Media coverage of cybersecurity usually focuses on mega data breaches (i.e. Yahoo) and large-scale attacks such as the Dyn DDoS attacks, which could be why we have seen more and more companies prepare for these incidents. According to the Ponemon Institute, 86 percent of companies now have a data breach response plan compared to 61 percent in 2013. However, what is often less covered by the media is the subsequent fraud risks consumers and businesses face.
Currently 1.9 million records are compromised every day, leaving millions of people vulnerable to fraud. In fact, more than 13 million people were victims of some form of fraud in 2015 alone. Despite new technologies, such as EMV, it is likely that fraud will continue to persist and possibly increase in 2017. With the New Year upon us, it is a perfect time for companies to examine operations and determine what improvements can be made to fraud prevention practices, making the company more fit to protect itself and customers.