Strategic Ways To Detect Cyber Frauds Using Security Analytics

Ever you think that why cyber-criminals hack information and what they do out of it? The chief objective of data hacking is to exploit it for monitory gains. It is undoubtedly the reason that the cyber-attackers frequently victimize financial institutes in recent times.

Detect Cyber Frauds Using Security Analytics

Research Findings: Global Economic Crime and Fraud 2018

Not only, the corporate sector is living under grave risks of data threats, but many of them are not aware of the severity of threats. It might be a significant blow to many that most of the cyber frauds are still undetected.

The survey of 7,000 respondents by Global Economic Crime and Fraud finding state the following:

Pervasive nature of Frauds

Cyber frauds have become pervasive over the years. It is evident from the fact that 49% of the organizations operating across the globe have reported that they have been the victim of financial crime. Appallingly, more than 36% were compromised during the year 2016 alone.

Total Cost incurred by cyber frauds

Defending the organizations against frauds incurs higher costs. It is evident from the fact that 46% of the survey respondents disclosed that their organization spends more than the lost amount in investigations.

Frauds Detection is a science

Designing and deployment of the defense systems against the frauds is not an activity but a science. Around 34% of the survey respondents stated that technologies used to detect financial crimes produce so many false predictions.

Strategic ways to adopt fraud detection approach

Nevertheless, one thing is for sure that the techniques used by the money launderers and cyber-criminals have become more erudite and sophisticated over the years. Therefore, it is essential to improve the traditional methods of information security by adopting the most sophisticated data protection methods based on security analytics.

Organizations must strive hard to adopt strategic means to deploy intelligent security solutions.

Here are a few hints are given to help the knowledge seeking corporations:

Connect suspicious dots

It is imperative to take step by step initiatives to strengthen cybersecurity strategy adopted by the organizations. The blink of an eye can secure not everything. It is, therefore, crucial to view suspected or shady dots to identify loopholes in security policies implemented from time to time.

Deploy hybrid analytics

Another factor which organizations overlook in most of the cases is that only one technique is used for years. The time is changing rapidly, and so the needs are!

It is imperative to understand that security analytics is not all about the techniques you deploy for fraud detection. But it’s how you embed the latest technology for the betterment of your organization.

Nevertheless, when the intruders analyze a network, they first understand the security patterns; a traditional style of deployment makes their work easy. So, your security strategy must be complicated to dodge the cyber-attackers.

Takes Away

Summing up the discussion, the case for businesses to invest in anti-fraud techniques and technologies has gone beyond reputational factors. It is owing to the reason that international organizations and state are imposing severe regulatory laws on corporations to comply with information security standards. As you can see, the EU General Data Protection Regulation (GDPR) is already there.

It means that business organizations and financial institutions must pay augmented attention to safeguard their data assets in order to meet compliance standards and to eliminate the prevention costs.

Fortunately, advancement in technology has led the organizations to deploy security analytics tools to defend data assets through robust fraud detection. Don’t hastate to get the best cyber consultancy services near you to select the best information protection packages near you!

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