Insiders are the biggest cyber-threat to organisations

It is now normal for technology companies, media and telecom companies, to be victims of either fraud, or cyber-attacks, a new Kroll report, 2016/17 Kroll Annual Global Fraud and Risk Report says.  

Almost four-fifths (79 per cent) of companies were victims of fraud in the last year, with physical assets or stock being most sought after (35 per cent). Cyber-attacks were no less dangerous, with 77 per cent claiming to have been victims. These attacks are mostly virus or worm infestations. 

What’s particularly interesting in the report is that it’s not the outside threat that’s most dangerous, but the inside one, instead. Both current and former employees, together with third parties, were perpetrators of 60 per cent of attacks. In 49 per cent of cases, it was all three. The younger workforce was cited as the key perpetrator in 39 per cent of fraud cases.  

“This year’s Kroll Global Fraud and Risk Report shows that it’s becoming an increasingly risky world, with the largest ever proportion of companies reporting fraud and similarly high levels of cyber and security breaches,” says Tommy Helsby, Co-Chairman, Kroll Investigations & Disputes. “The impact of such incidents is significant, with punitive effects on company revenues, business continuity, corporate reputation, customer satisfaction, and employee morale.” 

“With fraud, cyber, and security incidents becoming the new normal for companies all over the world, it’s clear that organizations need to have systemic processes in place to prevent, detect, and respond to these risks if they are to avoid reputational and financial damage.” The full report can be found on this link.

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