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CyberEdge Group, a premier research and marketing firm serving the security industry’s top vendors, today announced immediate availability of its fifth annual Cyberthreat Defense Report. New this year, the report found that 55 percent of responding organizations were compromised by ransomware in 2017, down from 61 percent in 2016. However, respondents who were victimized by ransomware and who elected to pay the ransoms (customarily using Bitcoin) were asked if they successfully recovered their compromised data. Surprisingly, only half confirmed successful data recovery, while the other half acknowledged complete data loss.
With 1,200 IT security decision makers and practitioners participating from 17 countries, six continents, and 19 industries, CyberEdge’s Cyberthreat Defense Report is the most comprehensive study of security professionals’ perceptions in the industry. This study provides a 360-degree view of organizations’ security threats, current defenses, and planned investments.
The 2018 Cyberthreat Defense Report yielded dozens of additional insights into the challenges faced by IT security professionals today. Key findings include:
“Got a coin? Flip it to see if you’ll get your data back after paying a ransom associated with ransomware. That’s just plain scary,” said Steve Piper, CEO of CyberEdge Group. “In 2017, 55 percent of our respondents’ organizations were victimized by ransomware. Of those victims that refused to pay the ransom (61 percent), the vast majority (87 percent) recovered their data from backups. This just underscores how important it is to incorporate a sensible data backup strategy as part of an organization’s cyberthreat defense strategy.”
“The 2018 Cyberthreat Defense Report is the result of one of the few independent surveys of security practitioners. While many leading vendors provide their own research of the cybersecurity space, it is important to supplement their findings and conclusions with unbiased research and analysis such as the Cyberthreat Defense Report,” said Richard Stiennon, chief research analyst at IT-Harvest, “The leveling off of the percent of respondents reporting breaches is a good sign, but at 77.2 percent, it is still very high and paints a picture of no end in sight for serious breaches in the coming years. I hope all security teams show this to their senior leadership.”
About the Cyberthreat Defense Report
In November 2017, 1,200 IT security decision makers and practitioners completed a 27-question online survey. Each participant was employed by a commercial or government entity with a minimum of 500 employees. Participants stemmed from 19 industries and 17 countries across six geographic regions, as follows:
Winner of a 2017 Platinum MarCom Award for research excellence, the Cyberthreat Defense Report is designed to complement Verizon’s annual Data Breach Investigations Report, which evaluates the cyberthreat landscape and describes how threats are used to penetrate computer networks. This report assesses organizations' security posture, gauges perceptions about cyberthreats, and ascertains future plans for improving security and reducing risk. It provides deep insights into how IT security professionals perceive cyberthreats and what they’re doing to defend against them.
The 2018 Cyberthreat Defense Report was sponsored by several leading information security vendors, including:
Report Available Now
The 2018 Cyberthreat Defense Report is available now through each of the above sponsors and by connecting to the CyberEdge Group website at http://www.cyber-edge.com/cdr.
About CyberEdge Group
CyberEdge Group is an award-winning research and marketing consulting firm serving the diverse needs of information security vendors and service providers. Headquartered in Annapolis, Maryland with three-dozen consultants based across North America, CyberEdge boasts more than 100 of the security industry’s top vendors as clients. The company’s annual Cyberthreat Defense Report provides information security decision makers and practitioners with practical, unbiased insight into how enterprises and government agencies defend their networks against today’s complex cyberthreat landscape. For more information, visit www.cyberedge.com.
The CyberEdge Group name and logo are trademarks of CyberEdge Group, LLC in the United States and other countries. All other trademarks and service marks are the property of their respective owners.
No Office Walls (NOW), a free counter-fraud networking forum for the insurance industry, today announced that iovation, a leading provider of device intelligence for authentication and fraud prevention, has become the first official sponsor for the No Office Walls forum. As part of the sponsorship package, NOW is using iovation’s ClearKey transparent authentication solution for secure login on its website.
No Office Walls has been set up by Dan Cassell and Cate Wright – Dan was a founder of GoCompare and IT Director and Cate headed up the Fraud department at the comparison site.
NOW will launch in March 2018 and will provide a free, secure communication platform to enable counter-fraud specialists in the industry to discuss and share knowledge, experience, and best practises in real-time.
“We are over the moon that iovation has become our first official sponsor. Given its reputation and success in helping the insurance industry combat fraud, it is a perfect partner for No Office Walls and its support will go a long way to help keep this a free forum for the industry,” said Cate Wright, co-founder of No Office Walls. “Our main goal at NOW is to promote industry collaboration in our collective fight against fraud. Too many insurance firms are working in silos and until we start sharing knowledge and best practice, the fraudsters will continue to have success.”
Molly O’Hearn, VP Operations and co-founder for iovation, said: “The insurance industry in the UK has been targeted by fraud rings that operate with surgical precision in recent years. From ghost brokering and application fraud to identity theft and account takeovers, the industry has woken up to fact that the whole is greater than the sum, and that industry collaboration will be essential for keeping fraud rings in check.
“iovation works with a number of well recognised UK insurance firms to help them not only reduce their exposure to risk, but also improve the experience for their customers via seamless, omni-channel authentication. We are thrilled to support NOW in its mission and look forward to a long and fruitful collaboration with its members.”
NOW is funded by sponsorship of industry service providers and in return provides a unique marketing platform. If you are interested in becoming a sponsor, please contact Cate Wright at firstname.lastname@example.org
About No Office Walls
No Office Walls (NOW) was founded by Cate Wright and Dan Cassell, two long-serving insurance
industry specialists who saw an opportunity for their industry to fight fraud more effectively by
bringing the industry together and improving the daily interaction between all companies fighting
this common enemy. Together they formed NOW to empower fraud professionals by enabling an
inclusive approach; creating industry unity through improved collaboration and communication.
NOW works by inviting Counter Fraud Professionals within the insurance industry to join the NOW
community for free and actively contribute to the tool by sharing challenges and successes,
contributing to discussions and creating content such as blogs. Members will benefit from the
information, knowledge and experience of other contributing community members. The more NOW
community members contribute and the more the tool is utilised by the industry, the greater the
benefit will be to all.
NOW’s unique business model means it is available completely free of charge. NOW is funded by its
sponsors who are made up of Industry Service Providers; the companies that offer fraud
prevention/detection products and services to the insurance industry. In return for their
sponsorship, the sponsors advertise their relevant products and services on the platform, extract
trend and market analysis and post surveys and marketing research materials.
Notes to editors:
For more information, contact Kathryn Chadwick or Lynsey Walden at Front Door Communications
on 02920 020360 or email@example.com.
USA TODAY's Chris Elliott writes about the prevalence of travel fraud and includes guidance from iovation as to what consumers can do to protect themselves from travel scammers: "Airline ticket fraud and fake travel vouchers saw the biggest uptick in the last year, says Dwayne Melancon, a vice president at iovation, a provider of fraud prevention services. The workarounds for those are relatively simple: a healthy dose of skepticism (no, your friend isn't in London and he doesn't need you to wire him $1,000) and enabling two-factor authentication on your email."
– USA TODAY
Scott Waddell, iovation's CTO writes about the rise of romance fraud based on analysis of transactions from iovation's online dating customers. He writes: "2017 witnessed a two to three times increase in ‘identity mining/phishing attempts’, ‘spam’ and ‘scammers/solicitation’ fraud reports over 2016. But what really jumps out is that last category: “Profile Misrepresentation” which skyrocketed from 21,500 reports in 2016 to 1,650,000 confirmed reports in 2017, representing a total increase of more than 7,500%."
– ITSP Magazine
Analysts have described 2018 as a year of dramatic change for online casinos, and that could have impacts on players directly. And the key trends for the year appear to be a growing use of mobile, as well as a growing lack of tolerance among players for a cumbersome and long-winded logging in and sign up processes. In the report analysts iovation studied 450 million transactions across 100 online gambling operators to draw conclusions.
2018 Gambling Industry Report has been released by iovation, focusing on improving user experience while keeping the next generation of sophisticated fraud rings at bay. The report identifies and explores three key trends driving the iGaming market such as prioritizing the player experience; while limiting fraud and abuse remains a priority for operators and platform providers, they must not do so at the expense of their players’ experience. Technologies like predictive analytics powered by device intelligence and machine learning are helping to proactively identify potential threats at log-in but can also help identify trusted players who could become tomorrow’s VIP players.
– The Paypers
No surprise then that fraud prevention vendor iovation found that online dating transactions, including everything from account profile creation and login to the exchange of information, have a higher chance of being fraudulent when compared to transactions in other industries. Fraudulent profiles are a growing problem for online dating sites in particular as fraudsters use them to either perpetrate romance scams or harvest personal details from targets to either take over their accounts or steal their identity.
– About Fraud
iovation, the leading provider of device intelligence for authentication and fraud prevention, today published its 2018 Gambling Industry Report. This comprehensive industry-focused 25 page report is designed to provide insights and guidance to iGaming operators and platform providers who are seeking new avenues to improve the experience for their most valuable players while keeping the next generation of sophisticated fraud rings at bay. iovation will be making printed color copies of its report available to attendees of the ICE Conference being held in London from February 6-8th at stand #N9-538.
The 2018 Gambling Industry Report from iovation is based on detailed analysis of more than 450 million transactions and aggregated from over 100 gambling operator and platform customers over the course of 2017. The report identifies and explores three key trends driving the iGaming market:
“The iGaming industry is among the most mature of all the industries we serve when it comes to identifying and preventing fraud. However, as detailed in this report, fraudsters will always find the path of least resistance to extract as much value from the most vulnerable targets,” said Eddie Glenn, Product Marketing Manager for iovation. “Analysis of our gambling transactions from 2017 shows that operators must accommodate new player preferences, making their games easily accessible on a variety of device types and platforms. And they must do so without creating unnecessary friction on the path to play.”
Other highlights from the report include:
To download a complementary electronic PDF copy of the 2018 Gambling Industry Report, visit: https://www.iovation.com/resources/reports/2018-iovation-gambling-report.
iovation CTO Scott Waddell looks back on the year that was and looks into his crystal ball for 2018, laying out some resolutions that infosecurity executives should be considering. Read what Scott has to say on two-factor authentication, the converging roles of fraud and infosecurity, and how more consumers will look to their mobile device as their primary means of authentication in 2018 and beyond.
– ITSP Magazine
InfoSecurity Magazine editor Chris Payne reviews "Multi-Factor Authentication for Dummies" co-authored by iovation's Director of Product Marketing, Michael Thelander. Writes Chris "I have been working with authentication solutions of more than ten years and have both led numerous projects multi-authentication projects and written materials such as this for various authentication vendors. The authors of the book have made sure to keep the content of the book highly consumable, even for the most novice of reader, using relatable and easy to understand examples of the concepts in practice."
– InfoSecurity Magazine
Here’s a nice change of pace going into the weekend: It looks like online fraud did something unsual for Black Friday this year. It went down. For the first time in several years, credit card fraud (the most common fraud form factor for retailers online) fell to 42 percent of total fraud during the holiday shopping weekend. Last year, the same weekend saw credit card fraud at 59 percent of all fraud, according to data from authentication and fraud prevention provider iovation.
Online retailers — and consumers — have something new to be thankful for this holiday season: a decrease in online fraud. For the first time in recent years, credit card fraud — which remains the highest fraud type for online retailers — has dropped to 42% of total fraud during the holiday weekend (Nov. 24 – 27, 2017). This level was 59% of total fraud for the same period in 2016, according to data from device intelligence for authentication and fraud prevention provider Iovation. Overall, this decrease demonstrates that online retailers are making strides in their ability to identify and prevent card-not-present (CNP) fraud which has been on the rise since brick-and-mortar retailers have increased their adoption of EMV card technologies, the study reported.
– Chain Store Age
iovation, the leading provider of device intelligence for authentication and fraud prevention, today released data collected from its retail and e-commerce subscribers from the 2017 holiday weekend (Nov 24-27th). For the first time in recent years, credit card fraud -- which remains the highest fraud type for online retailers -- has dropped from 59% of total fraud found in 2016 to 42% of total fraud found in 2017 based on specific reports received by iovation’s online retail customers. This represents a 29% decrease from last year’s four day holiday weekend and demonstrates that online retailers are making strides in their ability to identify and prevent card-not-present (CNP) fraud which has been on the rise since brick and mortar retailers have increased their adoption of EMV card technologies.
Retail Transactions: From HoliDAY to HoliWEEK
iovation’s data also showed a higher volume of that consumer transactions in the days leading up to Black Friday and Cyber Monday, indicating that while consumers are doing more of their holiday shopping online in general, online retailers are extending their promotional deals several days before and after Black Friday and Cyber Monday, lessening the relative impact of each of the major shopping days. iovation’s data also shows that 62% of consumer’s online retail transactions from Black Friday to Cyber Monday originated from mobile phones/tablets, compared to 55% from last year’s holiday season, continuing an increase in m-commerce during the holidays and year-over-year.
“We can infer a number of trends through the analysis of billions of e-commerce transactions processed through our FraudForce platform. Most notable among these is that online retailers who leverage device intelligence are making significant inroads when it comes to proactively preventing card-not-present fraud,” said Greg Pierson, CEO and co-founder for iovation. “This type of fraud not only cuts into their bottom line results, it can cause irreparable harm to their brand so this is a meaningful improvement.
Consumer Behaviors: Password Complacency Still Reigns
iovation also conducted a survey of more than 1,000 consumers across four generations to better determine how knowledge of fraud affects online behavior. While 83% of respondents understand how to protect themselves online - using a credit card rather than a debit card for online purchases, monitoring credit scores regularly and shopping at well-known retailers - consumers across all demographic groups continue to exercise poor password hygiene.
On the topic of consumer behaviors, Pierson continued stating, “attitudes towards online shopping shows that consumers are becoming better educated about how to protect themselves online. However, they remain largely complacent as it relates to their password hygiene, which is why we are seeing a steady rise in identity theft and account takeovers.”
While currently serving as consumers’ primary means of authentication, passwords frequently fail when it comes to both user experience and security. And despite these shortcomings, vulnerable passwords are firmly ensconced in today’s online experience. Of those surveyed, 60% of consumers say they are not changing their passwords regularly (less than every 6 - 12 months) and of greater concern, close to 70% of consumers say they use the same password across multiple sites, meaning that a hacker can easily take over multiple consumer accounts with just a single compromised credential.
A shift from static, password-based authentication to frictionless, multi-factor authentication (MFA) is crucial to combat today’s escalating threat environment. Multi-factor authentication combines the best of user experience and heightened security for businesses, using context to determine how trustworthy the user is, and as a result, the appropriate level of authentication required. Simply, dynamic authentication makes the right things easy and the wrong things more difficult, providing additional or less layers of authentication when needed. iovation’s user friendly, mobile multi-factor authentication solution, LaunchKey, allows both brands and consumers the ease in choosing which authentication options best fit their security needs.
Click here to view an infographic highlighting these and other key findings from iovation.
Eddie Glenn is the Product Marketing Manager for iovation, a provider of online fraud prevention and authentication solutions, and the company behind ‘Identifying Self-Excluded Players in Real Time’, a new webinar for the gambling industry (Tuesday, December 5th). He spoke to TotallyGaming.com about iovation playing its part in safeguarding the sports betting industry, going the extra mile to recognise self-excluded players, and placing a greater emphasis on device intelligence to prevent the onboarding of problem gamblers.
– Totally Gaming
A majority of North American financial institutions plan to invest in machine learning analytics to help combat fraud, according to a new report by global research and advisory firm Aite Group and authentication and fraud prevention technology provider iovation. It’s clear that the threat environment continues to escalate, the report said, and effective fraud prevention is an increasingly competitive issue for financial institutions. The study was compiled from interviews with 28 senior fraud and data analytics executives at 20 North American financial institutions.
– Information Management
iovation, the leading provider of device-based consumer authentication and fraud prevention solutions, today announced the achievement of a new certification under the U.S. Department of Commerce’s EU-U.S. Privacy Shield Framework, effective October 3, 2017.
The EU-U.S. Privacy Shield Framework, developed by the European Commission in conjunction with the U.S. Department of Commerce, offers a regulated system for data flows between the European Union and the United States, ensuring organizations protect and process personal data to standards acceptable in the European Economic Area. Governed by the International Trade Administration (ITA) within the U.S. Department of Commerce, the framework holds certified U.S. businesses to the highest level of data privacy protection. Achievement of the EU-U.S. Privacy Shield certification reflects iovation’s pursuit of a larger security and compliance initiative, ensuring comprehensive preparation ahead of the EU General Data Protection Regulation (GDPR) legislation, which goes into effect in May 2018.
“Privacy and data protection are integral to doing business on a global scale, and certification under the Privacy Shield Framework echoes iovation’s continued effort to help our customers fight fraud without putting their user’s privacy at risk,” said Mark Weston, Compliance Manager and Data Protection Officer for iovation. “Certification under the Privacy Shield Framework is a significant step on the path to GDPR compliance and further proof that we’re diligently working to safeguard how consumer data is managed and processed.”
Now that iovation has made the public commitment to comply with the Privacy Shield Framework’s requirements, adherence to the its principles are enforceable by law. iovation continues to take measures to ensure the protection and privacy of its customers’ data, including minimising the amount of personal data collected and ensuring that it is secured according to industry accepted best practices.
The combination of trained fraud experts and machine learning promise a best way forward for financial institutions in the battle against fraud, in today's omni-channel experience. Findings from a new report by iovation showed that while 68% of financial institutions (FIs) cite ML analytics as a high priority investment over the next few years the path to adoption will not be without its challenges. iovation and Aite Group will be hosting a webinar at 10AM PST on November 9th to discuss the results of this survey.
– Information Age
iovation, the leading provider of device-based consumer authentication and fraud prevention solutions, today released insights from its latest report conducted in partnership with global research and advisory firm Aite Group, “Machine Learning: Fraud is Now a Competitive Issue”. The study centers on the progress toward using machine learning (ML) analytics for improving fraud mitigation and customer experience. Findings showed that while 68 percent of Financial Institutions (FIs) cite ML analytics as a high priority investment over the next few years the path to adoption will not be without its challenges. iovation and Aite Group will be hosting a webinar at 10AM PST on November 9th to discuss the results of the survey.
It’s clear that the threat environment continues to escalate, and effective fraud prevention is an increasingly competitive issue for FIs. Organized crime rings, armed with billions of stolen data records, are targeting the financial services industry with sophisticated card fraud, application fraud, account take-over (ATO) attacks, wholesale ATO and the specter of faster payments, all of which were cited among the top pain points for FIs today in the Aite research.
“What this study highlighted is that those who are early adopters of advanced machine learning analytics will be able to greatly reduce fraud while also improving the customer experience, giving those FIs a decided edge over their competitors who lag in these advancements,” said Julie Conroy, Research Director for Aite Group’s Retail Banking & Payments practice and author of the report. “Data is the new currency, and creating intelligence from data at scale requires machine learning technology.”
With the omni-channel approach to consumer engagement there are several points of interaction (ATMs, call centers, email, etc.), for hackers to gain access to personal data. In fact, cross-channel fraud was mentioned throughout the interviews with fraud and analytics executives as a key attack vector. All of this points to why FIs must embrace machine learning analytics to spot patterns and holistically prevent fraud at each point of contact with stronger yet more convenient authentication measures, which will ultimately improve the customer experience.
“Hackers see FIs as the perfect target for fraud. And, if you pile on the intense pressure to make the banking experience easier and more frictionless for customers it’s clear that FIs need a solution that will make significant improvements to their fraud fighting approach,” said Eddie Glenn, Product Marketing Manager for iovation. “We are seeing FIs turn to machine learning analytics as the foundation for a broader solution. Leveraging the vast amount of customer data at their disposal and applying advanced, machine learning techniques, FIs can create insights that allow them to better predict new fraud types they have not seen before as well as implement more contextual authentication measures that can understand the relative risk of a given transaction to ensure a more seamless experience for retail bank consumers.”
One of the misconceptions about machine learning is the perception that ‘unsupervised models” in which sophisticated algorithms alone will become the prevalent model to identify and reduce FI’s exposure to fraud will be the ultimate arbiter of whether a transaction is potentially fraudulent. However, according to the report, the majority of the installations of ML among the FIs interviewed use some type of combination of scoring generated by ML and highly trained fraud experts to continually refine and improve their models. In fact, fifty percent of respondents are using entirely supervised techniques or primarily supervised. While unsupervised models might be the goal in the long term, supervised and semi-supervised models in which trained fraud experts provide input to better train and fine tune their ML models are critical to creating a fraud prevention system that can proactively identify fraudulent activity while reducing the incidence of false positives that can negatively impact the customer experience.
The report was compiled from interviews with 28 senior fraud and data analytics executives at 20 different North American financial institutions. These interviews were conducted by Aite and took place during August and September 2017. To access the full Machine Learning: Fraud is Now a Competitive Issue report, please visit: https://www.iovation.com/resources/reports/machine-learning-fraud-is-now-a-competitive-issue
Until today, anti-fraud, security and authentication activities in organizations have operated as largely-separate domains, with IT Ops even more separated, in most cases. This is due, in part, to the "silo mentality" in enterprises, where it's more convenient to have a bunch of teams running their own disciplines. After all, collaboration and synchronization increase the degree of difficulty. Politics, momentum, status quo, and decentralized operations that use third-party providers are also contributing to the current operational division. Given the escalating threat environment and evolving data protection requirements, I think it's high time we began converging these siloed efforts.