Friday, November 27, 2015
Suffering shopper fatigue? With Black Friday in full swing and Cyber Monday imminent, the biggest online shopping days of the year are upon us, but for businesses trying to see off cyber attacks, fatigue can be a danger at any time of the year.
The just-released annual global fraud survey by Kroll—which found that incidence of fraud, including information theft, is at its highest level in eight years—warns that cyber fatigue is real, but not an excuse for inaction.
It’s easy to become fatigued at the thought of cyber security. With so many things to do and to learn, you can lose sight of the benefits. If the process does become too overwhelming, remember this: Each step your company takes to protect itself makes it that much more difficult for attackers. They will move on to an easier target—one without as much security in place.”
Information theft was identified as being of particular concern among the 768 senior executives worldwide polled for the fraud survey.
More than half of executives (51 percent) believe their businesses are highly or moderately vulnerable to information theft risks such as cyber incidents, according to Kroll’s analysis.
The good news is that this increased awareness level has led to an increase in the number of companies proactively looking after their cyber security stance.
Some two-thirds (67 percent) of companies report that they regularly conduct data and IT infrastructure assessments, and a majority (60 percent) regularly conduct data and IT infrastructure assessments.
Some 60 percent also report they have an up-to-date information security incident response plan and 59 percent have tested it in the past six months, an increase on the previous survey.
Another interesting takeaway: while media attention is focused on external cyber threats to companies, the report findings tell a different story.
Of those companies that have fallen victim to information loss, theft or attack over the past 12 months, the most common cause was employee malfeasance–involved in 45 percent of cases, according to Kroll. Vendor/supplier malfeasance was also involved in 29 percent of cases.
By comparison, only a small minority of cases involved an attack by an external hacker on the company itself (2 percent) or on a vendor/supplier (7 percent).
For information on how insurance can help businesses protect themselves from the cyber threat, check out I.I.I.’s latest paper Cyber Risk: Threats and Opportunities.
I.I.I. facts and statistics on cybercrime and identity theft are available here.