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Fraud: Scary crime stats; Global economies; Don’t care; McKinsey way

Huge annual growth in fraud, of all types, continues. Here are latest stats and solutions. Fraud is clearly a threat at all levels of business and society.

21 terrifying cybercrime statistics

Yesterday Payments Cards & Mobile published an article which claimed that “the world is not keeping up with the fight against cybercrime” listing these ‘facts’:

  1. 780,000 records were lost per day in 2017
  2. Over 24,000 malicious mobile apps are blocked daily
  3. Microsoft Office file formats are the most used file extensions
  4. The US, UK & China are more vulnerable to Smart Home attacks
  5. 21% of files aren’t protected
  6. Healthcare industry ransomware attacks will quadruple
  7. Cyber Crime to cost $6 trillion by 2021
  8. 30% of phishing emails in the US are opened
  9. 58% of UK businesses sought cybersecurity advice
  10. 300 billion passwords worldwide by 2020
  11. French president Emmanuel Macron emails hacked
  12. More than 60% of fraud originates from mobile devices
  13. 2.53 million fall victim to cybercrime in UAE
  14. Netherlands has the lowest cyber crime rate
  15. Personal data sells for as little as $0.20
  16. Japanese exchange lost $530 million due to hacking
  17. In 2016, Adware affected 75% of organisations
  18. Average ransomware demand is $1,077
  19. China has the most malware in the world
  20. 90% of hackers use encryption.

How fraud could destabilise global economies

Raconteur’s article examines how fraudsters are having an impact worldwide, e.g. destabilising democracies, in e.g. Latin America, USA, etc.; financial fraud threatening the integrity of national banks.

Over half of employees in EMEA don’t regularly think about cybersecurity

IDG research shows that most employees in EMEA don’t care about cybersecurity.

Protective measures treasuries should be taking

Treasury & Risks article, sponsored by Citi and others, listed the vital measures that corporate treasury departments should be taking:

  • A smarter approach where they monitor: information gathered in interactions between banks and client; strange behavior, e.g. call at 1 p.m.; location of client, etc.
  • Harness machine learning capabilities
  • Use active and passive biometrics
  • Never give up: It is a never-ending cybersecurity battle.

Cyber risk measurement with a holistic approach

McKinsey’s white paper on “Cyber risk measurement and the holistic cybersecurity approach”, describes how “Comprehensive dashboards can accurately identify, size, and prioritize cyberthreats for treatment.”

The authors (Jim Boehm, Peter Merrath, Thomas Poppensieker, Rolf Riemenschnitter, and Tobias Stähle) believe that corporate treasurers should take a holistic approach to manage cyber risk by taking a top-management overview of the enterprise and its multi-layered risk landscape:

Screen Shot 2018-11-27 at 12.54.55.png

And the cyber risk dashboard displays end-to-end risk monitoring and management in real-time, so enhancing executive control:

Screen Shot 2018-11-27 at 12.57.28.png

CTMfile take: The most worrying statistic here is that “most employees in EMEA don’t care about cybersecurity.” which shows why it is so important to have a holistic approach which covers everyone and every business unit.  

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