Discover the potential benefits of using diverse data in fraud detection. This IBRS special report will show you how big, diverse data can help businesses prevent fraud and improve customer experience.
On the 9th of March 2023, IBRS moderated an in-depth peer roundtable on the challenges and future of fraud detection. The session was conducted as part of the Australian Cyber Security Leadership Summit and sponsored by Confluent. The session was attended by senior cyber security and fraud specialists from Australia’s top enterprises and conducted under Chatham House rule. Following is a summary of the key observations discussed and recommendations shared by the participants.
ICT executives need to establish guardrails to govern and manage the use of technology for their organisation and its stakeholders. Policies are the tool that comes immediately to mind when doing so, but they are not the only way. Use this handy IBRS model to help decide if a policy is the best solution, or whether a simpler guideline, standard or procedure could be a better fit.
There are frequent calls for yet another ICT policy, often overlapping existing ones. A holistic view – an ICT policy framework – can reduce the effort to create and maintain policies, and deliver benefits through increased compliance.
From data breaches to identity theft, enterprise users have lost confidence in the capabilities of password managers to ensure their security given the multiple incidences of hacking. IBRS explores the relevance of these tools where the growth of threats and vulnerabilities undermine organisations’ safety.
Deciding on whether to employ a customer identity solution or to build it in-house can be a challenge for many enterprises. Organisations therefore need to consider the pros and cons of each option to achieve the goal of building security into each customer experience.
The ICTs function is susceptible to corruption risks because of its many responsibilities and touchpoints, but there is an upside – this very exposure means that ICT is uniquely placed to help defend the organisation. But the onus is on the CIO and senior ICT executives to act.
Building defences against customer data breaches requires enterprises to efficiently govern, assess, and control access to safeguard information. IBRS explores some strategies to reduce the impact of threats by adding layers of security to ensure business compliance to regulatory standards and increase customer confidence.
Recent, highly-publicised cyber incidents have made IT-related criminal acts of all types newsworthy, and severely tested the tolerance of the market (customers, regulators, and insurers) with organisations that suffer from them. As a result, organisations can no longer be satisfied with stopping or reacting to IT crime in ways that previously sufficed.
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