When "Corporate Executives" start talking about how to reduce fraud and other critical Operational Risks across the institution, there is going to be plenty of debate.
Where do you focus your resources and investments in order to get the best ROI and economic value?
If you thought the pornographers were the leading ledge of innovation on the AI Internet, there is a new breed of international criminals and corporate attackers that have emerged at the top of the pyramid.
Financial services organizations are taking an enterprise view of global risk prevention to try and keep ahead of these increasingly clever and technology oriented crooks.
Having an enterprise view of holistic risk is the "Holy Grail" and some would say that focusing on the account and not more on the customer is the wrong approach.
What is clear about the online evolution of fraud activity is that social engineering is working in the exploitation game. Hardening all of the systems with two-factor authentication or even IP Geolocation is just part of a layered risk strategy.
Working from within the walls of your institution trying to figure out how to protect your assets and your customers is merely a myopic strategy.
The attackers are moving too fast and have access to the same tools in their labs where they utilize their own methods and processes for exploiting the vulnerabilities in your latest applications.
Now that you have spent millions on implementing that new AML or fraud detection system, are you sleeping any better at night?
"True strategic analysis of risk and the convergence of relevant data makes scenario development, proactive planning and open source intelligence an area that requires consistent attention."
Simulations and evaluation of possible physical and digital exploits that haven't even been detected yet could provide the proactive and preventive advantage you have been seeking.
What is your latest hypothesis? Have you tested it effectively to determine the likelihood and impact of success? Training and practicing for the unknown and unthinkable puts you and your team in a more resilient mode to survive the next attack. Whether it's through the front door, the suppliers back door or through the copper wire into your customers home or business office, detection is critical.
Anticipation and deterrence is imperative...
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