At financial institutions, insider threats and internal fraud are serious issues. Globally, the Association of Certified Fraud Examiners estimates that fraud costs organizations about 5% of their annual revenue , amounting to a staggering $5 trillion per year . Insider fraud is believed to account for up to 40% of these costs around $2 trillion annually . The average cost per incident is $412,000 , making this type of fraud not only widespread but also extremely damaging. Insider fraud is defined as " the deliberate misuse or misappropriation of the employing organization’s resources or assets for personal benefit. " It’s committed by a malicious insider, such as a current or former employee, contractor, or partner, who uses their authorized access to compromise sensitive systems or data. These actions pose serious risks to confidentiality, integrity, and trust. Financial institutions are especially vulnerable due to ...
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