Millions of people all over the world have been forced to work remotely due to the Covid-19 pandemic, and multiple industries have been disrupted in a way never seen on this scale before. What this means is that billions of transactions have shifted online and fraudsters have tried to take advantage, and companies must now adapt fast to thwart this new wave of threats. Companies that succeed in this new world will be those leveraging fraud prevention software that provides advanced detection and prevention capabilities.
Currently, we have siloed security measures whereby cybersecurity systems are monitored separately from physical security systems. But one day in the not so distant future, these systems will be fused into a single unified platform that can shift between analyzing digital and physical threats. Let's explore this concept.
Listen to our latest podcast where we talk to the CEO of Veriato, Larry Thompson and discuss how companies are responding to the COVID-19 Pandemic. With companies being forced to work from home, this presents some interesting security issues as 44% of companies in America have never had remote workers before.
Like a trail of evidence criminals may leave behind after committing a crime; almost every digital activity leaves virtual fingerprints. Even when culprits attempt to delete evidence and cover their tracks, with the right methods, evidence, can be recovered. Over the last few decades, these types of digital investigations and forensics methods have become critical to solving not only some of the most complex criminal cases but also everyday workplace investigation cases involving employee data theft and other insider threats.
The FBI recently reported that in 2019, cybercrime cost businesses $3.5 billion, a number they say is likely grossly underestimated. Another study from Accenture that spanned 11 countries across 16 industries found that the complexity of attacks is also increasing. As a result, the average cost of cybercrime for an organization grew from $1.4 million to $13.0 million. The stark reality is that as threat actors advance their techniques, our traditional and conservative methods of defense are no longer as effective as they once were.
Digital fraud and theft are forms of cybercrime that involve creative attack tactics and deception, often for financial or personal gain, to steal valuable assets from an entity. Digital fraud can be targeted at a variety of groups and industries. To an individual consumer, digital fraud is often realized in the form of identity theft where attackers use their information to open new credit card accounts, file fraudulent tax returns, and more.
At the end of 2019, Security Intelligence released a report on trends that should influence your security planning for 2020. Near the top of the list was the need for visibility, alignment, and analytics when it comes to cybersecurity. Leaders are coming to terms with the idea that being able to see, understand, and have reliable records of what users are doing with their corporate assets can provide valuable insights when trying to reduce cybersecurity risks within your organization.