The CEO-Fraud: Billions Lost – Organizations Should Really be Afraid

Ssocial_engineeringocial engineering is one of the most popular and old scam techniques that actually works. As we have already moved on to the cyber age, where our financial records, research & development data, social life or medical history exist online, it is really crucial that this kind of information does not fall prey to the fraudsters. However, it does.

Fraudsters have now turned their heads towards the corporate and business world. The statistics about social engineering hacks on businesses or the scam where a trading company was duped for $17 Million by someone claiming to be their Chief Executive show this significantly. Also the case from not-so-distant past were Leoni AG from Germany was scammed for nearly 40 Million Euros or the case of FACC AG were the company was duped for €52.8 Million. Read More

Next-Gen Travel Management with CSC and Concur (Part 2)

Following the blogpost ‚Anyone Who Goes Traveling, has Stories to Tell (Part 1)‚ that introduced the topic of modern business travel tools and standards, this blog specifically looks at Concur Travel & Expense. Concur is an SAP company and Concur Travel & Expense is used globally within CSC. CSC implements Concur globally based on its ‘Customer Zero’ initiative.

Travel_02Bill McDermott – SAP CEO – says that “travel is the 2nd largest and most difficult to manage budget line item”. Concur Travel & Expense is a cloud solution that supports the management of this important budget item.

Research carried out on behalf of Concur by Forrester Consulting[1] in 2014. They found out that Real-Time information is the key to optimizing the T&E Spend. The findings are based on input from 348 global financial decision makers. These companies highlighted the lack of mobile capabilities as well as the need for more capabilities in the area of T&E analytics. Read More

Anyone Who Goes Traveling, has Stories to Tell (Part 1)

This old German quote is true not only for tourists, but also for business travelers. While travel booking means for some an increase of anticipations with the choice of destination and hotel, for others this is a cumbersome task. In addition, there is a necessity to collect a large number of receipts, allocate these to the correct trips and finally wait for payment of the expenses.

Travel_01For many companies, travel costs represent a very big portion of budget costs. However, this is extremely difficult to manage as a result of short term bookings. As in many secondary processes the area of travel expense management and new ways of working has seen significant changes within the IT support available for companies and travelers.

The focus has been set to improve approval, booking and payment of expenses, as well as to increase transparency and profitability of the entire process. This means that there are a number of changes needed in the booking process. Read More

Social Engineering: Errors in Human Mind?

Author: Jens-Michael Marohn

cyber_human_mindSocial Engineering is a method to manipulate people into doing something or divulge confidential information. It could be seen as the hacking of the human mind. Compared to for example software, the human mind has far more vulnerabilities and it is significantly simpler to find and exploit these vulnerabilities since it does not require any special expertise like code or computer language.

To become aware and protect ourselves against it, we need to look at the psychology and methods used by Social Engineers and learn about the required precautions. Read More

Usage-Based Car Insurance –
Insurers Hesitate, but it’s Inevitable

UBI Usage-Based Car InsuranceUsage-based insurance (UBI) has been gaining ground for some years now, and while the jury is still out on some other domains such as health insurance, results in car insurance are very promising. Nevertheless, not all insurance companies are jumping at the opportunities UBI is presenting: for many, the dual effort of upgrading their technology and reviewing their business models on their own seems all but unmanageable. An implementation partner with expertise in the fields of both IT and actuarial matters can help.

 The benefits of usage-based insurance are obvious:

  • Insurers would not only benefit from the significantly reduced number of claims, but moreover, from promising up-selling and cross-selling opportunities
  • UBI policyholders would enjoy lower insurance rates
  • Society as a whole would ultimately benefit in terms of improved road safety, which would in turn give the public image of the insurance sector a massive boost

However, cultural barriers seem to exist, making it difficult for customers in some markets to embrace the idea of having their behaviour observed too closely. While such initiatives meet relatively little controversy in countries such as the U.S. and Italy, German customers are known to take privacy concerns very seriously. Read More

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