Nearly half of all credit card fraud around the world occurs in the U.S., although Americans account for just a quarter of global card volume, according to a recent Barclays report, which claims that the reason for the disproportionate fraud is that the U.S. still relies on outdated magnetic stripes, which are easy for hackers to replicate or manipulate.
Mention cybersecurity and immediate thoughts turn to technical controls such as firewalls, endpoint detection and patching systems. While these and other technical controls certainly are necessary, they must work in tandem with administrative and physical controls in order to form a mature risk mitigation program. This month, we will explore some of the physical aspects of cyber risk management, which inherently relies upon on-site security personnel and employee training for proper execution.
The requirement for financial services businesses to maintain real-time connection to the global economy impairs security precautions, said a new report.
According to a new report from Barclays, 47% of the world’s credit card fraud happens in the United States, even though Americans only account for 24% of the total credit card volume.
For a long time now, people (employees, users) have been touted as ‘the weakest link’ because of the tendency to make mistakes or try to bypass cumbersome processes, with no malicious or criminal intent in mind,” says Anthony Lim, Senior Cybersecurity Advisor, Asia Pacific, for Frost & Sullivan and Vice-Chair for (ISC)2 Application Security Advisor Council.
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