Protecting Business from Cyberfraud

Banking CIO Outlook | Friday, December 21, 2018

Cyberfraud is any type of deliberate deception for an unlawful gain with the use of computer or computer data. The term covers a wide range of criminal activities including identity theft, hacking, phishing, cyberstalking, copyright infringement etc. Not only individuals but business organizations also suffer from cyberfrauds, because of the involvement of a large amount of data, the result of extensive digitalization of the industries.

Cyber attackers may have unauthorized access of data, infect computers with viruses and malware, spam with emails containing a virus, attack third-party systems, or attack the technology or website. This cyber attack can bring financial, business and investment loss to the organization. Ensuring and providing a secure setting becomes crucial at this point in growing and maintaining business.

Proper protection from cyber crimes begins with understanding the vulnerabilities of facing a cyber attack. It is important to be informed about various kinds of cyberfraud and how are they going to affect the business. The following are some measures to stave off cyberfraud.

1. Keeping the software system, browser, and operating system regularly updated and patched. There should be a plan and expert team for this maintenance.

2. Encrypting the wireless network.

3. Implementing strict password policies. Creating diverse passwords including numbers, letters and symbols ensure data safety. Changing passwords frequently also accounts.

4. Encrypting entire drives, folders, and files should be done before backing up data. It is also good to provide two-factor authentication.

5. It is not just taking security measures, but increasing employee awareness also is primary. The employees must be aware of the potential cyber threats and its impacts.

As cyber crimes are escalating it is important for every organization to have the right defense plan.  That is embracing security should be part of the company culture.

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