Fraud Prevention is one of the biggest challenges to organizations across the world. What are the advanced measures that can be explored to ensure Fraud Prevention in a more effective manner? What role can Information Security play to enhance the Fraud Prevention mechanisms in your organization?
Traditionally, the "Information Security" term is associated with Cyber Security and is used interchangeably. Approach from organizations, vendors, and industry experts gave an outlook that Information Security is all about technology-related Cyber Security controls only.
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Delivering direct business value from information security investment seldom comes up as a priority or discussion point. At best, it becomes a theoretical analysis of the strategic alignment of Information Security with business. But still, practical effectiveness or implementation methodologies are found lacking.
Nevertheless, like many other areas, Fraud Prevention is one of the critical business challenges that Information Security controls can add value to.
Information Security and Fraud Prevention
The Information Security community has failed to demonstrate or communicate effective mechanisms in preventing organizational losses from breaches other than cyber attacks. Finding an Information Security expert with an adequate technical background and business acumen is the most significant challenge the industry encounter.
Professionals with a governance or audit background come with a risk management background. Although exceptions are noted, most of the experts come with theoretical knowledge of technology and don't understand the real technical challenges. At the same time, the other side of the spectrum is the technical experts who come from an IT background but without an open mind or any exposure to business challenges and expectations.