Cyber Security and Big Data Scoring – What to do when Annual Cost of Fraud for UK is over GBP193bn

Cyber Security and Big Data Score

Cyber Security and Big Data Score

Cyber Security and Big Data Scoring What to do when the Annual Cost of Fraud for the UK is over GBP193bn.
Financial fraud is up by more than 25% in the UK and other big cyber issues are proliferating worldwide and affecting companies, banks and financial organisations. The annual cost of fraud costing in the UK alone is £193bn per year. This one of the top concerns for executives. It is therefore essential that businesses, banks and fintech companies lead the charge in fighting cybercrime.
We highlight 2 reports and publishes 2 PRs. One that deal with cyber crime and how businesses can cope with that and another about Big data Scoring and Cybersecurity -and a company that offer New Features to combat fraudsters.

A Press release by the Department for Culture, Media & Sport and Ed Vaizey MP from the British Government states that Two thirds of large UK businesses are hit by cyber breach or attack in past year. Please see bellow.

The business government urges Britain’s businesses to better protect themselves from cyber criminals following government research.
  • Nearly seven out of the ten attacks on all firms involved viruses, spyware or malware.
  • Record £1.9bn government investment to protect UK but industry must act to help protect themselves
  • New National Cyber Security Centre will launch in the autumn 2016

Britain’s businesses are being urged to better protect themselves from cyber criminals after government research into cyber security found two thirds of large businesses experienced a cyber breach or attack in the past year.

The research also shows that in some cases the cost of cyber breaches and attacks to business reached millions, but the most common attacks detected involved viruses, spyware or malware that could have been prevented using the Government’s Cyber Essentials scheme.

The Cyber Security Breaches Survey found that while one in four large firms experiencing a breach did so at least once a month, only half of all firms have taken any recommended actions to identify and address vulnerabilities. Even fewer, about a third of all firms, had formal written cyber security policies and only 10% had an incident management plan in place.

Minister for the Digital Economy Ed Vaizey said:

The UK is a world-leading digital economy and this Government has made cyber security a top priority. Too many firms are losing money, data and consumer confidence with the vast number of cyber attacks. It’s absolutely crucial businesses are secure and can protect data. As a minimum companies should take action by adopting the Cyber Essentials scheme which will help them protect themselves.

Results from the survey are being released alongside the Government’s Cyber Governance Health Check, which was launched following the TalkTalk cyber attack. It found almost half of the top FTSE 350 businesses regarded cyber attacks as the biggest threat to their business when compared with other key risks – up from 29 per cent in 2014.

The Government’s Cyber Governance Health Check also found that:

only a third of the UK’s top 350 businesses understand the threat of a cyber attack; only a fifth of businesses have a clear view of the dangers of sharing information with third parties; and many firms are, however, getting better at managing cyber risks, with almost two thirds now setting out their approach to cyber security in their annual report.

Both surveys form part of the Government’s rigorous approach to tackling cyber crime, which will see £1.9 billion invested over the next five years.

The Government is encouraging all firms to take action: the 10 Steps to Cyber Security provides advice to large businesses, and the Cyber Essentials scheme is available to all UK firms. The Government is also creating a new National Cyber Security Centre offering industry a ‘one-stop-shop’ for cyber security support.

A new national cyber security strategy will also be published later in 2016 setting out the Government’s plans to improve cyber security for Government, businesses and consumers.

Big data Scoring and Cybersecurity – New Features to combat fraudsters. 

With a spike in financial fraud or lending in the digital age new software are necessary to manage cyber security and combat fraudsters. Bellow a PR worth reading.
With this in mind, Big Data Scoring – a service that uses big data algorithms analysing online behaviour to create scores for everyone – is introducing new features to combat fraudsters. Based on behavioural analysis, the new features compare the activity of honest and fraudulent users online and now analyse factors such as email creation dates, time spent on website and phone numbers.

Credit Scoring Service Adopts Pioneering Technology in Fight Against Fraud

London, 27 May – A new cloud-based service, letting consumer lenders improve loan quality and acceptance rates through the use of big data, is leading the charge in the fight against cyber criminals and online fraud.

Big Data Scoring – a tool used by banks and financial institutions to determine someone’s creditworthiness based on data secured online – has introduced a range of new features to see if the user’s actions are legitimate.

It does this using analytics and behavioural modeling, comparing how an honest user behaves compared to someone trying to commit fraud. A strong correlation has been identified between email account creation dates, invalid phone numbers and credit quality.  As a result, Big Data Scoring have introduced new features to identify unusual behaviour. This behaviour includes copy and paste in uncommon fields, email addresses set up just minutes ago and an uncharacteristically short amount of time spent on the website.

Launched in the UK last year, Big Data Scoring taps into the broadest source of information – from across the internet – using publicly available and authorised information. This data, used in conjunction with more traditional scoring methods, brings lending into the digital information age, allowing lenders to make informed credit decisions.

Erki Kert, CEO at Big Data Scoring, commented: “Online fraud is currently rife and threatens the stability of our financial systems. We are seeing more sophisticated forms of fraudulent activity each day. We adapt our technology accordingly, by identifying trends and updating our processes.“

“The better we become at identifying fraud online, the more accurately and responsibly financial institutions can lend to consumers. This is particularly important for young people, many of whom suffer as a result of the current system. All too often under-30s receive either too much or too little credit, which in turn contributes to the personal debt crisis we’re experiencing here in the UK. ”

YouGov research, commissioned by Big Data Scoring, reveals one in four (25%) of under-30s have been declined a financial product, while one in ten (11%) fear they’ll never be able to pay back their debt.

Credit scoring millennials and non-UK nationals has always been tricky for lenders: the lack of credit history means that lenders often get it wrong, offering either too little or too much credit. Intelligent research of a loan applicant online  helps to build a clearer profile from which to assess creditworthiness.

Notes to Editors

YouGov Study. Total sample size was 4138 adults, of which 636 were under 30 years old. Online fieldwork was undertaken 19th – 23 November 2015.

Big Data Scoring is an essential tool for use by banks and financial institutions to determine the creditworthiness of individuals based on data secured online. It does this by tapping into the broadest source of information from across the internet, using all publicly available information. This intelligent research brings lending into the digital information age allowing lenders to make informed credit decisions.