Financial Crimes Survey Finds Banks Exposed to Losses Due to Ineffective Investigations

▤ Summary

The survey findings quantify how financial corporations face increasing risks and exposure to losses as they battle against hackers and online adversaries. While the volume and sophistication of financial crimes continue to increase, the capabilities of internal fraud investigations teams are failing to keep up: • 90 percent of survey respondents state that “ More investment is needed [in their open source intelligence (OSINT) gathering capabilities] to accelerate time-to-insight for investigations.” • 75 percent admit “No” when asked “ Are you / your team researching and collecting evidence from the dark web.” • 46 percent would collect more intel from the dark web and other toxic sources “ If it could be done securely and with an audit trail.” • 28 percent indicate their biggest challenge in online investigations is “ Training to keep up with evolving criminals / technology.” This struggle to keep pace exposes companies to a litany of risks: the risk of costly write-downs on fraudulent transactions; compliance risk and penalties for not keeping up with regulations; money-laundering losses; risk to their brands from embarrassing data breaches and ransomware heists; and ultimately risk to their bottom-line profitability and stock price appreciation. A total of 175 fraud analysts from 150 financial organizations participated in the survey, yielding results with a +/-7% margin of error at the 95% confidence level. Founded by the principals from Postini, acquired by Google in 2007, Authentic8s web isolation platform, Silo, brings a "trust nothing" stance toward the underlying systems and resources we interact with online daily. Silo executes all web code in a secure, isolated environment that is managed by policy, to provide protection and oversight.

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