Eftsure Releases New Cybercrime Risk Mitigation Guide

Resource shows finance leaders and teams how to identify and reduce risks without sacrificing organizational culture.

SYDNEY, AUSTRALIA / ACCESSWIRE / June 13, 2024 / In movies and headlines, shadowy hackers worm their way into computer systems and steal billions of dollars or priceless data. In reality, though, 56% of incidents stem from an organization's own people - and cost on average nearly a half-million dollars each time. Now, Eftsure has released a new resource that helps finance leaders and teams reduce their exposure to these costly threats.

Eftsure, based in Australia, is the creator of end-to-end B2B payment protection software that provides risk mitigation for accounts payable and receivable, vastly reducing the possibility of payment error, fraud, and cybercrime. Its solution safeguards over $216 billion in payments annually.

Eftsure's new resource, "The Danger Within: A Guide to Insider Threats," helps finance leaders understand not only the negligent or malicious practices that lead to cybercrime, but also the risk factors that make it more likely, and how to address those factors without compromising organizational culture.

"Sometimes it's hard to imagine an employee acting maliciously or negligently. And, of course, most of your people are almost certainly acting in good faith. However, insider threats are a serious risk, so leaders will need to take more precautions," said Jon Soldan, Global CEO of Eftsure.

Eftsure's resource, designed for finance teams and leaders, outlines those precautions and details the rationale for them, as well as providing the latest statistics on insider-driven cybercrime. From the guide:

• 56% of incidents stem from negligent insiders, costing an average of $484,931 per incident.
• While negligent insider incidents are more common, intentional insider incidents cost more ($648,000 on average).
• Insider threats have increased 47% in the past two years, driven by cost of living and economic downturns, and have been rising steadily since 2018.
• Human resources policies can reduce employee dissatisfaction and potential for insider-driven cybercrime.
• Technology can reduce risk through assigning roles, automating control, and creating audit trails.

Eftsure's guide focuses on the dilemma organizations face in addressing security threats from within: It is crucial to take steps to eliminate potential cybercrime stemming from employees because insiders can do far more damage than external hackers via their greater access, trust from co-workers, and ability to identify opportunities and conceal their actions.

But precautions that overreach, by second-guessing employees or casting suspicion, may generate a culture of distrust and alienating people - exacerbating issues, creating disgruntled employees, and heightening the risks that the organization sought to reduce.

In the guide, Eftsure recommends that leaders should instead adopt policies and technologies that conform to the modern "zero trust" cybersecurity posture, where internal systems standardize processes and segregate duties. That reduces the possibility that a single person can circumvent control procedures - through negligence or malicious intent - without creating a need to second-guess or micromanage employees.

"The right processes and technology ensure all employees and contractors are held to the same standards, reducing your fraud risks and offloading the need to second-guess your people. Our new guide provides the information you need to protect your business," Soldan said.

To learn more about how to reduce insider threats to your organization, download Eftsure's resource here.

About Eftsure
Eftsure is a market leader in payment fraud prevention. Specifically designed for businesses, our end-to-end solution safeguards more than $216B in B2B payments per year. Our mission is to build a safer business community. With a large and continuously growing database of verified supplier details (the only one of its kind), we use multi-factor verification to give businesses greater knowledge and control over onboarding suppliers, receiving invoices, and making payments. In short, we ensure our customers never pay the wrong people.  

Contact Information

Jessica Lombao
Media Advantage Account Manager
jessica.lombao@issuerdirect.com

SOURCE: Eftsure

View the original press release on newswire.com.