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August 18, 2015
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With summer well underway and many employees on holiday, the office can be strangely quiet – and unfortunately, more vulnerable to employee theft. What are the risks and how can you improve your summer security?
When it comes to office information security, employee theft is more common than you may think, and it's on the increase. According to the CIFAS Employee Fraudscape report 2015, insider fraud rose by 18% last year alone. It is estimated that overall, 56% of all organisational fraud is perpetrated by an insider.
An analysis by the University of Portsmouth found the average initial cost to an organisation of insider fraud is £424,500. However the true cost is actually 14% higher, once additional expenses such as conducting a thorough investigation into the fraud and any financial penalties from regulatory bodies are taken into account.
Smaller frauds have a disproportionately large impact; the analysis showed that for frauds below £25,000, the true cost to the organisation was actually on average 265% higher.
According to a study by the British Retail Consortium, in the retail sector there were 8.9 employee thefts per 1000 retail employees last year, with an average cost of £1,031 per incident. Fraud accounted for over a third (37%) of the total cost of retail crime.
During the summer when a workplace is being managed by a skeleton staff and there is less supervision in general, experts say there is all the more reason to have safeguards in place to ensure sensitive information is protected.
Improve your office security; here are 9 ways to reduce the risk of employee theft during the summer... and all year:
For more information, check out our infographic detailing The Hard Facts on Occupational Fraud.
Fill out the form or call 0800 197 1164 to start protecting your business today!