In recent years, hackers have compromised data gathered and stored by major retailers including Target, Home Depot, T-mobile, Neiman Marcus, and dozens more—as well as government agencies and other major institutions. Losing data to fraud can be more costly than the loss of cash and other assets. Data breaches and fraud are problems for businesses of every size, affecting over 25% of businesses with an average fraud loss of $38,000. That’s enough to push many small businesses into bankruptcy.
According to the U.S. Government Accountability Office, more than 35,000 security incidents are reported annually to the Department of Homeland Security. The most common types of security incidents belong to email/phishing scams, device/computer hardware theft, and unauthorized users of the network. To ensure data security, safeguard intellectual property and guard against cyberfraud, fraud examiners must stay informed of rapidly advancing technologies, emerging business trends and the methods employed by increasingly sophisticated information thieves.
Although the traditional concepts of the fraud triangle and the red flags of fraud may still be relevant in some context to white-collar crime, the challenges of cybercrime go beyond these parameters. Those who commit cybercrime often are from another country, and they are unknown to the victim. The idea of someone stealing information solely because of personal or business pressure and rationalizing it under the banner of the fraud triangle may not apply in the world of cybercrime.
Fraud can severely undermine the adherence to ethics and compliance standards, business practice requirements, and financial reporting integrity—as well as damage the organization’s reputation and profitability. A robust fraud management process can help identify risks that can lead to opportunities, as well as those that can lead to potential pitfalls.
We present to you, “Top 10 Fraud and Breach Protection Solution Providers - 2020.”