Developing a holistic approach
Long-standing cultural and organisational differences separate the teams dealing with financial crime, fraud and cyber security. But the line between economic crime and cyber crime is blurring and is already non-existent in the minds of the criminals behind those attacks.
Digital developments, the evolving needs of businesses and customers, and increasingly sophisticated attacks by cyber criminals are forging an alarming new reality – one that inevitably demands a holistic approach to combatting a proliferation of threats in this new world.
In this report we explore how integrating cyber security, fraud and financial crime operations to oppose economic crime will demand game changing strategies and unconventional partnerships.
We examine how to:
- improve communication lines and collaboration
- combine and link approaches to risk governance and threat assessment
- unify process controls and tooling
- establish a common incident response approach.
Forging powerful new alliances in the war on cyber crime
The traditional vectors of economic crime have gone digital to unleash dangerous new avenues of financial crime, fraud, money laundering, bribery and corruption. A new reality has set in for society as economic crime and cyber crime become indistinguishable. The result? Experts battling economic crime face the inevitable challenge of integrating their approach and defences with today’s cyber security experts.
Doing so will require businesses to abandon the classic pillars of financial crime, fraud and cyber security governance, forging for the future a holistic, overarching approach to economic crime that’s rigorous, comprehensive, effective and resilient. In the face of cyber crime’s endless pursuit of new and creative ways to make money, future cyber defences must also be ever evolving.
As technology capabilities advance, cyber and fraud attacks are becoming dramatically more commoditised and scalable. The cyber security and fraud threats of the next decade are expected to be profoundly enhanced by emerging technologies and propagated through complex supply chains and working models.
