Due to the increase in the COVID-19 cases, the world adopts an innovative way of operating. Fraudsters are proving themselves as adaptive as ever at discovering intelligent ways to misuse new cybersecurity vulnerabilities of companies. These fraudsters are coming up with various tricks to deceive the system in the pandemic stricken world. It is eminent that companies look for methods to better comprehend the risks they might face and learn how to reduce or combat those risks.
The situation is distressing, companies need to take proper measures for cybersecurity to reduce the risk of cyber-attacks. In the name of the latest news regarding COVID-19, several criminals are becoming successful in identity scams, malicious activities, and other online frauds.
How identity authentication can keep tight control on increasing cyberattacks?
Cybercriminals have grown immensely over the few years due to accelerated strides in the technological advancement landscape. Fraudsters have mounted 5 times in three years as stated by the recent reports. WiFi connection has clamped up the volume and movement of fraudster activities as usage of WiFi is rising.
It is hard to follow the tracks of the latest technological advancements and associated security threats. Precautionary measures should be considered to prevent falling innocents to cyber-attacks which are of several types. Cyberattacks have taken an inquisitive turn in present times.
At the global level, the United States is taking giant paces ahead in times of performing security threats. In 2019, two cyberattack main events brought down government systems that sent a distressing signal. The requirement to perform solid cybersecurity systems underwent an added force.
Trends in CyberSecurity:
In the wake of the increasing sophistication of cyber opponents, the unique amount of crimes, and the rising malicious IT security threats joined with stringent regulatory orders there is an urgent demand to cope up with information technology safety higher than ever in the present year. Listed below are some cybersecurity trends to look out for in 2021:
Tracking Shadow IT Inventory:
Software programs and apps which are not approved by company IT but still operating on client devices will be more inclined to exploit shadow IT resources. As companies increasingly adopt SAAS, standards are becoming somewhat sophisticated as clients enjoy greater ease with their mechanisms.
It must not happen by placing cybersecurity at the stake. In digital convergence, companies will be required to take measures and continuously monitor client access rights and agreement for any potential laws.
Companies need to be more observant of any possible risk that can come from their clients. This might include possible harm resulting from sophisticated phishing attacks or a client’s lack of awareness in complying with a mandate, resulting in data loss, identity scam, etc. Clients are always the most vulnerable point in the security series of the company. So, it’s vital to give client awareness training on cybersecurity.
Trusted Clients fall victim to phishing scams which are the most prevalent IT security threats. Research happening toward the end of 2020 says that online phishing scams were up 289% over the previous year and 2021 shall encounter this trend rising. Robust security awareness programs should be undertaken by companies. This might involve funding in phishing stimulators that demonstrate several emerging patterns. This should assist clients to identify suspicious phishing attacks, making sure they don’t end up giving the keys to the palace.
Is Mandatory Identity Verification An Answer?
We now manage several companies over the internet so online identity verification has become much more important. Identity meant much limited when going online was just about casual chatting, participating in games, and surfing the website. Now it is more than that we engage in all types of payments, purchasing stock, making travel arrangements, enrolling into a bank, paying our invoices, and so forth and we have to do those things as our “ own self.” Doing this implies putting our personal information “out there” where they’re at the stake of being misused by fraudsters and utilizing it for their personal illegitimate and malicious purposes. This implies that we have to give a means for those with whom we deal with or associate officially through digital channels. Know your customer and know your business checks are to authenticate that they are who they claim to be.
Know that identity theft can occur everywhere so always be very vigilant and shield your identity from falling into the hands of criminals. It requires taking your confidential information in a way that includes fraud mostly for financial gain. One might be fooled into giving private data over the WiFi known as phishing attacks or fraudsters can steal your email to access account data. So shield your private data by using a VPN over a new internet connection and retaining your travel plans off social media channels to secure their private data. Guard your children as identity thieves mostly target minors so shield your children. By adopting digital identity verification can be performed to avoid minors from accessing websites where they can fall into the loophole of scams.
Identity Verification Solution- A Cybersecurity Check:
Cybersecurity is a method to shield the computer, systems, applications and information from illegitimate authorization or attacks that are directed at exploitation. The adoption of the IDV solution can assist in risk assessment. It makes sure the protection of internet-connected software, involving the device, software, and information from cyber-attacks. Identity checks will give protection of the usability, legitimacy, sincerity, and security of the system by providing access to verify people only.
Most of the scams on the WiFi happen due to illegitimate access, so by using identity verification and its classifications like biometric authentication, face verification, age verification we can adapt to reduce risks associated with such illegitimate access. IDV can minimize uncertainties associated with such false access. IDV can minimize the chances of online scams and therefore give strict ways of giving enhanced cybersecurity. Cybercriminal actions can be reduced by the adoption of this technology as it gives the filter.
Video verification is another technique in which KYC professionals connect the user on a video call and perform the procedure of user authentication which involves both documents and behavioral authentication of the user. In this way, all the users can be verified to protect the fraudsters away from the software and add an extra layer of cybersecurity.