Security And Fraud: How Safe is Your Business? | EMEA
Security And Fraud

How secure is your business? Have you audited your systems, people, and processes and determined where the risks really are?

According to former US FBI Director Robert Mueller, “There are only two types of companies: those that have been hacked, and those that will be. Even that is merging into one category: those that have been hacked and will be again.”

With companies becoming ever more global, storing and analysing more data than ever, and partnering with more companies to create a value chain, there is more danger than ever before. For some organisations, a serious hack where private customer data is revealed or harvested for criminal use can be an existential threat – lose that information and you may no longer have a company tomorrow.

Teleperformance recently published a whitepaper focused on analysing some of these risks in the modern corporate environment. Titled “The Fraudscape Outlook” it was selected by the International Association of Privacy Professionals to also be featured on their own website.

According to the paper just 66% of respondents perform a regular security assessment of their data and IT infrastructure. With security and hacking in the news so often these days I am surprised to read that a third of executives don’t even check their own systems regularly. In fact, just 48% of respondents have tested how their systems might respond to a security incident in the past six months.

The paper explores some more worrying statistics. Of those companies that have prepared a response plan for a security incident, only 30% felt that it offered an effective or very effective response to a crisis situation. 37% said that their crisis response plan has never been updated since it was first written and a further 41% said they have no policy or plan around when it should be updated. So in 78% of the responding companies that have some kind of crisis plan, they never check to see if it might need updating – it’s just there at the bottom of the drawer.

There is a very real threat to a company that is not careful with customer data. the paper outlines that over 80% of customers who are affected by fraud because a company leaked their data will churn – you will lose these customers or they will dramatically reduce their investment in your company.

Data from Nice Systems indicates that around 90% of corporate fraud has at least one touch point in the contact centre, so it’s vital to consider how your customer service team and help to prevent fraud. There are many ways to break into a system from outsiders calling in and using manipulation to access information from agents to inside jobs where fraudsters attempt to join the contact centre team, or existing agents are bribed.

All these threats are part of the fabric of doing business in the twenty-first century. More customer information is passed around between different parts of the organisation than ever before. Old security plans are unlikely to be able to protect you.

A comprehensive security plan requires policies on employee hiring and education, tools, and processes to avoid data leaks, and an approach to security management that follows strict methodologies. We take it seriously because our clients trust us to be talking to their customers.

Click here to read the complete white paper. Now you have a better idea of just how complex security management can be, how secure is your own business? Let me know what you think about security by leaving a comment here or getting in touch via my LinkedIn.

Photo by Kris Krug licensed under Creative Commons.

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