By their very nature, financial institutions are exposed to numerous risks from outsiders such as fraudulent or criminal clients, and more worryingly perhaps by their own employees through insider threat. Although external threat prevention is more regulated, notably with the customer due diligence requirements of KYC, insider threat prevention is more variable, depending on the institution.
The 2022 Cost of Insider Threats: Global Report reveals
- Insider threat incidents have risen 44% over the past two years, with costs per incident up more than a third to $15.38 million.
- Incidents that took more than 90 days to contain cost organizations an average of $17.19 million on an annualized basis.
The best way to contain an incident is to prevent it happening in the first place.
Financial institutions will conduct a point in time criminal background check for new employees with periodic updates, often combined with a review of system access and logs to check on employees’ activities to detect any anomalies.
These background checks are flawed:
Standard checks are a 1-time snapshot of potential criminal background that:
- Are often reliant on data that is incomplete and several months old
- Is not updated in real time if something in that person’s criminal background were to change since the last data capture
- Only captures convictions, not all arrests and charge history
These limitations increase threat vectors for financial institutions by potentially letting in employees with a high-risk background, exposing the bank to internal criminal activity, losses, fines, sanctions and untold reputational risk.
=> Your current employee vetting tools are not sufficiently protecting you.
Biometrica’s eMotive for Insider Threat Prevention can help: eMotive pulls criminal data from 100s of locations around the country and around the world 24/7/365 to provide the world’s only real-time continuous criminal background check.
