Your Cyber Risk Readiness IQ
Cyber Fraud Practices
A robust anti-fraud framework helps prevent money from ever leaving your institution
Fraud costs financial institutions approximately $35 billion annually.
As fraudsters advance their tactics, you must also advance your techniques for detection and prevention. A strong offense includes systems and technologies that monitor against cyber fraud attack vectors. An offensive stance paired with defensive strategies, such as transaction monitoring, protects you and your customers or members from fraud.
Key Takeaways
What the survey shows and what you can do with it.
37% of respondents use security tools to also handle fraud detection – an ineffective approach to catching these types of crimes.
Apples and oranges – It’s critical to use technology designed specifically to stay ahead of evolving fraud threats.
20% still focus on catching fraud manually and haven’t considered strengthening their approach to containing cyber fraud.
Advances in technology make it possible to identify and stop fraud before it happens, significantly reducing operating expenses and reputational damage.
80% of FIs are very or extremely confident they can keep up with the threat landscape, with half of those leveraging internal and external sources to do so.
Clearly, these FIs take fraud seriously enough that when they lack the resources, they call out an outside ally for help.
How does your FI measure up?
Take this quick self-evaluation to understand your cyber risk readiness and how you stack up against your financial industry peers.
The outcome will help you identify areas where you are strong or where you have vulnerabilities or gaps and provide tangible recommendations for improving your cyber risk maturity.
About the Cybersecurity Benchmarking Report
In late 2022, DefenseStorm surveyed information security and IT professionals across the US. The goal was to benchmark the progress that companies are making against five components of effective cyber risk management. Based on their survey responses, respondents were grouped into four maturity levels:
Further Resources for You
Webinars & Videos
DefenseStorm CyberFraud Overview Video
Adam Barrett details how DefenseStorm can help companies overcome cybersecurity challenges and defend against new waves of cyberfraud.
Data Sheets
CyberFraud
Let us introduce you to DefenseStorm CyberFraud! Our newest solution is the only fraud defense built for banking and tightly integrated with the DefenseStorm GRID to deliver complete Cyber Safety and Soundness.
Case Studies
With a new line of business on the horizon – checking accounts with debit cards – Live Oak Bank determined it was time to get ahead of fraud and turned to DefenseStorm to implement our “built for banking” CyberFraud solution.