As the world becomes more and more technologically reliant, cybercrime has become a significant concern. With cybercriminals continually developing new and sophisticated tricks to steal confidential data, businesses need to rethink their cybersecurity framework.
One of the most vulnerable types of businesses is companies with an online presence. Whether it is a small website or a large e-commerce site, it is essential to have a reliable and secure IT infrastructure and regularly update your systems. Reputable cyber security experts recommend a multi-layered approach to security. Firewalls, anti-virus software, and a comprehensive password policy are just the beginning of the process.
What Is Cybercrime?
Cybercrime refers to any illegal activity that is done through or on a computer. Some examples of cyber-crimes are hacking, phishing, identity theft, and copyright infringement. When the internet was first created, it provided a sense of anonymity and security. It is somewhat ironic how cybercriminals have devised numerous tactics to access private information and be able to remain anonymous. Yes, the attackers have become more brilliant, so should you.
How do Attackers Commit Cyber Crime?
Where there are computer criminals, there are “hacking tools” to assist them. As technology advances, new software is being developed that can be used to carry out cyber-attacks. The attackers employ phishing, CEO fraud, man-in-the-middle, hacking, SQL injections, DoS, and malware to infiltrate a system and carry out their crimes.
Phishing is among the most common types of cybercrime. This tactic involves sending emails to obtain personal data like credit card info, passwords, and bank account details. Once the unsuspecting user opens a malicious link, their identity can be compromised. That’s why it is important to always double-check links before clicking them.
CEO Fraud, which refers to the act of impersonating a company’s executives in an email, is another common tactic. By sending false emails to employees with instructions to transfer funds or sensitive information, criminals can steal large sums of money or gain access to vital information. The most common victim of CEO fraud is human resource departments. After all, who would question the orders of a company executive?
Man in the middle attack
Man-in-the-middle attacks occur when criminals intercept communication between two parties and gain access to sensitive information. This can happen on public Wi-Fi networks, during online banking transactions, and when making purchases online.
Hacking is the most apparent form of cybercrime. When hackers successfully infiltrate a network, they can steal information and disrupt operations.
SQL injections are another common form of hacking carried out today. These attacks use a vulnerability in the software being used to infiltrate a system and extract data.
Denial of service (DoS)
Hackers use this tactic to make a server unavailable by flooding the computer with requests, shutting down the network connection. This can significantly affect your day-to-day activities.
Now that you know how attackers commit cybercrimes, let us explore ways you can prevent them from conducting such illicit activities that may harm your business:
Keep Your Operating System and Software Updated
Hackers are always looking for vulnerabilities in operating systems or software that can be exploited. New updates always come with patches that are meant to fix any security issues. It is crucial for you to constantly update your system to the latest version, especially when using many interconnected devices in your operations. You can choose to update your operating system after every two or three months. This will prevent hackers and DoS attackers from infiltrating your system and carrying out malicious activities.
Apply KYC Compliance Standards
Know Your Customer (KYC) compliance is required by law in most countries. It acts as a safeguard to prevent cybercrime and illegal transactions such as identity fraud, money laundering, terrorism, and proceeds from corruption. Furthermore, it is essential when you are dealing with sensitive information, such as bank details and passwords.
It is advisable to use advanced technology with features such as AI and facial recognition to ensure that the people you are dealing with are who they say they are. You can also use biometric devices that can be used in tandem with the techniques to identify your customers accurately.
Use Secure Protocols for Website Access
There are many types of web protocols used today to make the internet more accessible and efficient. However, hackers may exploit security vulnerabilities in some protocols to steal your data. It is crucial to use the latest Secure Socket Layer (SSL) protocol which ensures that all communications from your system are encrypted, and no one can intercept or decipher them.
Security certificates and HTTPS protocol are other ways you can secure web traffic. They should be used in conjunction with SSL to encrypt all data from the server to the user. You should never forget to update these security protocols for optimum protection.
Always Train your Employees to Identify and Manage Threats
Cybercriminals know how to execute their objectives and make transactions without detection. To protect the business from such threats, you should teach your employees to be conscious of the risks they are exposed to while performing their daily tasks. They need to unsubscribe from spam emails, not click on suspicious links, and avoid opening attachments from unverified senders. You should also train them about protocols they can use to identify threats in their vicinity.
With the above information, you can effectively prevent cybercrime vulnerabilities and safeguard your business against any threats. There are many methods you can use to protect information technology assets. However, these tips should be implemented in a way that helps in your data protection and doesn’t interfere with your operations. If you are looking to boost security for your customers and clients via KYC, AI, and Face recognition technology, contact Jumio today.