Investments in Security Don't Keep Pace With Risks

By Samuel Greengard
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    Fraud Grows

    Fraud Grows

    38% of respondents experienced a fraud incident in 2013, up from 31% in 2012.

These days, it's nearly impossible to open a newspaper or peruse a business or technology Website without reading about a serious security breach at a company, university or government agency. According to a new survey report from Turnkey Consulting, "A Risk Perspective on 2014" (see slides below), fraud and data loss are growing more prevalent. Unfortunately, a significant number of IT executives aren't responding to these threats with a focused and cohesive strategy. What's more, in many cases, there's a lack of automation and integration across infrastructure and databases. According to Turnkey, organizations must re-examine the way they view and approach digital security. They must revamp business processes and technology in order to minimize the risk of a serious breach, along with the fines, financial loss and reputational damage that comes with it. "Despite the increase in risk, the role of IT security in reducing it does not appear to be well-understood," says Richard Hunt, managing director of Turnkey Consulting. "Making IT security a priority on a day-to-day basis should be regarded as good business practice. … This enables organizations to move away from the traditional method of operating several disparate systems to manage risk … and instead adopt an end-to-end approach."

This article was originally published on 2014-04-11
Samuel Greengard is a freelance writer for Baseline.
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