Callcredit Blog

Combating the insider Fraudonomics threat: Blog 3/4 – Get ahead and stay ahead

Fraud & Verification

In the third of a series of short blogs looking at how to combat the threat of fraud from the inside, I will explore why in light of political and legislative changes, including Brexit, organisations should look to get ahead in the cyber security game now in order to stay ahead.

The next two years will undoubtedly impact organisational security further, with a third of businesses believing that the UK’s decision to leave the EU will also increase the risk of fraud to their business. Concerns around reduced information sharing (50%), increased trade with non-EU countries (46%) and less collaboration between countries (39%) ranked highest in our survey. Brexit is, in fact, already having a considerable impact on anti-fraud expenditure, with 41% anticipating an increase in spend now that the process of leaving is underway.

With Open Banking Regulation and the Payment Services Directive II (PDS2) also entering into effect in January 2018, organisations will be required to have a much better grasp on their employee data. This will make achieving the balance between privacy and security with employees even more important – something that organisations should look to address now, before it’s too late.

What’s more, when the GDPR comes into force in May of the same year (2018), large organisations will have a hefty price to pay should their data be compromised. Had the GDPR been in effect during the security breach of Tesco Bank last year, estimates suggest Tesco would have faced fines of up to £1.9bn.

Those organisations that continue investing in their fraud prevention strategies will not just help Brexit-proof their business, but also ensure that they are better prepared to deal with any political and regulatory changes now and in the future.

With nearly half (46%) of British businesses having experienced a breach or cyber- attack in 2016, my next blog will look at the importance of implementing a post breach plan.

If you would like to find out more about the insider threat and fraud risks facing organisations, you can download our Fraud and Risk Report or visit our Fraudonomics page.

 

 

Previous blogs in this series

Create a culture of awareness
Use technology to your advantage

Author: John Cannon, Commercial Director, Fraud & ID

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