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Tackling the Growing Risk of Business Fraud

Greg Jensen
Sr Principal Director - Security - Cloud Business Group
This is a syndicated post, view the original post here

An award-winning, 2017 documentary called All The Queen’s Horses, tells the story of small town Dixon, Illinois. In the documentary we see just how susceptible organizations of any size are to fraud, when ineffective controls and processes are in place. While some organizations may be under the assumption that shifting their business-critical information to the cloud will mitigate risks or fraud, many are realizing that when you start with poor security and risk controls, you are only shifting that risk to another platform.

Fraud is one of the oldest efforts undertaken by criminals to achieve financial gains, dating back to the beginning of commerce. While digital transformation initiatives have been a prime target of fraud and cybercrime for years, it is the increasing reliance on remote users that is amplifying this risk. In the 2020 Oracle and KPMG Cloud Threat Report, nearly 40% of businesses responded that they have been the victim of business fraud. The question is, “How can businesses enable a frictionless user experience while introducing processes and controls that reduce risk?”

Organizations today are under increasing pressure to identify and mitigate risky IT models and processes that contribute to the high cost of insider-committed cybercrime. The Association of Certified Fraud Examiners report that U.S. businesses will lose an average of 5% of their gross revenues to fraud. They conclude that private companies and small businesses rank highest in occupational fraud frequency at 42% compared to large corporations, government and non-profits. 

So, what does fraud look like and how are organizations addressing it and examining risk within their organization? As leaders in the area of risk management around IT controls for business-critical services, Oracle and KPMG have spent the last several years focused on asking business leaders how they are being impacted by cyber fraud events, where are processes failing, and what are they doing to reduce risk. The Oracle and KPMG Cloud Threat Report series tackles these issues in the report “Addressing Cyber Risk and Fraud in the Cloud”.

  • How can organizations identify their risk posture against fraud and cybercrime? 
  • How are SaaS applications being exploited and how does this fit into a cyber-attack chain?
  • Where are organizations failing to implement critical controls, monitoring, and remediation techniques?

 Download the report to get answers to these questions. You will also gain a better understanding of risk and where opportunities exist to mount an effective defense against fraud and cybercrime as well as how to maintain application resiliency in the cloud. We also encourage you to visit the Oracle and KPMG Cloud Threat Report page to download other reports in the series. 

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