Fraud and Cybercrime – One Fight

The Examiner blog is a tool developed to help fight fraud by reminding people that fraud is a risk and providing useful tips to help prevent, discover, and investigate it. HORNE also has the HORNE Cyber blog. Fighting fraud and cybercrime have numerous similarities, some of which are included below:

• Executives and leaders underestimate the risk of both. Although cybercrime is getting more attention, there are a lot of organizations that aren’t dedicating the appropriate resources to fight cyberthreats. With regard to fraud risks, this problem is more significant and probably will not change anytime soon. It is important for people to understand the significant costs and likelihood of an occurrence.
• When fighting these two threats, employees can be the weakest link. Internal controls are the first line of defense, but these controls are only as good as the employees who plan, implement, and monitor them. Proper training can help the employees understand the “why” behind the control, which makes the controls more effective. It is also important for organizations to constantly reevaluate the risks and controls to identify the gaps between the two.
• In most cases, perpetrators rationalize their behavior because there appears to be a lack of an identifiable victim. As an example, if I steal money, I am not hurting anyone because the company is still making plenty of money. Consider that the hacker who exposes millions of credit card numbers probably isn’t thinking about the individuals who are going to have to cancel credit cards and fight to get their credit reports fixed. It is just data.

Based on these similarities, the Examiner from time to time will republish HORNE Cyber blogs that may provide beneficial insights into fighting fraud through enhanced cybersecurity. Stay tuned to expand your knowledge of cybersecurity that will help you become a better fraud fighter.