Tuesday, February 11, 2014

Smugglers, Drug Traffickers and Pirates Using IT

Maritime fraud is becoming more common and one cause is computer hacking, says maritime insurer Skuld. As both the greater reliance on IT and electronic trading platforms and documents increases, so does the need to stay ahead of the game played by fraudsters. There is a “cost” of course, to greater security, both in terms of investing in better technology and processes, but also in potential business opportunities.

Cyber Fraud is a rapidly developing area of risk for all companies across all industries. The key to successful fraud is having enough convincing information and knowledge to make the target believe that a transaction is genuine. Information theft is therefore a key element in fraud, and cyber-attacks can facilitate the wholesale theft of vast amounts of confidential information.