In the realm of enterprise security, preventing confidential data from leaving the company is one thing, but thwarting money loss is something else entirely.
Oversight Technologies introduced software this week that continuously monitors financial applications to ensure employees are not defrauding the company by cutting themselves checks or inventing bogus vendors.
Chris Rossie, vice president of sales and business development at Oversight, said 2 percent to 5 percent of revenue lost is the result of employee theft. “Most solutions focus on revenue recovery … not [loss] prevention,” he said.
Oversight uses AI (artificial intelligence) to continuously monitor financial systems. The process uses data in financial apps to validate data on subsequent transactions.
The software does not stop a transaction, but rather, it alerts the company when a transaction looks suspicious. Suspicious activity includes checks for amounts just under the level required for approval, multiple checks for the same vendor, and changes to a vendor’s address.
Addressing the issue of confidential data, Vontu is developing software that prevents data from leaving a company by electronic means such as e-mail and IM.
Kevin Rowney, CTO of Vontu, said one of the best preventative measures is to conduct a thorough risk assessment prior to monitoring.
The Association of Certified Fraud Examiners said the average fraud scheme lasted 18 months prior to detection, and in 2002, $600 billion was lost to fraud.
Read more about security in InfoWorld's Security Central Channel.
Get the independent advice and expertise you need to support a virtual workforce.
The increase in Linux popularity has increased the frequency and sophistication of malware attacks. Read this 2 page white paper now to learn how you can protect your Linux environment with real-time protection that is certified by all major Linux vendors.
Download now »
Ensuring acceptable application delivery will become even more difficult over the next few years. As a result, IT organizations need to ensure that the approach that they take to resolving the current application delivery challenges can scale to support the emerging challenges. This handbook elaborates on the key tasks associated with planning, optimization, management and control and provides decision criteria to help IT organizations choose appropriate solutions.
Download now »
A common misconception is that mid-range storage requirements are dramatically different than that of a larger enterprise. Mid-range storage users may require less capacity, but they have similar functionality and management requirements. This ESG paper examines mid-range storage needs and reviews a new solution that adjusts size while retaining value, performance and functionality.
Download now »
This white paper provides guidance on how to develop a strategic approach to managing and monitoring logs, a key function required for compliance with many regulatory mandates and a critical defense against security threats.
Download now! »
Learn about the processes and technologies that support security information management (SIM) operations, as well as the business case for SIM. The series examines different options for implementing SIM and gives you evaluation criteria for selecting the best option for your organization.
Download now! »
Learn the strategies, actions, and capabilities that Best-in-Class organizations employ and technologies they choose to obtain superior performance against various security performance metrics. This report provides guidelines for identifying which security solutions to consume as a MSS and defines best practices for choosing and managing MSSPs.
Download now! »
Recommend This
