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Over the past year, the pandemic has accelerated the digital transformation that was already well underway at many organizations. Of course, with more business being conducted online comes the potential for more online fraud — and fraudsters have wasted no time adapting their tactics to maximize their returns.
We, as defenders, must adapt as well.
Traditionally, enterprise defenses were in silos, with three separate functions to handle three very important capabilities:
Security: Protects the enterprise from attacks, breaches, theft of sensitive information, and other security threats.
Fraud: Protects the enterprise from insider threat, business logic abuse, monetary loss due to fraud, reputational damage, and other such risks.
Digital: Ensures a smooth online experience for customers and ensure that business logic flows smoothly and results in revenue growth for the business.
At one time, this delineation of functions made sense. It allowed businesses to build expertise in and focus on countering three different types of challenges that required three very different types of people, process, and technology.
In light of digital transformation, however, separate functions no longer makes sense. On the contrary, it often serves to the organization's detriment. Among the issues:
Important items fall through the cracks: When lines have blurred enough that it's not clear which function is responsible for which risks, threats, challenges, and/or alerts, important items will be missed.
Redundant technology: As the overlap between security, fraud, and digital increases, the technology acquired, operated, and maintained to address each challenge in a siloed manner will become increasingly red ..