How Can Companies Respond Legally to Digital Fraud
The digital fraud landscape is evolving with increased attacks, especially during the COVID-19 pandemic. Companies are legally vulnerable as digital fraud isn't well covered, prompting a push for enhanced cybersecurity measures. Insights from experts highlight trends and the lack of legal coverage for digital fraud responses.
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Key takeaways
Digital fraud has increased by 46% during the pandemic according to Transunion.
Digital fraud isn't well covered legally, leaving companies vulnerable and seeking enhanced cybersecurity.
Remote work has weakened cybersecurity, making businesses more susceptible to digital fraud.
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Digital Fraud has always been an issue, but the COVID-19 pandemic accelerated attacks. Fraudsters looking to take advantage of a cataclysmic world event and work-from-home employees with lower cybersecurity found the time fruitful.
On this episode of In The Cloud, Voice of B2B, Daniel Litwin talked with Tony Petrov, Chief Legal Officer at Sumsub, series A startup working on solutions to help prevent digital fraud. Petrov gave insights on trends around digital fraud, current motivators, how companies should and shouldn’t be responding, and legal aspects of cybersecurity.
A Transunion report found that fraudster threats against businesses increased 46 percent during the pandemic. These threats certainly increased due to lower security as employees transitioned to their home office with lower cybersecurity. Often, the attacks come from users who have fraudulent accounts. But, digital fraud isn’t often covered, so companies and employees are left exposed after an attack.
“Legally, digital fraud is not covered at all, so you will not find it in any duty,” Petrov said. “There is no duty, for example, that you need to counter digital fraud.”
The increase in digital fraud attacks has also led to some high-profile attacks in the last year, such as the Colonial Pipeline. These types of large attacks have companies asking what they should do in such an event and how they are responsible. This is leading many companies to seek out more secure networks and digital storage, according to Petrov.
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About the author
Daniel Litwin is a journalist of multiple disciplines focused on finding and telling engaging stories for B2B communities. He has interviewed executives from Fortune 500 companies including Honeywell, Microsoft, John Deere, and Chipotle, and leads editorial direction at MarketScale. Litwin hosts weekly shows and podcasts while helping develop new content approaches across the MarketScale platform. He holds a B.J. in Radio/Television Reporting/Anchoring and a B.A. in Spanish from the University of Missouri-Columbia.
