Internal-Fraud

Knowledge-driven World Spurs Innovation but also Brings Risk

We live now in a knowledge-driven world where advanced technologies like ‘big data’ analytics spur innovation and boost efficiency. Thanks to it, companies are now able to collect and analyze a large set of data, allowing them to study the industry’s trends and patterns, in a real-time.

 

Increasing digitization of businesses, however, has also given rise to cybercrimes. Every year, businesses witness cybercrime related losses that run into billions of dollars. Our information systems today are constantly under risks. Ransomware, hacking from rogue elements, and denial-of-service assaults are very rampant.

But do you know organizations today are more at risks from within than outside? Data breaches, identity thefts, and internal frauds continue to haunt companies as the general attitude remains lackadaisical towards maintaining a proper Identity and Access Control management solution in place.

Numbers provided by the Breach level Index shows that 1,673 data-breach incidents got reported in 2015, resulting in more than 707 million records being breached. While accidental and external malefactors accounted for more than 2/3 of data-theft cases, thefts from insiders rose sharply, making it as the third biggest source at 14% behind leakages of the confidential data.

You see, sensitive information has now become a hot new ‘commodity’.  Malicious insiders– disgruntled or compromised– play a key role in compromising key IT assets as they stand to gain financially. Moreover, cybercriminals now plant their moles in financial institutions, who in turn, try to steal critical data or conduct fraudulent financial transactions.  

Recently, our business development manager visited an IT security summit in Africa; and he got startled to find out the number of ‘White-Collar’ crimes in the continent. Close interactions with several CIOs, CISOs of various financial institutions underlined that internal frauds inflict heavy damages every year. In most cases, workforce and IT staff colludes to drain funds. Compromised insiders remove logs after swindling money. Moreover, irregular reporting of loans, misappropriation of assets, and fraudulent loans, also make banks in Africa extremely vulnerable.  

In this backdrop, it is vital that we take a closer look at how our IT infrastructure is being managed. Deploying Secure Configuration Management solution in your IT infrastructure, which helps assessing and analysing risks in your internal periphery by doing a real- time check on historical logs can provide a foolproof security. Likewise, having Privileged Access Management solution in place can help cut risks like identity thefts and unauthorized accesses to privileged accounts.  


ARCON provides state-of-the-art technology aimed at mitigating information systems related risks. The company’s Privileged Identity Management / Privileged Access Management solution enables blocking unauthorized access to ‘privileged identities’, while its Secured Configuration Management solution helps to comply with Governance, Risks, and Compliance (GRC) requirements .

Need a solution for safeguarding critical IT assets? Please contact us