CYBERSECURITY: THE ONLY SOLUTION TO INCREASING PERILS OF CYBERCRIME

Our world is becoming more and more dependent on digital technologies. In my previous blog, Alert:You are being watched!, we looked at how vulnerable we are and hence the need to stay alert while we are online . While digital technology is creating lot many opportunities, it also brings the perils of cybercrime, which is affecting organizations and governments all across the globe.

The most challenging part with cybercrime is that the risk landscape is constantly changing. As technology advances, this challenge keeps intensifying. As existing hacking tools enhance and new tools come in to play, securing networks becomes more challenging.

Cybersecurity is the only solution to protect your digital data and resources by mitigating security threats and vulnerabilities originating from cybercrime.

So, what are we dealing with?

Some of the most common cyber security threats are ransomware, malware, phishing and theft of personal and confidential data etc. Data breaches tops the list.

 Phishing and Trojan Horse attacks: Attacker sends malicious emails that appear to be originating from credible sources such as banks or similar credible organizations. When the recipient opens such emails, and/or attachments and/or clicks on a link in it, the malware enter target’s network and steals or damage personal, sensitive and confidential information, customer details, intellectual property and more. Hackers might steal, delete, or corrupt data. Stolen data is either used for by hackers for their intended purpose or it might even get posted on the DarkNet for sale, or just get posted online for anyone to see.

• DOS – Denial of Service attacks: In a DOS attack, hackers penetrate into target’s network and they send so many messages that overwhelms the target’s network system, this prevents the authorized users from getting an access to the system and can create server outages and monetary loss and undue excessive pressure on the IT staff.
• Ransomware: As the name indicates, the purpose of this type of attack is to hold the target to ransom. Hackers penetrate into target’s network and they encrypt data files on the target’s network. A ransom in terms of monetary payment is demanded in exchange for access to data files.

    So, what all can be done to protect ourselves?

Many insurance companies offer cybersecurity policies that provide coverage from activities such as identity theft, unauthorized transactions, and more. Two types of coverage is generally available.

(1) Vendor Indemnity Insurance for cybersecurity vendors and
(2) Third-Party Cybersecurity Insurance for businesses with a risk profile higher than average.

The cost on these policies can be extremely high because of the frequency of attacks.

Below are some very simple and easy to follow recommendations that can go a long way.

1. Restricted Access Policy- Employees  should have access to only the part of data they need to work with. Access to data and resources should be on need-to-know-basis.
2. Keep operating systems and other software up to date. An outdated software can become an easy entry point for hackers.
3. Strong Password. It is a good idea to to have 12 characters password that has upper case letter(s), lower case letter(s), number(s) and special character(s).
4. Network administrators to ensure safety of the network by frequently changing network passwords.
5. Install firewall and protective software like antivirus, antimalware, antispyware.
6. Regularly scan devices for malware
7. Train all employees on cyber security.

    If you rely on the internet for communication and for carrying out daily operations, you must use cybersecurity measures to safe guard your data and resources.

Author: Shital Rai

LinkedIn: www.linkedin.com/in/shitalrai