financial fraud even today.
Let’s review the most common forms of cyber-based financial fraud found in the online world of today:
Defending the business against cyber-based fraud
Any of these methods of cyber-based fraud have a direct and real impact on the operations and fiscal stability of a business of any size. A successful cyber-based fraud attack will syphon funds from company accounts, compromise employees’ and executives’ identities, and erode public trust in the company brand.
Defending against these forms of threat requires a combination of tools and technologies to be applied consistently and accurately. First, businesses should invest in security awareness training so that employees know how to identify cyber-based fraud and how to respond to it when they do find it. Monitoring of systems and infrastructure to detect when fraudulent activity is happening is also vital, as no awareness training program can hope to be 100% effective as new employees are hired and existing employees may harbor ill-will toward the company and purposely defy the training. Continuous adaptive monitoring of email and messaging systems is also a key component of defense. As threat actors get better at their craft, monitoring systems must also evolve to identify these more and more well-crafted attack messages.
While the impact of cyber-based fraud is very real; costing organizations billions in lost funds and lost business, there are effective ways to minimize these risks in your organization. Train your employees, remain vigilant for employee fraud, and monitor infrastructure and systems to keep attackers from gaining a foothold. SkOUT Secure Intelligence can provide each of these components to organizations of all sizes. From security awareness training tailored to your company’s needs, to monitoring of infrastructure and messaging platforms, to assisting in creating and evaluating policies and procedures to keep your financial systems safe and secured; SkOUT helps you find trouble before trouble finds you.