IBM touts holistic approach to cyber-security, counter-fraud, and compliance efforts. Bankers, security experts, and a former White House CIO offer proactive advice.
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Break out of departmental silos
All security, fraud, risk, and compliance departments and initiatives within your organization should be aligned and connected, sharing reports on the latest security incidents and fraud attempts. Criminal activities are often connected. Denial-of-service cyber-attacks, for example, are sometimes used by criminals as a diversionary tactic as they attempt to infiltrate and steal data from corporate backend systems. Stolen data is then used to perpetrate fraud. Money stolen through fraud is invariably laundered through otherwise legitimate accounts and transactions. Working together lets you see the bigger picture of interrelated activities.
"Fraudsters can potentially hide in plain sight within the data, especially if the data is not interconnected or you're not taking an analytical approach," said Bob Griffin, VP, Counter Fraud Solutions at IBM. "By combining the data, it's possible to spot early-indicator events and interrelated activities that you would not spot looking at data in isolation."
The New York State Office of Medicaid has lots of separate departments, admits Medicaid inspector general James Cox, but by organizing oversight teams along business lines the agency has eliminated overlapping efforts and aligned activities. "The silos haven't gone away, but it has been a very successful program that has helped us detect abuse and fraud much more quickly," Cox said.
How Enterprises Are Attacking the IT Security EnterpriseTo learn more about what organizations are doing to tackle attacks and threats we surveyed a group of 300 IT and infosec professionals to find out what their biggest IT security challenges are and what they're doing to defend against today's threats. Download the report to see what they're saying.
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