The best way to thwart digital theft and fraud is to use a holistic, connected approach that takes advantage of the latest technologies and applies advanced analytics to vast data sets. It’s an approach IBM touted at a mid-March event in New York where it brought together more than 100 security, compliance, and risk-management professionals.
IBM promoted new software and services designed to support this approach. Experts, including a former White House CIO and executives from banks, insurance companies, security firms, and government agencies, offered tips and best practices for moving beyond security, fraud, compliance, and risk silos. The stakes are higher than ever, with increasingly sophisticated and global digital criminals now responsible for some $3.5 trillion in losses each year, according the Association of Certified Fraud Examiners.
The most important advice is to break out of departmental silos. It’s not that you should consolidate separate departments that address, for example, cybersecurity, fraud, and anti-money-laundering compliance efforts. But these separate groups should collaborate, with shared data, measures, goals, and coordinated incentives.