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Launching a Vision to Tackle Cyber Fraud

Chair of The Intelligence Network and Director of Cyber Security at BAE Systems Applied Intelligence Read time: 3 mins
The Intelligence Network has identified tackling cyber fraud as a major priority in its mission to make the online world a safer place.
Launching Vision to Tackle Cyber FraudHalf of all crime is fraud, half of all fraud is cyber enabled, and ‘massive data fraud and theft’ has been ranked by the World Economic Forum’s 2019 Global Risks Report as the fourth most important global risk for the next 10 years.
 
But today marks a turning point in the fight against cyber fraud. The Intelligence Network, a coalition of 1,500 industry experts, has identified tackling cyber fraud as a major priority in its mission to make the online world a safer place, and has just launched its vision for change.
 
The vision follows an intensive six month research programme, collating extensive input from experts across industry, academia, government and law enforcement. The process has been inspirational and stimulating, and on behalf of The Intelligence Network I’d like to thank everyone in the industry for their involvement so far.
 
Our commitment at The Intelligence Network, as we continue to evolve our thinking, is to keep engaging our community in everything we do.
 
Our vision maps out the changes necessary to significantly reduce society’s vulnerability to this crime. We want to stimulate change in four problem areas:
  • 1. Endemic attacks: the prevailing mind set in cyber security is that organisations should think about “when” not “if” they suffer a successful cyber attack. But the high number of attacks is making it too easy for criminals to access the data they need to commit fraud. 
  • 2. Operating in silos: while there is some sharing of information between security teams and fraud teams, sharing across functions and industries is limited and joint action is rare. 
  • 3. The cyber to fraud gap: effective cyber security, counter fraud and law enforcement are all critical to tackling cyber fraud, but are currently treated as ends in themselves and have their own objectives and terminology.
  • 4. Social engineering: the ability of criminals to deceive people is at the heart of both cyber attacks and fraud. Most current effort goes into training people to make near impossible judgements, rather than making their tasks easier.
 
We will be working closely with our members and stakeholder communities to establish an action plan to make our vision a reality. So, if you haven’t yet been involved, now is the perfect time to start.
 
To become a member of The Intelligence Network, to find out more about our vision for tackling cyber fraud, and to get involved in building our action plan, please get in touch with myself and the team.
 
 
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James Hatch Chair of The Intelligence Network and Director of Cyber Security at BAE Systems Applied Intelligence 27 June 2019