Detecting Cyberthreats With Fraud-Based Advanced Analytics Technology

Security and risk (S&R) professionals know that cyberattacks are often the first step in the complex dance of credit card theft and the fraud that results. Cyberattacks take many forms and affect many industries, but when cyberattacks focus on financial services, the result is serious financial loss. Starting with malware injection, followed by the exfiltration of credit card data, and then the sale of this data on the dark web, this process feeds part of a growing underground economy responsible for $11.27 billion in losses for 2012. Banks and merchants take the brunt of these losses, including breach recovery costs, regulatory fines, and the loss of customer trust and loyalty. Banks and merchants need to look at cybersecurity as an invaluable tool to protect customers against all types of fraud, stopping customer data loss and the resultant fraud. Service providers are using technology pioneered in financial fraud detection to identify cyberbreaches. This innovative application of fraud detection technology repurposed for the cybersecurity world promises to recognize cyberbreaches in near real time and, in so doing, better protect customer data. These solutions are more sophisticated and complex than prior cybersecurity detection technologies, and S&R professionals will need qualified managed security service providers to make the technology work.