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2016 was without a doubt a year full of data breaches. Many organisations, including Yahoo and Volkswagen, made the headlines.1 Additionally, 44% of respondents had experienced economic crime within the last 2 years. 2 Not surprisingly, as threat levels increase, so does the cost of an attack. Depending on the industry, the average total cost of a data breach ranges between $3 and $17 million (£1.6-13.6 million) 3 – and that excludes the additional millions lost as reputations suffer and customers take business elsewhere.
The reason the number of attacks and the resulting costs are skyrocketing is simple. Attackers – whether inside or outside of your organisation – 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 and improve fraud detection and overall cyber security.
However, improved detection is only part of the solution. Organisations need to adopt better proactive prevention tools in order to stay ahead of the fast-moving threat environment. The reason is clear. The stakes have never been higher when it comes to protecting customer and enterprise data. Customers are acutely aware of the fraud and data breach risks they face, and if they find companies aren’t taking those risks seriously, they aren’t afraid to find a business that will. For this reason, it is imperative that corporate compliance, security, and fraud officers understand how to detect and proactively prevent cyber fraud
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