It’s natural to want to protect your business. After working hard to get where you are today, you want to do all you can to safeguard your company against any potential threats.
While many companies are cracking down on criminal attacks from burglars, they often disregard the threat of fraudulent attacks from their very own staff, which can have even worse consequences for their business.
Cases of fraud cost businesses the equivalent of 5% of their annual revenue, a report by the Nations on Occupational Fraud and Abuse revealed.
While loss of short-term profits is detrimental to any business, it isn’t the worst consequence of internal fraud. Imagine if an employee gained access to sensitive customer data and used it to their advantage. This could result in terrible repercussions for your customers, a badly damaged brand reputation for your business, and cause lasting, long-term harm to your firm. (more…)