How CFEs Protect Businesses from Internal Threats

The most crucial asset of any organization is its employees, who drive the business to success through their dedication, skills, teamwork, and adherence to security & ethical standards. However, as the number of security incidents continues to mushroom, the risk of an employee being both an asset and a vulnerability also continues to rise. In fact, the IBM cost of data breach 2023 report highlights that threats and breaches initiated by malicious insiders were the most costly, coming up to a whopping $4.90 million. 

Insider threats have been building up in the corporate security system at an increased momentum. However, its identification and implications are highly restrained to uncover as insider threats can be both unintentional or could be caused due to malicious needs or resentment towards the company.

Insider threat security necessitates a highly strategic strategy as well as specialists who are trained to identify unknown tactics, the complexity of attacks, and the involvement of unintentional employees. Failing to implement certified fraud examiners who are skilled at detecting insider fraud and can leverage the latest technology and best practices can make an organization’s systems and networks vulnerable to loss of confidential data, finances, and a dented reputation. 

Here is how CFEs protect businesses from Insider Threats

• Disgruntled employees lurk in plain sight and are exceedingly difficult to identify, making them a hazard to the organization. However, it is the certified fraud examiner’s role to identify employees who are unsatisfied with their jobs or harbour resentment towards the organization or its employees. 
• Certified fraud examiners are skilled at identifying incidents that reflect an abnormality in an employee’s behaviour. This may include a situation when an employee suddenly begins purchasing expensive products or taking lavish excursions that exceed their income, or If an employee attempts to access an unauthorized network or system, indicating they are concealing something, stealing sensitive information, or installing a flaw to expose the system to attacks. Moreover, CFEs perform historical data analysis of an employee’s records as well, to find links to malicious behaviour that can be dangerous to the organization.
• If anyone in an organization has the ability to combat the worst insider threat, they must be an employee. A CFE is well aware of this fact and leverages the company’s task force as its most valuable asset by providing them with ethical, code of conduct, confidentiality, and security training. Training ensures that an employee does not intentionally put the organization’s security at risk, or identify a malicious insider’s actions and report them before they mushroom into a dangerous act for the organization.
• Certified fraud examiners also ensure that the company’s security system is follows the latest IT protection policies. This may include ensuring that the security system is up to date, restricting access to devices and networks has a direct impact on system security, and having a contingency plan and risk assessment in place for detecting an insider data breach through a proactive strategy. 
• Certified fraud examiners may also create a response task force to provide a security blanket for your system and network. The task force detects and contains a security leak to minimize its impact. 

Netrika acts as a catalyst in establishing a clear plan for certified fraud examiners to identify and avoid insider threats.

Netrika has partnered with ACFE to create the only authorized CFE (certified fraud examiner) course in India. We are dedicated to minimizing global fraud and instilling public trust in the integrity and objectivity of the corporate world. Our expert instructors with considerable experience in fraud investigation and prevention combine the latest business concepts with practical education to provide a comprehensive strategy for recognizing and managing insider threats. Netrika’s instructor-led CFE training course teaches and promotes awareness for both professionals and organizations in order to thwart prospective fraud and minimize the risk of harm to the entity.