Businesses are spending $61 billion per year on financial crime compliance in the US and Canada alone, according to the Business Information Industry Association (BIIA), which cited a Forrester Consulting-LexisNexis Risk Solutions study that found 44% of respondents blamed increasing compliance costs on the recent escalation of financial crime regulations and regulatory expectations. Some 78% of small financial institutions reported increased labor and technology costs related to compliance and know your customer (KYC) software, as well seeing financial crime increase significantly due to use of cryptocurrencies and of AI. With 70% of financial institutions focused on cutting compliance costs, companies must manage human compliance risk by defining and enforcing strong password policies and using multi-factor authentication, or MFA, for all accounts. This 60-second "Security Nudge" is brought to you by CySafe, developers of the Human Risk Management Platform. Learn more at https://cybsafe.com