The document discusses how a lack of proper IT controls can enable fraud opportunities within an organization. It provides statistics showing that an estimated 5% of revenue is lost to fraud each year, with 1-2% being caused by weaknesses in IT controls. Common anti-fraud controls discussed include segregation of duties, authorization and approval procedures, audit trails, and management oversight. The document also presents several client scenarios highlighting potential control issues and recommendations to address them.
The rise of fraudulent activity is at the top of the list of concerns for treasury today. Even though many organizations are investing in treasury technology, there is still room for improvement. These principles span multiple departments and will guide practitioners to a more well-rounded set of controls.
This slide presentation will provide six straightforward and actionable security principles that can support an organization’s security framework.
SAS Fraud Framework for Insurance, an end-to-end solution for preventing, detecting and managing claims fraud across the various lines of business within today's insurers
Recognized as the industry leader in analytics and with more than 36 years of experi¬ence, SAS provides a framework of capabilities to help insurers significantly improve their fraud management processes. With SAS, you get:
• A hybrid approach to fraud detection, including link analysis
• Streamlined case management. Systematically facilitate investigations, and cap¬ture and display all pertinent information without corrupting the system with duplicate data entry.
• Advanced text analytics and data mining.
Enterprise Fraud Management: How Banks Need to AdaptCapgemini
Fraud prevention is becoming one of the biggest areas of concern for the financial services industry. But first generation Fraud Management systems are falling short. By moving towards more enterprise approach to fraud management, financial institutions can combat the increasingly treacherous fraud and cyber crime landscape while reaping numerous benefits for the organization.
Using Data Analytics to Conduct a Forensic AuditFraudBusters
Webinar series from FraudResourceNet LLC on Preventing and Detecting Fraud Using Data Analytics. Recordings of these Webinars are available for purchase from our Website fraudresourcenet.com
This Webinar focused on fraud detection using data analytic software (Excel, ACL, IDEA)
FraudResourceNet (FRN) is the only searchable portal of practical, expert fraud prevention, detection and audit information on the Web.
FRN combines the high quality, authoritative anti-fraud and audit content from the leading providers, AuditNet ® LLC and White-Collar Crime 101 LLC/FraudAware.
The two entities designed FRN as the “go-to”, easy-to-use source of “how-to” fraud prevention, detection, audit and investigation templates, guidelines, policies, training programs (recorded no CPE and live with CPE) and articles from leading subject matter experts.
FRN is a continuously expanding and improving resource, offering auditors, fraud examiners, controllers, investigators and accountants a content-rich source of cutting-edge anti-fraud tools and techniques they will want to refer to again and again.
The rise of fraudulent activity is at the top of the list of concerns for treasury today. Even though many organizations are investing in treasury technology, there is still room for improvement. These principles span multiple departments and will guide practitioners to a more well-rounded set of controls.
This slide presentation will provide six straightforward and actionable security principles that can support an organization’s security framework.
SAS Fraud Framework for Insurance, an end-to-end solution for preventing, detecting and managing claims fraud across the various lines of business within today's insurers
Recognized as the industry leader in analytics and with more than 36 years of experi¬ence, SAS provides a framework of capabilities to help insurers significantly improve their fraud management processes. With SAS, you get:
• A hybrid approach to fraud detection, including link analysis
• Streamlined case management. Systematically facilitate investigations, and cap¬ture and display all pertinent information without corrupting the system with duplicate data entry.
• Advanced text analytics and data mining.
Enterprise Fraud Management: How Banks Need to AdaptCapgemini
Fraud prevention is becoming one of the biggest areas of concern for the financial services industry. But first generation Fraud Management systems are falling short. By moving towards more enterprise approach to fraud management, financial institutions can combat the increasingly treacherous fraud and cyber crime landscape while reaping numerous benefits for the organization.
Using Data Analytics to Conduct a Forensic AuditFraudBusters
Webinar series from FraudResourceNet LLC on Preventing and Detecting Fraud Using Data Analytics. Recordings of these Webinars are available for purchase from our Website fraudresourcenet.com
This Webinar focused on fraud detection using data analytic software (Excel, ACL, IDEA)
FraudResourceNet (FRN) is the only searchable portal of practical, expert fraud prevention, detection and audit information on the Web.
FRN combines the high quality, authoritative anti-fraud and audit content from the leading providers, AuditNet ® LLC and White-Collar Crime 101 LLC/FraudAware.
The two entities designed FRN as the “go-to”, easy-to-use source of “how-to” fraud prevention, detection, audit and investigation templates, guidelines, policies, training programs (recorded no CPE and live with CPE) and articles from leading subject matter experts.
FRN is a continuously expanding and improving resource, offering auditors, fraud examiners, controllers, investigators and accountants a content-rich source of cutting-edge anti-fraud tools and techniques they will want to refer to again and again.
Detecting and Auditing for Fraud in Financial Statements Using Data AnalysisFraudBusters
Webinar series from FraudResourceNet LLC on Preventing and Detecting Fraud Using Data Analytics. Recordings of these Webinars are available for purchase from our Website fraudresourcenet.com
This Webinar focused on fraud detection using data analytic software (Excel, ACL, IDEA)
FraudResourceNet (FRN) is the only searchable portal of practical, expert fraud prevention, detection and audit information on the Web.
FRN combines the high quality, authoritative anti-fraud and audit content from the leading providers, AuditNet ® LLC and White-Collar Crime 101 LLC/FraudAware.
The two entities designed FRN as the “go-to”, easy-to-use source of “how-to” fraud prevention, detection, audit and investigation templates, guidelines, policies, training programs (recorded no CPE and live with CPE) and articles from leading subject matter experts.
FRN is a continuously expanding and improving resource, offering auditors, fraud examiners, controllers, investigators and accountants a content-rich source of cutting-edge anti-fraud tools and techniques they will want to refer to again and again.
Recognizing and Preventing Fixed Asset and Inventory Fraud using Data AnalysisFraudBusters
Webinar series from FraudResourceNet LLC on Preventing and Detecting Fraud Using Data Analytics. Recordings of these Webinars are available for purchase from our Website fraudresourcenet.com
This Webinar focused on fraud detection using data analytic software (Excel, ACL, IDEA)
FraudResourceNet (FRN) is the only searchable portal of practical, expert fraud prevention, detection and audit information on the Web.
FRN combines the high quality, authoritative anti-fraud and audit content from the leading providers, AuditNet ® LLC and White-Collar Crime 101 LLC/FraudAware.
The two entities designed FRN as the “go-to”, easy-to-use source of “how-to” fraud prevention, detection, audit and investigation templates, guidelines, policies, training programs (recorded no CPE and live with CPE) and articles from leading subject matter experts.
FRN is a continuously expanding and improving resource, offering auditors, fraud examiners, controllers, investigators and accountants a content-rich source of cutting-edge anti-fraud tools and techniques they will want to refer to again and again.
EMA surveyed IT and IT security respondents to learn how organizations are responding to the threat of bot attacks.
These slides based on the webinar from leading IT research firm Enterprise Management Associates provides highlights from this research.
Balancing Security and Customer ExperienceTransUnion
Using Device Insight to Balance Fraud Prevention and Customer Experience
Today, your customer’s device has become their proxy for a large percentage of their online retail and banking activity. By using insight from those devices, you can reduce risk and ensure a smooth experience along the entire customer journey.
In this webinar, you’ll learn from Max Anhoury, our VP of Global partnerships, about:
* Today’s fraud and security trends
* What a fraud ring looks like
* The evolving online experience with EMV
* How to create frictionless security across the consumer journey
Ways to Beat Vendor and Procurement Fraudsters Using Data AnalysisFraudBusters
Webinar series from FraudResourceNet LLC on Preventing and Detecting Fraud Using Data Analytics. Recordings of these Webinars are available for purchase from our Website fraudresourcenet.com
This Webinar focused on fraud detection using data analytic software (Excel, ACL, IDEA)
FraudResourceNet (FRN) is the only searchable portal of practical, expert fraud prevention, detection and audit information on the Web.
FRN combines the high quality, authoritative anti-fraud and audit content from the leading providers, AuditNet ® LLC and White-Collar Crime 101 LLC/FraudAware.
The two entities designed FRN as the “go-to”, easy-to-use source of “how-to” fraud prevention, detection, audit and investigation templates, guidelines, policies, training programs (recorded no CPE and live with CPE) and articles from leading subject matter experts.
FRN is a continuously expanding and improving resource, offering auditors, fraud examiners, controllers, investigators and accountants a content-rich source of cutting-edge anti-fraud tools and techniques they will want to refer to again and again.
This section of the survey focuses on the immediate state of corporate fraud, the respondents’ beliefs, and their response to the risks, prevention, and vulnerability towards fraud. Organisations are recognising the trends of resulting frauds and the reasons behind them. Through the survey, processes vulnerable to fraud were identified by respondents, along with the most common types of frauds faced by the organisations. A comparison with the past surveys reveals that respondent organisations are better able to estimate fraud losses, they also have increased confidence in the management and mitigation of frauds.
Where Flow Charts Don’t Go -- Website Security Statistics Report (2015)Jeremiah Grossman
WhiteHat Security’s Website Security Statistics Report provides a one-of-a-kind perspective on the state of website security and the issues that organizations must address in order to conduct business online safely.
Website security is an ever-moving target. New website launches are common, new code is released constantly, new web technologies are created and adopted every day; as a result, new attack techniques are frequently disclosed that can put every online business at risk. In order to stay protected, enterprises must receive timely information about how they
can most efficiently defend their websites, gain visibility into
the performance of their security programs, and learn how they compare with their industry peers. Obtaining these insights
is crucial in order to stay ahead and truly improve enterprise website security.
To help, WhiteHat Security has been publishing its Website Security Statistics Report since 2006. This report is the only one that focuses exclusively on unknown vulnerabilities in custom web applications, code that is unique to an organization, and found in real-world websites. The underlying data is hundreds of terabytes in size, comprises vulnerability assessment results from tens of thousands of websites across hundreds of the most well- known organizations, and collectively represents the largest and most accurate picture of website security available. Inside this report is information about the most prevalent vulnerabilities, how many get fixed, how long the fixes can take on average, and how every application security program may measurably improve. The report is organized by industry, and is accompanied by WhiteHat Security’s expert analysis and recommendations.
Behavioral Analytics for Preventing Fraud Today and TomorrowGuardian Analytics
This presentation introduces Guardian Analytics Omni-Channel Fraud Prevention solution as the only solution to meet the new requirements of fraud prevention.
No More Snake Oil: Why InfoSec Needs Security GuaranteesJeremiah Grossman
Ever notice how everything in InfoSec is sold “as is”? No guarantees, no warrantees, no return policies. For some reason in InfoSec, providing customers with a form of financial coverage for their investment is seen as gimmicky, but the tides and times are changing. This talk discusses use cases on why guarantees are a must have and how guarantees benefit customers as well as InfoSec as a whole.
Leading IT research firm Enterprise Management Associates (EMA) surveyed 179 IT and IT security respondents to assess the level of interest in MDR services, query MDR services users on the value they receive from their MDR service providers, and understand the drivers behind the growing interest in outsourcing the threat detection and response function.
These slides provide some of the highlights from this research.
Corporate Treasurers Focus on Cyber SecurityJoan Weber
Treasury departments at large U.S. companies rank IT security as their top priority for 2015 - ahead of such critical issues as cost management and regulatory/compliance challenges.
These finding come from the results Greenwich Associates 2014 U.S. Large Corporate Finance Study, for which the firm interviewed CFOs or treasury department representatives at more than 500 large U.S. companies.
The study results suggest that U.S. companies are taking action to address security concerns and other IT issues with 63% of the participants saying their treasury departments will increase technology spending in the year ahead.
Meningkatkan peran audit internal fungsi peran digital Dr. Zar Rdj
you can want focus on doing things in a digital way but if you don't have the support behind you ceo and board and really have then driving you to do what you do with focus on digital, you can beat you head against the wall an not get anywhere. i dont want underestimate how important senior leadership and board support is able to be able to do this and to be successfull at it
nancy J. Luquette
Fortify Your Enterprise with IBM Smarter Counter-Fraud SolutionsPerficient, Inc.
Organizations lose an estimated five percent of annual revenues to fraud, totaling nearly $1 trillion in the U.S. alone. Cyber criminals are more organized and better equipped than ever, and continue to evolve their strategies in order to undermine even the strongest protections.
We continue to hear about major security breaches across all industries, but what is being done to fix the problem? There must be a tight interlock between risk, security, fraud and financial crimes management. Current solutions are proving inadequate as point solutions and a corporate silo mentality directly contribute to the risk of fraudulent activities going undetected.
Our webinar covered:
-How IBM’s Smarter Counter Fraud initiative can help public and private organizations prevent, identify and investigate fraudulent activities
-Real-world use cases including how one financial institution stopped $1M in fraud in the first week after implementing a counter-fraud solution
-Perficient’s multi-tiered approach to help guide successful business outcomes
It’s time to stop the bad guys with IBM Smarter Counter Fraud and Perficient – learn how now!
The Insurance Digital Revolution Has a Fraud ProblemTransUnion
The rapid digitalization of the Insurance Industry has not only opened up access channels for customers, but also created targets for fraudsters. The time is now to protect your business from fraud as you convert to digital. In this webinar, we’ll analyze the 5 Strategic Approaches to Digital Optimization and Transformation in Insurance that Gartner laid out in their report and explore possible fraud threats that can arise as a result of such transformation.
Register today to learn more from us about:
- Combating fraud threats introduced by the move to digital, such as ghost broking
- Detecting and preventing growing account takeover
- Protecting the entire customer lifecycle
- How to arm your SIU to more effectively fight fraudulent claims
- Improve identity verification to reduce early term losses
Detecting and Auditing for Fraud in Financial Statements Using Data AnalysisFraudBusters
Webinar series from FraudResourceNet LLC on Preventing and Detecting Fraud Using Data Analytics. Recordings of these Webinars are available for purchase from our Website fraudresourcenet.com
This Webinar focused on fraud detection using data analytic software (Excel, ACL, IDEA)
FraudResourceNet (FRN) is the only searchable portal of practical, expert fraud prevention, detection and audit information on the Web.
FRN combines the high quality, authoritative anti-fraud and audit content from the leading providers, AuditNet ® LLC and White-Collar Crime 101 LLC/FraudAware.
The two entities designed FRN as the “go-to”, easy-to-use source of “how-to” fraud prevention, detection, audit and investigation templates, guidelines, policies, training programs (recorded no CPE and live with CPE) and articles from leading subject matter experts.
FRN is a continuously expanding and improving resource, offering auditors, fraud examiners, controllers, investigators and accountants a content-rich source of cutting-edge anti-fraud tools and techniques they will want to refer to again and again.
Recognizing and Preventing Fixed Asset and Inventory Fraud using Data AnalysisFraudBusters
Webinar series from FraudResourceNet LLC on Preventing and Detecting Fraud Using Data Analytics. Recordings of these Webinars are available for purchase from our Website fraudresourcenet.com
This Webinar focused on fraud detection using data analytic software (Excel, ACL, IDEA)
FraudResourceNet (FRN) is the only searchable portal of practical, expert fraud prevention, detection and audit information on the Web.
FRN combines the high quality, authoritative anti-fraud and audit content from the leading providers, AuditNet ® LLC and White-Collar Crime 101 LLC/FraudAware.
The two entities designed FRN as the “go-to”, easy-to-use source of “how-to” fraud prevention, detection, audit and investigation templates, guidelines, policies, training programs (recorded no CPE and live with CPE) and articles from leading subject matter experts.
FRN is a continuously expanding and improving resource, offering auditors, fraud examiners, controllers, investigators and accountants a content-rich source of cutting-edge anti-fraud tools and techniques they will want to refer to again and again.
EMA surveyed IT and IT security respondents to learn how organizations are responding to the threat of bot attacks.
These slides based on the webinar from leading IT research firm Enterprise Management Associates provides highlights from this research.
Balancing Security and Customer ExperienceTransUnion
Using Device Insight to Balance Fraud Prevention and Customer Experience
Today, your customer’s device has become their proxy for a large percentage of their online retail and banking activity. By using insight from those devices, you can reduce risk and ensure a smooth experience along the entire customer journey.
In this webinar, you’ll learn from Max Anhoury, our VP of Global partnerships, about:
* Today’s fraud and security trends
* What a fraud ring looks like
* The evolving online experience with EMV
* How to create frictionless security across the consumer journey
Ways to Beat Vendor and Procurement Fraudsters Using Data AnalysisFraudBusters
Webinar series from FraudResourceNet LLC on Preventing and Detecting Fraud Using Data Analytics. Recordings of these Webinars are available for purchase from our Website fraudresourcenet.com
This Webinar focused on fraud detection using data analytic software (Excel, ACL, IDEA)
FraudResourceNet (FRN) is the only searchable portal of practical, expert fraud prevention, detection and audit information on the Web.
FRN combines the high quality, authoritative anti-fraud and audit content from the leading providers, AuditNet ® LLC and White-Collar Crime 101 LLC/FraudAware.
The two entities designed FRN as the “go-to”, easy-to-use source of “how-to” fraud prevention, detection, audit and investigation templates, guidelines, policies, training programs (recorded no CPE and live with CPE) and articles from leading subject matter experts.
FRN is a continuously expanding and improving resource, offering auditors, fraud examiners, controllers, investigators and accountants a content-rich source of cutting-edge anti-fraud tools and techniques they will want to refer to again and again.
This section of the survey focuses on the immediate state of corporate fraud, the respondents’ beliefs, and their response to the risks, prevention, and vulnerability towards fraud. Organisations are recognising the trends of resulting frauds and the reasons behind them. Through the survey, processes vulnerable to fraud were identified by respondents, along with the most common types of frauds faced by the organisations. A comparison with the past surveys reveals that respondent organisations are better able to estimate fraud losses, they also have increased confidence in the management and mitigation of frauds.
Where Flow Charts Don’t Go -- Website Security Statistics Report (2015)Jeremiah Grossman
WhiteHat Security’s Website Security Statistics Report provides a one-of-a-kind perspective on the state of website security and the issues that organizations must address in order to conduct business online safely.
Website security is an ever-moving target. New website launches are common, new code is released constantly, new web technologies are created and adopted every day; as a result, new attack techniques are frequently disclosed that can put every online business at risk. In order to stay protected, enterprises must receive timely information about how they
can most efficiently defend their websites, gain visibility into
the performance of their security programs, and learn how they compare with their industry peers. Obtaining these insights
is crucial in order to stay ahead and truly improve enterprise website security.
To help, WhiteHat Security has been publishing its Website Security Statistics Report since 2006. This report is the only one that focuses exclusively on unknown vulnerabilities in custom web applications, code that is unique to an organization, and found in real-world websites. The underlying data is hundreds of terabytes in size, comprises vulnerability assessment results from tens of thousands of websites across hundreds of the most well- known organizations, and collectively represents the largest and most accurate picture of website security available. Inside this report is information about the most prevalent vulnerabilities, how many get fixed, how long the fixes can take on average, and how every application security program may measurably improve. The report is organized by industry, and is accompanied by WhiteHat Security’s expert analysis and recommendations.
Behavioral Analytics for Preventing Fraud Today and TomorrowGuardian Analytics
This presentation introduces Guardian Analytics Omni-Channel Fraud Prevention solution as the only solution to meet the new requirements of fraud prevention.
No More Snake Oil: Why InfoSec Needs Security GuaranteesJeremiah Grossman
Ever notice how everything in InfoSec is sold “as is”? No guarantees, no warrantees, no return policies. For some reason in InfoSec, providing customers with a form of financial coverage for their investment is seen as gimmicky, but the tides and times are changing. This talk discusses use cases on why guarantees are a must have and how guarantees benefit customers as well as InfoSec as a whole.
Leading IT research firm Enterprise Management Associates (EMA) surveyed 179 IT and IT security respondents to assess the level of interest in MDR services, query MDR services users on the value they receive from their MDR service providers, and understand the drivers behind the growing interest in outsourcing the threat detection and response function.
These slides provide some of the highlights from this research.
Corporate Treasurers Focus on Cyber SecurityJoan Weber
Treasury departments at large U.S. companies rank IT security as their top priority for 2015 - ahead of such critical issues as cost management and regulatory/compliance challenges.
These finding come from the results Greenwich Associates 2014 U.S. Large Corporate Finance Study, for which the firm interviewed CFOs or treasury department representatives at more than 500 large U.S. companies.
The study results suggest that U.S. companies are taking action to address security concerns and other IT issues with 63% of the participants saying their treasury departments will increase technology spending in the year ahead.
Meningkatkan peran audit internal fungsi peran digital Dr. Zar Rdj
you can want focus on doing things in a digital way but if you don't have the support behind you ceo and board and really have then driving you to do what you do with focus on digital, you can beat you head against the wall an not get anywhere. i dont want underestimate how important senior leadership and board support is able to be able to do this and to be successfull at it
nancy J. Luquette
Fortify Your Enterprise with IBM Smarter Counter-Fraud SolutionsPerficient, Inc.
Organizations lose an estimated five percent of annual revenues to fraud, totaling nearly $1 trillion in the U.S. alone. Cyber criminals are more organized and better equipped than ever, and continue to evolve their strategies in order to undermine even the strongest protections.
We continue to hear about major security breaches across all industries, but what is being done to fix the problem? There must be a tight interlock between risk, security, fraud and financial crimes management. Current solutions are proving inadequate as point solutions and a corporate silo mentality directly contribute to the risk of fraudulent activities going undetected.
Our webinar covered:
-How IBM’s Smarter Counter Fraud initiative can help public and private organizations prevent, identify and investigate fraudulent activities
-Real-world use cases including how one financial institution stopped $1M in fraud in the first week after implementing a counter-fraud solution
-Perficient’s multi-tiered approach to help guide successful business outcomes
It’s time to stop the bad guys with IBM Smarter Counter Fraud and Perficient – learn how now!
The Insurance Digital Revolution Has a Fraud ProblemTransUnion
The rapid digitalization of the Insurance Industry has not only opened up access channels for customers, but also created targets for fraudsters. The time is now to protect your business from fraud as you convert to digital. In this webinar, we’ll analyze the 5 Strategic Approaches to Digital Optimization and Transformation in Insurance that Gartner laid out in their report and explore possible fraud threats that can arise as a result of such transformation.
Register today to learn more from us about:
- Combating fraud threats introduced by the move to digital, such as ghost broking
- Detecting and preventing growing account takeover
- Protecting the entire customer lifecycle
- How to arm your SIU to more effectively fight fraudulent claims
- Improve identity verification to reduce early term losses
Sarah deLiefde, Practice Leader in Gartner's Supply Chain Research Group, held a webinar on how corporate changes will impact the Quality Role by 2020. Specifically, there are 8 trends shaping corporate functions:
3 Ways Covid-19 Changed Shared Services and how to Prepare for What's NextSarah Fane
Remote working, changes to Standard Operating Procedures and disrupted anti-fraud processes have created new vulnerabilities. This report looks at what is behind a rise in phishing and fraud attempts and how shared services are responding to a decrease in working capital.
The results of this year’s Internal Audit Capabilities and Needs Survey show that, not surprisingly, cybersecurity represents a major focus for internal audit programs, but it is far from the only pressing issue on internal audit’s plate
How to Get Proactive about your Vendor Master Data: 4 tips for successSarah Fane
Good quality vendor master data is at the heart of any high performing shared services operation.
Without good data, it’s impossible to capture the full benefits of automation technology, and the risk of fraud is high. With good data, you can analyze the performance of your suppliers, leverage spend and reduce your cost base.
sharedserviceslink and APEX Analytix conducted a research study with over 100 executives on how shared services are currently managing vendor data.
Addressing Fraud Risk Management with FactsInfosys BPM
Fraud is identified and caught with the aid of facts. Facts give a deeper understanding to what you could be looking at in your organization. Facts have also given rise to the mnemonic that Fraud is Always Committed by Trusted Souls. As simplistic as it may seem, it holds key to a potential trigger. Are you equipped with the necessary tools to address this challenge? Is your organization equipped with fraud Risk Management? Here are some quick slides to take you through what you need to have.
Setting Up and Managing an Anonymous Fraud HotlineFraudBusters
Webinar series from FraudResourceNet LLC on Preventing and Detecting Fraud in a High Crime Climate. Recordings of these Webinars are available for purchase from our Website fraudresourcenet.com
This Webinar focused on the subject in the title
FraudResourceNet (FRN) is the only searchable portal of practical, expert fraud prevention, detection and audit information on the Web.
FRN combines the high quality, authoritative anti-fraud and audit content from the leading providers, AuditNet ® LLC and White-Collar Crime 101 LLC/FraudAware.
Similar to A Lack of IT Controls= Fraud Opportunities (20)
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Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
2. Bios
Chris Mitchell -MBA, CIA, CISA, CCSA
Experience
Chris has over 18 years of risk management, finance, and IT consulting experience. He
has held the titles of Internal Audit Director, Senior Program Manager, and Managing
Consultant at various companies in industries including financial services,
telecommunications, software development, manufacturing, and government. Chris’
practice focuses on assisting clients with 404 implementations, Type I & II SSAE 16
engagements,leadinginternalauditteams,andmakingcost-effectiverecommendations
to enhance internal controls, maximize efficiency, and minimize exposure to loss and
regulatoryrisk.
Education
B.B.A. from University of Texas at San Antonio
MBA from TouroUniversity
2
3. About Whitley Penn LLP
Established in 1983, Whitley Penn Services Offered:
has become one of the region's most Assurance and Advisory
distinguished accounting firms by
providing exceptional service that Business Process
reaches far beyond traditional Improvement
accounting Business Valuation Services
Employee Benefit Plans
Today, with offices in Dallas, Fort Litigation and Forensic
Worth, and Houston, 37 partners,
approximately 280 exceptional Services
employees, and a worldwide Risk Advisory
network affiliation via Nexia Tax and Consulting
International, we are strategically
positioned to grow and excel in the Virtual Back Office
future
5
4. Whitley Penn LLP – Risk Advisory Services
Service Areas:
– IT Audits and Consulting
– IT and Business Risk Assessments
– Internal Audit Services
– Service Organization Control (SOC) Reports – 1, 2, & 3
– Surprise Examinations for Registered Investment Advisors
– Sarbanes-Oxley Compliance and Maintenance
– Enterprise Risk Management Implementation and
Maintenance
6
5. Agenda
Common Facts
IT Fraud Statistics
Common Anti-Fraud Controls
Client Scenarios
Information Technology Best Practices
Cyber Warfare
Questions
1
6. Common Facts
• Estimated loss of 5% of revenue , of which 1-2% is caused by lack o f IT controls within an
organization
• Corruption and Billing schemes pose the greatest risk to an organization. These schemes
take place based on the data that is fed into systems and how a lack of access, approval
controls,andmanagementoversightwouldleadtosuchschemes
• Most common victims:
– Banking & financial services
– Government & public administration
– Manufacturing sectors
• Anti-fraud controls correlate to significant decreases in the cost and duration of
occupationalfraudschemes
References:
7 ACFE – 2012 Report to the Nations
7. IT Fraud Statistics – Top 3 Business Departments
8 References:
ACFE – 2012 Report to the Nations
8. IT Fraud Statistics Breakdown
• Accounting: User access to accounting systems / functions and
modules should be segregated based onjob responsibilities
• Executive/Upper Management: Management oversight plays a vital
role in making sure that appropriate controls are in place within an
organization. It is advised that management conduct periodic reviews
ofthese controls tomake sure that it isworking as stated
9
9. Fraud Statistics – Trusted Business Partners
Trusted Business Partner
Non-TBP Insider
Organizational Individual
Type of Position
Technical 45% 80% 39%
Nontechnical 55% 20% 61%
Authorized Access
Authorized Access 44% 36% 48%
Unauthorized Access 26% 36% 23%
Location
On-Site 81% 60% 73%
Remote Access 19% 40% 27%
Employment Status
Current 90% 69% 76%
Former 10% 31% 24%
Type of Insider Crime
Fraud 64% 23% 54%
Theft of Intellectual Property 28% 18% 19%
Sabotage 8% 59% 27%
References:
Software Engineering Institute, Carnegie Mellon. "Spotlight On: Insider Threat from Trusted
10 Business Partners, Version 2: Updated and Revised". Computer Emergency Response Team
(CERT) website. 2012 http://www.cert.org/archive/pdf/TrustedBusinessPartners1012.pdf
13. Client Scenarios
• Following are several client scenarios that we have either
encountered or obtained through credible references
• Picture these happening at your company or client
• Think of possible controls to mitigate weaknesses
• Brief description of Scenarios:
– #1pertains to3rd party vendors &compliance
– #2pertains tological access control usage
– #3pertains tochange management controls
– #4pertains togeneral IT operations
14
14. Scenario #1
Clueless, Inc. requested to have a General Controls Review (GCR) conducted as part of
their annual audit. During planning and fieldwork , it was noted that they had
outsourced all IT work to a third party consultant, and the following issues were
identified:
• TherewasnovalidcontractbetweenClueless,Inc.andthethirdpartyconsultant;
• TherewasnoformalITpurchasingapprovalprocess;and
• Clueless, Inc.’sIT liaisonwasmarriedtotheconsultant
Clueless, Inc. was implementing a third party web application to support their
business. The consultant recommended that they install a Citrix solution to secure
the web application at a cost of just under $1 million. No other organizations using
thethirdparty’swebapplicationswereusingCitrixoracomparablesolutiontosecure
thewebapplication
15
15. Clueless, Inc. Control Recommendations
Preventative Controls
– Contract / SLA management
– Conflict of Interest Compliance
– Purchase approval process
– Qualified staff performing oversight
Detective Controls
– Contract/SLA performance reviews
16
16. Bios
Naveen Krishnan –CRISC
Experience
Naveen has over six years of IT audit experience focused on public and private sectors
pertaining to Oil and Gas, Technology, Manufacturing, and Healthcare industry. He has
led multiple SOX 404 engagements and has assisted numerous clients with Type I and II
SSAE16 examinations. He joined Whitley Penn in June 2011 to help build the risk
practiceandsincethenhassuccessfullyrecruitedanddevelopedacoreteamengagedto
deliverqualityworkandestablishrelationshipswithclients.
Education
Bachelors in Management Information Systems (MIS)
Louisiana State University
3
17. Scenario #2
Free For All, LLC , an online retailer, requested to have a GRC and analysis of third party
service providers/consultants to evaluate the feasibility of continuing operations. The
company was owned by a wealthy individual who had little involvement in the planning or
operationsofthecompany. Thefollowingissueswereidentified:
• Thecompanyhadestablishedacontractwithathirdpartydeveloperrequiring$30,000
worth of development work to be done each month, regardless of need. The business
owneralsoownedacompanythatdevelopedonlineretailwebsitesforanichemarket,
butthisresourcewasnotleveragedforFreeForAll,LLC
• Thecompanyhadestablishedacontractwithathirdpartymarketingfirmthatrequired
$25,000worthofmarketingworkbedoneeachmonth,regardlessofneed.
• ThefirstactoftheCEOwastohirehiswifeasCFO
• The CEO awarded himself a $100,000/year raise and doubled the salary of the Office
Manager
• TheCompanyhadapproximately $100,000inrevenuefortheyear
17
18. Free For All, LLC Control Recommendations
Preventative Controls
– Contract / SLA management
– Conflict of Interest Compliance
– Qualified staff performing oversight
Detective Controls
– Contract/SLA performance reviews
18
19. Scenario #3
AnITManageratHornswoggled,LLP carriedouta fraudschemethatlastedtwo
years before being detected. The manager was able to gain access to multiple
accounts,allowingthemto submitandapprovepurchaseordersandpayments.
The manager was also able to bypass a system control that notified the AP
managerandsecuritywhenavendor’saddresswasaddedormodified
To enable this fraud, the IT manager modified a single line of code in a program
that synchronized passwords between the production and test environments,
which provided them with all user account passwords in clear text. The IT
manageralso modifiedasinglelineofcodeinanotherprogramthatnotifiedthe
AP manager and security when a vendor address was added or modified,
allowingittobeturnedoffatwill
References:
Software Engineering Institute, Carnegie Mellon. "Spotlight On: Programming Techniques
19 Used as an Insider Attack Tool". Computer Emergency Response Team (CERT) website.
2008 http://www.cert.org/archive/pdf/insiderthreat_programmers_1208.pdf
20. Hornswoggled , LLP Control Recommendations
Preventative Controls
– Segregation of Duties
– Change management controls must apply to all systems that
underlie significant applications and controls
– Code and System Architecture Reviews
Detective Controls
– Change detection
– Review usage of critical system functions
20
21. Scenario #4
Duped Brokerage, Inc. began receiving reports of fraudulent trades from clients.
Upon investigation it was determined that their trading web application had been
breached and a hacker had obtained access to all client accounts. The hacker used
the victim’s account to make fraudulent trades that benefited his own market
positions
References:
Association of Certified Fraud Examiners. “Internet Transactions at Risk – New Solutions
21 Are Needed”. Robert D Peterson 2000 http://www.acfe.com/article.aspx?id=4294968466
22. Duped Brokerage, Inc. Control Recommendations
Preventative Controls
– Vulnerability management and penetration testing
– Secure software development methodology
– Service provider change management and logical access
Detective Controls
– Change detection
22
23. IT Process Summary
• Logical Access
– Principle of least privilege and Segregation of Duties
– Sufficient logging
– Strong authentication
– Special considerations for privileged accounts
• Change Management
– Segregation of Duties
– Change management scope
– Change detection / Configuration Management
• IT Operations
– Protect backup media from tampering
– Restrict and monitor removable storage device and data transfer usage
• Security
– Vulnerability management and penetration testing
– Secure software development methodology
23
24. Information Technology Best Practices
• Consider threats from insiders and • Knowyourassets
business partners in enterprise-wide • Implement strict password and
riskassessments account management policies and
• Clearly document and consistently practices
enforcepoliciesandcontrols • Enforce separation of duties and least
• Incorporate insider threat awareness privilege
into periodic security training for all • Define explicit security agreements
employees for any cloud services, especially
• Beginning with the hiring process, access restrictions and monitoring
monitor and respond to suspicious or capabilities
disruptivebehavior
References:
Software Engineering Institute, Carnegie Mellon. “Common Sense Guide to
24 Mitigating Insider Threats". Computer Emergency Response Team (CERT)
website. 2012 http://www.sei.cmu.edu/reports/12tr012.pdf
25. Information Technology Best Practices (continued)
• Institute stringent access controls and • Monitor and control remote access
monitoring policies on privileged from all end points, including mobile
users devices
• Institutionalize system change • Develop a comprehensive employee
controls terminationprocedure
• Use a log correlation engine or • Implement secure backup and
security information and event recoveryprocesses
management (SIEM) system to log, • Develop a formalized insider threat
monitor,andauditemployeeactions program
• Establish a baseline of normal • Close the doors to unauthorized data
networkbehavior exfiltration
References:
Software Engineering Institute, Carnegie Mellon. “Common Sense Guide to
25 Mitigating Insider Threats". Computer Emergency Response Team (CERT)
website. 2012 http://www.sei.cmu.edu/reports/12tr012.pdf
26. Bios
Jarrett Kolthoff–President/CEO SpearTip, LLC
Experience
Jarrett Kolthoff, President/CEO of SpearTip, LLC, has over 19 years of experience in the
InformationSecurityfield. AsaformerSpecialAgent–U.S.ArmyCounterintelligence,he
has experience in cyber investigations, counterintelligence, and fusion cell analysis that
assist SpearTip’s clients to identify, assess, neutralize, and exploit the threats leveled
against their corporation. His civil case work has included investigations in anti-trust
lawsuits, embezzlement, collusion, theft of intellectual property, and corporate
espionage. Mr. Kolthoff has led assignments throughout the United States with both
nationalandinternationalcorporations.
Education
Rockhurst University, Bachelor (Political Science & Economics)
U.S. Army, Counterintelligence Agent
Troy State University, Masters (International Relations)
4
27. Cyber Warfare – New Types of Soldiers
• Taking on new missions
– Theft of processing power
– Theft of customer data and financial information
– Theft of Research
– Destruction of research data
• Using active memory manipulation to foil static analysis and avoid
signature based AV solutions
• In some cases, being used in conjunction with human operatives in the
theft of company IP
26
28. Cyber Warfare (continued)
Plan For the “When”, Not the “If”
• Cyber Counterespionage
• Fusion Cell Analysis
• CyberStrike:
̶ Identify
̶ Assess
̶ Neutralize
̶ Exploit
27
29. Engagement Strategies
• Passively Monitoring Known ‘Bad Actors’ and Crime Servers for:
– ClientIPAddress
– ClientDomainName
– ConspiracytoAttack
• Monitoring Multiple Data feeds to include:
– InternetRelayChat(IRC)Communications
– Logfiles
– OpenSourceIntelligence(OSINT)
• The more network security, attack vector, and threat trending
knowledge an enterprise can harvest, the more secure the enterprise
28
30. Engagement Strategies (continued)
Fusion Cell Analysis
Government HUMINT Civilian Cases
Human Collection Efforts
Cases
OSINT
Open Source Intelligence
Threat Predictive
Profiling Posting Trends
Exploits
Malware Analysis
Known Threats IRC
Internet Relay Chat
29
The Association of Certified Fraud Examiners (ACFE) performs regular in-depth surveys in relation to occupational fraud. According to there 2012 Report to the Nations:
In these 3 areas there is a common theme noted of corruption and billing.Are we prepared to discuss corruption and billing in more depth? This seems a bit generic and it may help to have some examples in mind and how a lack of IT controls pose a greater fraud risk to these two areas.
The Computer Emergency Response Team at Carnegie Mellon’s Software Engineering Institute maintains an insider threat database, containing cases that specifically include incidents of IT sabotage, fraud, and theft of intellectual property. In 2012 they conducted a study of threats from trusted business partners. Of the 578 cases in the insider threat database, 50 cases involved contractors, consultants, and temporary employees and an additional 25 cases involved trusted business partners in an organizational relationship with the victim organizations.This tablecompares the type of position (technical vs nontechnical), authorized access, location, employment status, and type of crime for trusted business partners with an organizational relationship and trusted business partners with an individual relationship, representing the previously mentioned 75 cases. Also shown are the numbers from the remaining cases of “typical insider fraud”.There was not data for all presented variables for all data points, which is why the numbers may not add up in each category.
The 16 most commonly noted anti-fraud controls include:
Client situation explains how important compliance is for any organization.
The consultant/developer actually offered to perform the work for $20,000/month, but the CEO insisted on $30,000.The company’s website was completely rebuilt three separate times in the year it was in operation.Internal IT staff at Free For All LLC were not utilized for development purposes, despite having development skills in house. The internal staff were largely concerned with documentation during the first year of operation. The level of documentation of policies, procedures, and processes was more thorough than is typically seen in much larger and more mature organizations.
If a critical system function should alert relevant personnel when it is used, would you be able to detect that it was turned off? If no notifications were ever received, do you review the function usage to verify that it was not used?
In order for segregation of duties to be effective in this instance, the software change control system must enforce the approval of changes from individuals that do not have access to move changes into production. Strong access controls must be in place in the change control system to prevent approval through unauthorized access to accounts.Change detection systems can identify when changes have occurred, so that those changes can be reviewed against approved changes. Effective change detection controls can enable organizations to know that no unauthorized changes have occurred rather than simply having faith that none of occurred.Does your service organization have effective controls to prevent/detect unauthorized changes by individuals with access to make changes to the production environment?
Loosely based on ACFE article.Web applications present a significant opportunity for hackers. A variety of methods can be used to gain unauthorized access to web applications. In this incident the attacker was able to hijack the company’s Domain Name Servers using social engineering. He then redirected users to a malicious copy of the site that captured their credentials before passing them back to the to the company’s web application. There are a wide variety of methods that an attacker could use steal authentication data and/or gain control of a system. An attacker could also leverage SQL injection, in which the hacker will attempt to insert malicious database commands into user inputs in the application. If the application does not properly cleanse these inputs, then the application could execute malicious commands the that result in the disclosure of sensitive information. A hacker could also hijack the session of active users, bypassing authentication, and gaining access to their accounts if session management is not securely implemented in the application. If the web application is not properly coded, an attacker could embed the site in a frame hosted on their own site. The attacker could then use spear phishing techniques to trick users into accessing the web application this their malicious site, capturing credentials in the process.
When web applications are used to support financially significant business functions organizations should strongly consider performing routine vulnerability scans and penetration tests of the application, particularly if the web application is publicly accessible.Following a secure software development methodology can help an organization avoid common security pitfalls when developing web applications internally.Logical access and change management controls must extend to the service provider organizations. In the case of Duped Brokerage, the hacker was able to gain control of the company’s DNS by convincing their domain registrar to give them access to their records. While most of the infrastructure for web applications can be managed internally, some components, such as a domain registrar, must be performed by an authorized third party service organization in the overwhelming majority of cases. It is critical that organizations be alerted to any changes to domain registration and domain records. Detecting these changes at the third party organization can be quite difficult unless the third party provides this functionality.
Identifying the configuration items that impact the availability, integrity, and/or confidentiality of significant systems and data and changes to those configuration items is critical for the effective management of changes. Configuration management is one of the most difficult IT management processes because many systems and applications are not designed to easily allow detection of changes to configuration items. This is not to even mention the difficulty in identify every configuration item that could potentially impact the availability, integrity, and/or confidentiality of significant systems. However, organizations that have effective configuration management processes are capable of managing changes in a more effective manner.It is important that Internal Audit work with IT to find a common ground on IT processes and controls. COBIT is aligned with a number of complementary IT management frameworks that can provide a common language for IT and internal audit when talking about IT processes and controls. These frameworks include, but are not limited to, the IT Infrastructure Library (ITIL) v3, International Organization for Standardization (ISO) management standards, and Val IT.