BYOD Feared to Increase Insider Fraud Risk

By: Absolute Editorial Team | 4/11/2013

Recently, Attachemate Corporation and the Ponemon Istitute released the second annual "Risk of Insider Fraud" report indicating that it takes 87 days to first recognize an instance of insider fraud and more than 3 months to get at the cause of the fraud. Insider fraud is defined as a malicious act by employees to steal financial or information assets. In nearly three quarters of respondents, employee malfeasance has caused financial loss and possibly brand damage.

According to the report, 79% of respondents say that a privileged user in the organization is likely to alter application to controls to access or change sensitive information, then reset the controls. As most organizations will attempt to limit control to data by user access, the report indicates that employees are going around this by using someone else's credentials or bypassing controls.

Despite policies in place, employees are bypassing controls for their own priorities. According to the report, nearly half of respondents believe BYOD has resulted in a significant increase in fraud risk with 77% indicating a lack of security for endpoints presenting a security challenge and risk.

BYOD and mobile devices do not need to be the source of risk or challenge any longer. Solutions such as Absolute Manage and Absolute Computrace can help organizations persistently manage, track and secure their endpoints, decreasing the risk for insider fraud. Learn more about how our unique certificates can eliminate the treat from traditional user-based passwords and how we can remotely manage software here.

Financial Services