[ISN] Tackling Insider Fraud From The Outside-In

From: InfoSec News <alerts_at_private>
Date: Mon, 1 Nov 2010 23:03:51 -0600 (CST)

By Robert Lemos
Contributing Writer
Nov 01, 2010 

IT managers spend a lot of their time dealing with malicious code and 
violations of corporate policy, but insider fraud in the workplace is a 
major problem that frequently shows up on their radar screen, as well.

In 2009, the average company lost nearly 5 percent of its revenue to 
fraud perpetrated by employees, according to the 2010 Report to the 
Nations on Occupational Fraud and Abuse (PDF). Asset fraud -- stealing 
company resources -- represented 90 percent of the incidents, but only 
averaged $135,000 in losses per company. On the other hand, financial 
fraud makes up only 5 percent of all cases of corporate fraud, but it is 
the most damaging, with a median loss of more than $4 million, according 
to the report, which is published every two years by the Association of 
Certified Fraud Examiners (ACFE).

Employees can be tempted by their privileged access to data, says Ben 
Knieff, director of product marketing for fraud products at Actimize. 
"They have a high level of access, which gives them a greater 
opportunity to commit fraud," he says.

The report found that 85 percent of fraud was committed by individuals 
with no prior records of abuse. Even so, there are a number of proactive 
steps that companies can take.


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Received on Mon Nov 01 2010 - 22:03:51 PDT

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