As Christmas nears, traditionally a busy time economically, the same is true for the criminal economy.
Elliot Roddy, Operations Director at the guarding company CDX Security Group, says that shoplifting, internal theft from employees, fraudulent returns, and accidental actions, are the top ways retailers are exposed to loss. He says: “Each year, we see certain items gain popularity and become the must-haves of the year. This year, social media and the rise of TikTok has accelerated the rise to the top for certain products and we can already see a selection coming to the forefront.
“Air fryers, Mini Uggs, Dyson Air Wraps and Apple Watches all seem to be on this year’s wish list, while the old favourites, such as the latest iPhone or AirPods, remain must-have items. These big-value items will be highly sought after this ‘golden period’, making it essential for retailers to stay alert.”
Cyber
According to a IT security firm’s survey of 600 CISOs, employees continue to be the ‘weak link’ in cyber security, particularly when it comes to keeping track of people, their devices and their data. Almost half (45pc) leave their computer logged in without being on it and use their work computer for personal use, while nearly the same (43pc) delete suspicious emails without flagging them to IT and connect to public WiFi sources. Meanwhile, most (84pc) of CISOs are actively recruiting to fill a skills shortage, while 87pc of CISOs are looking to outsource to help fill this gap. Most (85pc) CISOs struggle to retain cybersecurity staff and 84pc say that they have just enough resources to cope with the basics of cyber.
Visibility is still one of the most pressing issues facing CISOs and a key element of this is assessing their estate, establishing which cyber solutions they have and consolidating technology, said Dave Henderson, CEO Sales and Marketing at BlueFort Security. “The net result is that many CISOs are undertaking a significant declutter getting rid of no-longer used, oftentimes duplicate tools. Put simply, they are learning what they can live without.
“The industry is in a strong position moving into 2023. While CISOs recognise the ongoing skills shortage and the ever changing threat landscape, they now have a clearer idea of where they are, what challenges they are facing, and which gaps they need to fill. There are certainly challenges ahead, but this survey demonstrates CISOs remain laser focused on consolidation and collaboration. As they continue to reconcile their tools – removing those that deliver minimal value and prioritising best-in-breed solutions – CISOs will be well-placed to protect their organisations over the next 12 months.”
Meanwhile an insurance broker says insurance scams, fraud and theft are a trio of risks tending to emerge during times of economic downturn. Ascend Broking urges companies to be on their guard in the coming months, and see they have relevant insurance covers, should they be caught out. ‘Crash for cash’ was the most prevalent insurance fraud in the fourth quarter of 2021 and seems to be on the rise, the firm says. It involves a road user deliberately engineering a crash, to seek an insurance payout. Having operated in some major towns and cities, it seems to now be spreading out, to areas where motorists are less aware of the scam, despite insurance sector efforts. The broker points also to liability risks emanating from a firm’s ‘grey fleet’ – the privately owned vehicles that employees use on company business, sometimes in return for a mileage payment.
Ascend Broking’s managing director, Matthew Collins, says: “Tough economic times unfortunately create heightened insurance risks and companies need to be on their guard against them. Whilst they too may wish to cut back on cover, common sense should dictate that this is the very time at which insurance can often be most useful.
“We are happy to talk anyone through all of this, or provide a view on their existing policies and whether or not there are gaps in cover that are exposing them to big potential financial losses. It is better to be aware of the risks and take an informed view on what to do about them, rather than to have these big holes in your cover and only realise the financial consequences when an incident occurs.”
