Intelligent CISO Issue 52 - Page 10

Majority of UK businesses experience up to five security incidents a year
I nfoblox , a leader in DNS management and security services , has unveiled a global report examining the state of security concerns , costs and remedies .
Online payment fraud losses to exceed US $ 343 billion globally over the next five years
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Majority of UK businesses experience up to five security incidents a year

I nfoblox , a leader in DNS management and security services , has unveiled a global report examining the state of security concerns , costs and remedies .

The State of Security Report – which surveyed 100 UK respondents in IT and cybersecurity roles in the UK as part of its global sample – discovered that , while organisations are accelerating Digital Transformation projects to support remote work , attackers are seizing on vulnerabilities in these environments , creating more work – and also larger budgets – for security teams .
An increased digital footprint inevitably brings increased digital risk and the reality of a hybrid workforce is causing headaches for IT teams and business leaders . The data reveals that the loss of direct security controls and network visibility has half ( 50 %) of UK companies more concerned about data leakage than anything else . Almost as many ( 45 %) are worried remote worker connections will come under attack .
Infoblox ’ s report discovered that the recent surge in remote work has changed the corporate landscape significantly . In fact , 64 % of UK organisations have accelerated Digital Transformation projects in order to support remote workers since 2020 . This is higher than the global ( 52 %) average .
As part of this shift , just under half ( 49 %) of organisations have increased customer portal support for remote engagement and 43 % have added resources to their networks and data basis . Given that over a third ( 34 %) have closed their physical offices for good , this investment may prove to be a strong strategic move .

Online payment fraud losses to exceed US $ 343 billion globally over the next five years

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Research has found cumulative merchant losses to online payment fraud globally between 2023 and 2027 will exceed US $ 343 billion . As a comparison , this equates to over 350 % of Apple ’ s reported net income in the 2021 fiscal year , showing the massive extent of these losses .
Online payment fraud includes losses across the sales of digital goods , physical goods , money transfer transactions and banking , as well as purchases like airline ticketing . Fraudster attacks can include phishing , Business Email Compromise ( BEC ) and socially engineered fraud .
Online payment fraud losses are partly being driven by fraudster innovation in areas such as account takeover fraud , where a user ’ s account is hijacked . This is despite the wide employment of identity verification measures .
The research found that in order to combat rising fraud , fraud prevention vendors must orchestrate the right mix of verification tools , at the most effective point in the customer journey , to best protect users , but that this will require significant capabilities to achieve .
“ Fundamentally , no two online transactions are the same , so the way transactions are secured cannot follow a one-size-fits-all solution ,” said report author , Nick Maynard . “ Payment fraud detection and prevention vendors must build a multitude of verification capabilities and intelligently orchestrate different solutions depending on circumstances , in order to correctly protect both merchants and users .”
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