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McGrathNicol technology provides early warning signs of cybercrime

McGrathNicol has launched a new forensic investigations and risk profiling service, FDetect, developed in collaboration with leading technology and analytics start-up, ResponSight.

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FDetect provides early warning and risk insights based on an understanding of human behaviours and their use of technology. The program features inbuilt mechanisms that allow businesses to quickly investigate potential risks. The service is backed by McGrathNicol’s industry-leading forensic response team and draws on the company’s capability in risk management, investigations, digital forensics and cybersecurity.

It takes an average of 281 days to identify and contain a cyber breach in Australia, with the average cost of each incident being $3 million, according to independent research from the Ponemon Institute.

Further, there is a shortage of cyber security professionals, with 2,600 vacancies in the field currently unfilled, and an anticipated 16,600 additional workers required by 2026, an AustCyber’s Cyber Security Sector Competitiveness Plan has revealed.

Seeing an opportunity to assist businesses address this issue, McGrathNicol engaged ResponSight in July last year to collaborate on a solution to give businesses early warnings into the human element of cybercrime and other key business risks.

ResponSight was awarded a $250,000 grant from the AustCyber Projects Fund to develop the service to be delivered in partnership with McGrathNicol.

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McGrathNicol Advisory partner, Darren Hopkins said the company has partnered with a leading startup to create an innovative service like no other in the market.

“The service provides Australian businesses with a combination of technology-enabled behavioral analytics and the backing of human forensic experts with decades of experience investigating intellectual property theft, white collar crime and cybercrime.

“It is also incredibly exciting to have the support of AustCyber, who are charged with growing Australia’s cyber security industry, in solving a significant problem for Australian organisations, with a solution that detect corporate misconduct and cyber threats, helps contain threats and assists forensic investigations where needed.”

AustCyber CEO, Michelle Price commented, “We know the growing demand for cyber security products and services is a significant economic opportunity for Australia – it’s how we respond as a nation to this opportunity that will drive sustained growth and better management of risk. Supporting cyber resiliency across the Australian economy improves our nation’s overall global competitiveness, as well as its security.

“AustCyber is excited to be working with McGrathNicol and ResponSight as they develop a system for forensic data collection, investigations and early warning risk analytics based on behavioural activity profiling over the next 12 months. I anticipate the outcomes of the project will have national, if not international, reach and impact.”

The service is being trialed by a few large enterprises with funding from AustCyber to be put towards continued enhancements and ongoing service innovation.