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One of my favourite TV programmes is "The Real Hustle" where a team of ex-confidence tricksters show how easy it is to use social engineering to gain access to other peoples' goods and money.
Of the three security areas that can be addressed, people, process and tools, people provide both the largest target and, due to reluctance to own up to being conned, the least likely to be discovered.
With the opening up of systems through b2c (business to consumer) and b2b (business to business), data is no longer isolated in a castle surrounded by a firewall "moat". Businesses need to understand not only the vulnerabilities of their own employees, to risks such as fraud, boredom, pride and revenge, but also those of their customers - as illustrated by this article on PIN sharing. Their suppliers also hold an increasing amount of company information, whether product sales figures (how tempting to the competition) or future strategy (ditto) through IT plans.
Mitigating the Risk
Whilst the risks will never completely disappear, there are some ways that the risk can be reduced:
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Samuel Crompton Associate Partner (Banking, Resilience and AI) at IBM
02 April
Sam Boboev Founder at Fintech Wrap Up
28 March
Foday Joof Risk Management Officer at Central Bank of The Gambia
Katherine Chan CEO at Juice
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