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Since 1989, Bottomline has been modernizing global business payments with connected solutions for more than 800,000 financial institutions and businesses in 92 countries.
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PORTSMOUTH, NH (September 27, 2022) – Bottomline, a leading provider of financial technology that helps make business payments simple, smart, and secure, today announced its inclusion in a recently published Gartner report “Market Guide for Insider Risk Management Solutions.”
The Market Guide focuses on how the increase in a hybrid or remote workforce, compounded with additional vendor integration, has prioritized risk management as a focus area for security and risk management leaders. It assists in understanding and implementing a comprehensive insider risk management program.
Against a backdrop of working from home and a widely reported increase in insider fraud, it is unsurprising that banks and businesses are looking to vendors to help manage this challenge better. According to Gartner, the market consists of tools and solutions to monitor the behavior of employees, service partners and key suppliers working inside the organization, and to evaluate whether behavior falls within expectations of role and corporate risk tolerance.
“Insider fraud is a trifecta of rationalization, opportunity, and pressure,” said Omri Kletter, Global VP of Product and Strategy for Fraud & Financial Crime, Bottomline. “Unfortunately, the pandemic has exacerbated many drivers of that fraud triangle, creating a perfect storm of conditions that support acts of insider fraud.”
The Market Guide states insider risk may involve errors, fraud, theft of confidential or commercially valuable information, or sabotaging computer systems. It also quotes organizations have spent an average of $15.38 million in 2021 to deal with insider threats — up 34% from the $11.45 million in 2020.
Bottomline’s recently published 2022 Business Payments Barometer confirms the problem is rife, citing 52% of business in Great Britain and almost 2 in 3 businesses in the United States claim to have seen an increase in insider fraud and collusion with more employees working from home. Industry insights from the Market Guide echo this increase stating remote workers are the primary source of criminal prosecutions for insider risk.
Linked to the movement of money and payment messages, Bottomline’s fraud and financial crime solutions help companies evaluate whether users’ behavior falls within the expectations of roles and corporate risk tolerance, and alerts on any abnormal activity before transactions are completed. Bottomline’s multi-award-winning fraud prevention and financial crime technology already helps more than 600,000 companies protect their business from potentially fraudulent activity.
*Gartner, “Market Guide for Insider Risk Management Solutions”, Jonathan Care, Paul Furtado, Brent Predovich, April 18, 2022.
GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved. Gartner does not endorse any vendor, product or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s Research & Advisory organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
About Bottomline Bottomline helps businesses transform the way they pay and get paid. A global leader in business payments and cash management, Bottomline’s secure, comprehensive solutions modernize payments for businesses and financial institutions globally. With over 35 years of experience, moving more than $10 trillion in payments annually, Bottomline is committed to driving impactful results for customers by reimagining business payments and delivering solutions that add to the bottom line. Bottomline is a portfolio company of Thoma Bravo, one of the largest software private equity firms in the world, with more than $160 billion in assets under management. For more information visit www.bottomline.com. Bottomline, Paymode, and the Bottomline logo are trademarks or registered trademarks of Bottomline Technologies, Inc. Contact for Media Heather Pavliga Global Head, Brand & Communications Bottomline pr@bottomline.com
Bottomline helps businesses transform the way they pay and get paid. A global leader in business payments and cash management, Bottomline’s secure, comprehensive solutions modernize payments for businesses and financial institutions globally. With over 35 years of experience, moving more than $10 trillion in payments annually, Bottomline is committed to driving impactful results for customers by reimagining business payments and delivering solutions that add to the bottom line. Bottomline is a portfolio company of Thoma Bravo, one of the largest software private equity firms in the world, with more than $160 billion in assets under management. For more information visit www.bottomline.com.
Bottomline, Paymode, and the Bottomline logo are trademarks or registered trademarks of Bottomline Technologies, Inc.
Contact for Media Heather Pavliga Global Head, Brand & Communications Bottomline pr@bottomline.com
