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Friday, April 25th, 2014

IT Risk management

Attachmate launches Luminet

Attachmate Corporation announced the availability of Attachmate Luminet, an enterprise fraud management solution. Luminet reveals user activity within enterprise applications and transforms the data into actionable intelligence, allowing organizations 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 totaling billions of dollars.

“Global fraud costs are likely to total more than $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 analyst, 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 organizations 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, organizations 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, business development and strategy, 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.”