Account takeover fraud is on the rise, and businesses and banks are bearing the costs. Because ATO fraud looks like activity by a trusted customer, detection can be difficult – but it is possible. Here's what businesses need to know to fight takeover attacks without declining good orders.
Cyber Security
Cyber criminals, state-sponsored hackers and even the occasional disgruntled employee are constantly looking to gain unauthorized access for a variety of purposes: theft of money, cyber espionage, personal information for sale or for use in scams, and damage to critical infrastructure for just a few of the most common.
So how does an organization mitigate an entire world full of continual cyber attacks? Just as buildings have a number of necessary elements of physical security: access control, cameras, alarms and so on; there are similar key elements of cyber security that are absolutely vital for just about any modern business.
It starts with identifying and closing the most common doors that attackers use. For example, phishing attacks on employees are far and away the most common initial point of entry. The breach of even a low-level employee account can quickly turn into an escalation in access privileges and the ability to reach sensitive information. This is also true of smart devices, which are generally more poorly secured than computers and phones.
At the end of 2018, Australia became the first nation in the world to enact encryption laws requiring companies to provide access to encrypted communications. Will other nations around the world soon follow suit?
Chinese hackers have just pulled off one of India’s biggest cyber fraud ever by convinceing the head of a local Indian subsidiary of an Italian firm to wire $18.6 million from bank accounts in India to a bank account in Hong Kong.
According to a recent report, 90% of all data breaches can be traced back to phishing attacks. How can businesses effectively protect themselves from this damaging cybercrime?
In what is shaping up to be a major test case for the entire cyber insurance industry, Zurich Insurance is refusing to pay out a $100 million claim from Mondelez, saying that the ransomware attack was actually an act of “cyber war,” and therefore, is not covered by the policy.
Vietnam’s controversial new cyber law went into effect on Jan 1, 2019. Google and Facebook has reason to be cautious about entering into what could easily become a global discussion over freedom of speech.
The threats posed by identity theft are not lost on organizations and identity theft protection services are expected grow over 11% and generate revenues worth over US$ 8.2 billion in 2019.
Phishing attacks known as CEO Fraud or Business Email Compromise are affecting the bottom line of companies and are devastating because the spoof emails have all the appearances of being real, and the victims voluntarily hand over the money.
Like it or not, there is a cybersecurity talent shortage. But whether or not that skills gap is catastrophic or inconvenient for your business is entirely up to you.
When it comes to cybersecurity and privacy legislation, many organizations around the world are playing catch-up. Proper information governance can help with cybersecurity compliance.