An Economic Times report reveals over 9000 coronavirus themed ransomware and phishing attacks were launched alone in India between February and May. For the global landscape, the attacks have increased by over five-folds, as reported by WHO. COVID-19 first coaxed enterprises to move out of the robust infrastructure that offers a secure IT environment but is also good for employee’s morale. Now it is putting them through the turmoil of building an IT environment that can be accessed remotely and is indestructible too.
Even if there was no pandemic, the attacks would have continued to grow, the average cost of a data breach in 2019 was recorded at $3.54 million, which is an increase of 130% in a decade. If you look closely, you will understand that the average cost of a data breach has grown at a faster rate than the global IT infrastructure, which was recorded at 21% for the last decade.
Cyber threats are bullish and are continuously climbing new milestones because of varied reasons but the lack of education among customers continues to be the prime stimulus. Some of the other leading possibilities are:
Increased Access to Digital Money: Earlier when online shopping and online payments were rare, hackers used to target businesses and people with contacts. In the contemporary setup, everyone with an Amazon account and a credit card is a target. Attacks like Carding and Triangulation frauds target small users with a credit card, through such attacks, hackers can make quick money and even go unnoticed.
Lack of Education: As mentioned earlier, unaware customers are at the helm of an increasing number of attacks. Varied Fintech founders label the “cost of education” as the biggest hurdle in scaling their business. While the penetration of Fintech applications has doubled in the last 5 years, so have the number of reported frauds. Fintech players are incessantly producing literature and tutorials to ensure customers function under a safer blanket.
Ignorant Attitude towards Compliance: A recent study reveals that 62% of Fintech’s main websites are in grave violation of PCI DSS norms. Lack of motivation to furnishing compliances like PCI DSS is encouraging hackers to take chances and in most cases, they are getting successful at it.
An article by Security Magazine highlights how most security breaches at European organizations occur due to internal errors. Other countries like Singapore, South Korea, and India have also suffered a lot due to the negligence of employees and organizations.
While the ignorant attitude of stakeholders continues to hamper organizational safety, attempts of internal sabotage are the main reason, why enterprises are bleeding the most. Employees are abusing their access to the server room and other integral IT infrastructure for their benefit. Often employees turn into the mole for competitors and spy on their organization. By leaking passwords or sharing impending project details, employees are putting the future of enterprises at risk.
Well, the idea here is to restrict unauthorized movement and monitor every move related to the server or data center. PCI DSS is comprehensive compliance that ensures all attempts of internal as well as external sabotage are rendered obsolete. The 12 requirements of PCI compliance covers everything from restricting access to data centers and encrypting card details before sharing it over a network.
Such a robust and comprehensive approach towards data protection from both internal and external sources is what makes PCI DSS such a valuable and in demand certification.
Phishing and malware are the easiest way of deceiving someone of important data like credit card or social security number. These attacks are often launched through emails and online chats. Anyone with your email address can send you a mail with links that will dupe you of crucial data and harness it for their benefits.
The increasing reliance on the Internet and cloud services for carrying day-to-day operations has given wings to phishing attackers. They are now targeting employees of reputed organizations and are sending lucrative offers to employee’s professional emails. Such emails are not only putting employee’s details at risk but organizations at tantamount risk.
Emails or online chatting portals can be abused by hackers to launch malware attacks on the internal communication system of organizations and it can bring the entire IT infrastructure down impacting operations, brand reputation, and revenue.
When employees adhere to the secure coding practices, they function within the secure boundaries, which ensures no harm to the organization as well as the employee. It is necessary to report any kind of malicious link or email that comes from external sources to the IT team at the earliest.
With employees being vigilant and acting according to the manual, IT teams can take down such attempts and ensure that such sources are blocked before it can do tangible damage. IT team needs to hire professionals to establish a set of secure coding practices that are both customized as well as in line with the international guideline towards threat detection and neutralization.
45% of Fortune 500 companies are using cloud services for storing data and making it accessible to employees from a remote location but the cloud is still a long way from being 100% secure and sound. Cloud vulnerabilities are often coaxing brands like Uber, Yahoo, and Sony into events where user data is being compromised and accessed illicitly.
The cloud infrastructure is surely big but it is not bug-free; while Amazon, Microsoft, and Verizon are fighting for market dominance, the security continues to be the biggest reason why a majority of businesses are skeptical about cloud adoption.
Cloud technology is vast and very much open, it is the tech’s ability to make data accessible remotely that makes it popular and vulnerable at the same time. With a set of IT experts monitoring such networks robustly 24X7, we can at least ensure that challenges and threats are identified and neutralized in real-time.
Through managed security services, it is possible to monitor data centers 24X7 and neutralize the threat in real-time because MSSPs rely on a network of security operation centers, which share data among each other and ensure any kind of traction is reported and taken care of almost instantly.
Organizations are moving towards an open culture, where employees are allowed to either work from home or bring their own devices to the workspace. While these policies are very progressive and allow employees to produce better output, they put the entire organization’s safety at risk.
Consider this, if an employee is accessing important files on his or her device, and they also have a set of not-approved by Google apps on their phone, which can access their audio, video, gallery, and file manager, through which they can gain access to login credentials and bring the entire IT infrastructure down.
Such cases are occurring and they are often reported under the credential stuffing events. These are hacks but cannot be reported as hacking because the hackers never broke into the system, they just gained access to login credentials and used it to gain access.
Organizations that are progressive enough to offer remote working and have a bring your device policy, need to have invested heavily in cybersecurity services. They need to have a cybersecurity partner that offers a bundle of services that covers everything from threat monitoring, Compliance failure, Certification management, and employee training to consulting.
At, MK Cyber services, we are prepared to be your organization’s reliable partner in ensuring effective data center protection and compliance management. Our managed security services are designed to protect businesses against threat are nascent and can go unnoticed.
The changing landscape of corporation demands conscious efforts towards building an IT infrastructure that is impregnable backed by a Cybersecurity partner that is willing to go the extra mile and protect your data.
The likes of Quora, Facebook, and Yahoo were impregnated by hackers and their features were abused for monetary gains, which proves no matter how big your IT budget, you are under threat if you are constantly not reviewing your data transactions.