Attachmate Corporation today announced the availability of Attachmate Luminet, an enterprise fraud management solution that takes the guesswork out of application monitoring. Luminet reveals user activity within enterprise applications and transforms the data into actionable intelligence, allowing organisations to protect the privacy of mission-critical data, reduce internal fraud and enable regulatory compliance.
Insider fraud and failed audits caused by employees abusing privileges and access to confidential information continues to be a growing challenge for many industries including financial services, government and health care. These abuses result in lost business, damaged reputations and financial losses totalling billions of dollars.
“Global fraud costs are likely to total more than US$300 billion over the next year, making an investment in enterprise fraud management (EFM) technology a worthwhile strategy for many enterprises,” said Avivah Litan, vice president and distinguished analyst for Gartner. “Until now, most enterprises using fraud detection technology have been limited by siloed solutions and as a result are faced with a fragmented approach to fraud prevention. A key driver in the emergence of a new generation of EFM solutions is the need to address fraud across multiple channels within the enterprise.”
While most organisations have invested in robust security technologies to protect themselves from external attacks, many still struggle to address more challenging threats from within. As insider fraud becomes increasingly sophisticated and industry and government regulations more demanding, organisations need help protecting sensitive data and identifying actionable evidence of employee abuse when an internal fraud incident occurs.
“Most insider fraud goes undetected within the enterprise for more than a year, after which uncompromised evidence is difficult to secure and taking decisive action is nearly impossible,” said Michael Miller, director of business development and strategy for Attachmate. “Luminet captures employee activity as well as the data needed to prevent fraud and demonstrate regulatory compliance, by assembling a complete history of user activity across enterprise applications – from the mainframe to the web.”