Cyber Attacks Push Corporate Fraud To All-Time High

It has been reported that Cyber attacks have pushed corporate fraud around the world to an all-time high, with information theft overtaking the appropriation of physical assets for the first time on record, according to new data.

Levels of reported fraud have gradually climbed since 2012, but 86 per cent of companies around the world reported that they had experienced at least one cyber incident in 2017, according to responses given to Kroll’s annual global fraud and risk survey.

The responses come as anxiety is high in boardrooms about hacking following a year when the WannaCry cyber attacks targeted tens of thousands of organisations worldwide, disabling operations from the UK’s National Health Service to US delivery service FedEx.

More recently, the flaws discovered in chips made by Intel, AMD and ARM, have raised fresh concerns that companies could be vulnerable to attacks. Mark James, Security Specialist at ESET commented below.

Mark James, Security Specialist at ESET: 

“These findings do not surprise me at all. From the viewpoint of the thief, digital bounty has no real boundaries- it’s not like a physical bank where guards, CCTV and of course staff are very vigilant in keeping everything safe and secure. Attacks can happen from all over the world- and not just successful attacks, failed attempts in some cases are often transparent. If a physical attack on a premises fails, you can almost certainly give that location up until things have calmed down. But, in the digital world, multiple attempts may and can occur daily or even hourly, just waiting for that one successful network or system breach- and once in they may be able to operate without notice, moving data to their chosen location, under the very noses of the owners.

Data always has, and still does, come at a high value. Some data is worth money on its own, some will form a foundation to amass a value, but either way it will continue to be very enticing fruit for the malicious actors involved. Protecting against data loss is not always easy, but building a good solid foundation of multi layered protection is a good start in keeping your company safe. Enforcing updates and upgrades as they become available, regular updating security software, along with good practices and policies will strengthen your fortifications against both physical and digital threats from anywhere in the world.”

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