Industry's First Business Risk Focused
Privileged User Monitoring and Audit (PUMA) Solution
Oversight's advanced analytics deliver a cost effective anti-fraud program and control.
ATLANTA (May. 21, 2007) - Oversight Systems, the leader in the continuous monitoring industry, announced the release of the first Privileged User Monitoring and Audit (PUMA) solution for detecting internal fraud. Oversight’s PUMA solution combines traditional log analysis, continuous controls monitoring, and real-time transaction analysis to address the most significant fraud risks.
Over the past 10 years, studies by the Computer Security Institute (CSI) and Association for Certified Fraud Examiners (ACFE) have identified insider threats as the highest risk to public and private industry. Oversight identifies fraudulent transactions executed by business users, database administrators, or system programmers.
Oversight’s PUMA solution monitors activity within financial systems and associated support databases, while interpreting the user’s behavior within the context of the business process. The solution reports suspicious activity and exposes fraudulent financial reporting and theft not identified by other technologies.
"The internal users considered to be the most valuable to a company also represent the highest risk. These are the people that privileged user monitoring solutions, like Oversight, target. Relieving our security team members from mundane log analysis tasks so they can focus on other strategic work makes this type of solution extremely valuable to Avery Dennison. The results are better and the costs are lower and that is always the right balance," said Mark VanHolsbeck, Vice-President, IT Governance and Risk Management.
Oversight leverages advances in analytics to identify the threat responsible for the bulk of real damage: insiders with privileges. For example, Oversight can detect a financial executive who has posted statistically unusual amounts to a general ledger account or a DBA who has used his super-user privileges to modify an in-transit payment transaction to send money to his own account.
"Early technologies have focused on user account management tools and the arduous task of analyzing log files. Unfortunately, according to the most recent ACFE report on fraud, these tools are focused on the lowest risk threats – routine users and non-management employees. This, in effect, means current solutions provide a 20/80 solution – they detect 20 percent of the risk but consume 80 percent of the effort," said Patrick Taylor, Oversight CEO.
Results from the 2006 ACFE Report to the Nation on Occupational Fraud and Abuse summarize the highest risk to businesses:
- 73 percent of fraud is committed by trusted employees in executive management, accounting, sales, finance or procurement positions
- 60 percent of all fraud is conducted by a member of the management team
- The people who commit fraud are intelligent and long-term, trusted employees
- 64 percent of the incidents of fraud were caused by employees with more than five years with their employer
- Employees who had been with the victim organization for 10+ years caused median losses of $263,000, whereas employees who had been with their employers for one year or less caused median losses of $45,000
"Our solution not only significantly reduces fraud risks, it reduces the cost of monitoring and compliance reporting by more than 35 percent," Taylor said.
About Oversight Systems, Inc.
Oversight takes continuous monitoring to the next level by combining an audit data warehouse, advanced analytics and workflow into a single, integrated, application. By inspecting each step of individual transactions across systems, Oversight identifies errors, control violations and fraud to drive higher levels of performance and compliance. Oversight's platform automates the entire life cycle finding problems in business processes, fixing those problems and proving the problems were resolved. Oversight is the solution of choice for those CFO's, CIO's and CISO's serious about compliance and enhancing their financial performance. For more information, visit www.oversightsystems.com.
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