The rise of white-collar crime is an alarming trend that has risk management professionals scrambling for more effective defensive tactics and security measures. Crime insurance is no longer written to simply address loss from robbery or theft stemming from a physical robbery.
Policies are now inclusive of the threats that come with disgruntled employees that steal from their employer in a variety of ways. The information found at axisins.com/ identifies the use of computers and internal procedures as equally susceptible to crime, with employees being exploited or hacked in order to gain access to funds or data.
Understanding Risk Management
Many financial organizations understand the generic threat of crime or cyber attack issues yet have a false sense of security that such things couldn’t happen to their company. The danger in this mindset is that a superficial risk management system will be put in place, leaving the organization open to great loss.
For the purpose of protecting your company, you need to expand your understanding of the word theft as it relates to risk management. Assets can be both tangible and intangible, with accounts, money, securities, bills, currency, and data is some of the most worthwhile items to white-collar criminals.
White-collar crime is something you can prepare for, despite the ability of the thief to easily blend into the financial environment. Both insurance and risk management strategy are necessary to minimize your threat level.