Cybersecurity is always a hot topic and being cyber aware is what businesses are aiming to be better at. Staying up to date on the latest attack types and prevention techniques is the only way to future proof your organisation.
We’re bringing you 5 trends that you need to know about.
Synthetic identity fraud is initiated when a hacker procures a social security number by theft or purchase on the Dark Web, and then fabricates an associated name, DOB, email account or phone number. From there, the fake identity is legitimised and nurtured in order to exploit lines of credit. Once a fraudster is able to become an authorised user, a process that typically takes 5 months, the plan starts to be executed. Then when the dust settles, creditors and businesses are left with dummy accounts filled to the brim with credit cards, loans, mobile phones and so on.
The mere mention of this word can send chills down the spine of any business owner and for good reason. Many companies have been seriously affected by this, whether it’s through loss of data or by paying the ransom. Ultimately, ransomware boils down to the economic concept of incentives, and it will require a concerted effort by organisations to shift the paradigm.
Account Takeover (ATO)
Understanding how criminals are targeting your business or vertical is a fundamental component to any sound cybersecurity strategy. Nevertheless, the nature of the work is often reactive, where it’s like looking for a needle in a haystack. On the other hand, the commoditisation of crimeware and ‘spray and pray’ techniques have led to a higher frequency in breaches, many of which are executed by non-sophisticated hackers.
Spray and pray techniques are where hackers set up an automated system to randomly infiltrate businesses. As these attacks are random, any business can be damaged, regardless of size.
Solving ATO fraud at the small business and medium enterprise level in today’s world, requires purpose driven teams and technologies that can protect your business smarter and more efficiently.
Increase in University Breaches
These are a prime target for hackers. In March 2018, nine hackers breached 144 US Universities, charged with stealing 31 terabytes of data worth roughly £3.4 billion in intellectual property. Such breaches have a ripple effect across all verticals and companies, driving consumer awareness and raising the standard for cybersecurity for everyone.
Security researchers estimate that in the first half of this year alone, 23 million credit and debit card details were being sold in underground forums. 7% originate in the UK and when such data dumps hit the Dark Web, cybercriminals will exchange stolen information and credentials in order to orchestrate damaging fraud schemes.
Understanding your risks, being cyber aware and ensuring you have the right measures in place is all part of creating a strong defence when it comes to cyber threats.
One of those first steps to understanding your risk, is knowing whether digital credentials are out there for sale on the Dark Web.
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