Data breaches have become much more common in recent years. One estimate shows that over 37 billion data records were exposed last year. The risk of data breaches will not decrease in 2021.
In the era of covid-19 where the complete global workforce has undergone disruption in their working style, there is one thing that holds common in between them. Every business out there is now forced to become an internet business, which makes them more dependent on data. Naturally, the already overcrowded internet landscape becomes even more saturated. No wonder we need 5G so badly now.
But even with the changing dynamics of the internet with its adoption rate reaching records, one characteristic of this landscape remains unchanged. It is still a vulnerable place. Data must be managed carefully, which means protecting it against security breaches.
Data breaches and security risks happen all the time. One bad breach and you are potentially risking your business in the hands of hackers. But you can come around this.
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In this blog post, we discuss the key statistics and prevention measures that can help you better protect your business in 2021.
Cyber fraud statistics and preventions that every internet business needs to know to prevent data breaches in 2021
Cyber security issues are of various types. While some may be ransomware others may steal your sensitive information to misuse them. This makes having a holistic understanding of the cyber security space essential. You also need to retain cybersecurity professionals with a background in big data.
In the following section, we take a deep dive into the key trends that you should be aware of and the prevention measures to keep them at bay. Let’s dive in.
1. The key types of cyber security frauds in 2021
Cyber fraud is not just one or two types. They come in all shapes and sizes. However, there are some that are more popular than the others. Threats like identity fraud, credit card fraud, online banking fraud, and online shopping fraud are the most widely known due to their occurrence frequency.
For a better understanding, let’s take a look at each of the most highly occurring ones.
Identity fraud is the most common form of cyber fraud. This type of fraud involves the use of technology and the internet to obtain personal information from a person. Once that information is obtained, it is used to impersonate that person. This type of fraud is also known as data theft or identity theft.
Credit card fraud is a type of identity fraud that involves the use of credit cards for fraudulent purposes. Credit card fraud is particularly prevalent in the world of e-commerce. In this case, the fraud is done to obtain money from a business that was charged for fraudulent purchases.
Online banking fraud can be a type of identity fraud. In this case, the fraud is taking place through an online banking system. The fraudster can either steal money from an account or manipulate the account to make it appear as if it has been used when it was not.
But here is the most troubling part.
The meteoric rise of technology and the internet has prepared the opportunity for cybercriminals to perform malpractices. This means these criminals are not just vindictive but technologically very advanced. They are constantly innovating their approaches to creating threats. New types of sophisticated cybercrime are emerging every now and then.
But there is nothing that a strategic approach cannot resolve.
No matter what the malicious activity is, at the core most cybercrime is finance-driven.
This means whatever is the activity it would finally attempt to steal financial assets in illegitimate ways. For example, cybercriminals are now using malware that can steal data from a computer or mobile device without the user even knowing it.
Ensuring all-around protection for financial assets can give you the best safeguarding systems.
2. The net potential damage of cyber security threats
Cyber fraud has become an industry. The Cyber Fraud industry is much larger than traditional crime. The U.S. Government Accountability Office has estimated that the Cyber Fraud industry is worth $1 trillion.
Data breaches expose over 36 billion records in the first half of 2020 already.
The number of data breaches in the first half of 2020 is more than double the number of breaches in the first half of 2019. A massive data breach is occurring every day. Data breaches have become the norm. In fact, there are so many breaches that they have become a part of daily life. It is no longer a surprise when a major breach is announced.
Cyber fraud is growing, according to the Federal Trade Commission, the number of people affected by cyber fraud in the U.S. rose from 38 million in 2016 to over 50 million in 2018. In 2019, the number of people affected by cyber fraud in the U.S. rose to more than 63 million.
3. The key causes of cybercrime
Cybercriminals are innovating and deploying new tools to steal money and information every day.
Cyber fraud is also growing in scope. Cyber Fraud is not just committed by people who are looking for a quick buck. Cyber Fraud is being used to commit a wide range of crimes. In fact, 95% of the security breaches on the internet are caused by human error. This has only given more opportunities for cybercriminals for their malpractice.
According to a report, 88% of organizations globally have been subjected to experience the threats of spear-phishing in 2019. Spear-phishing is a type of cyber fraud that involves the use of emails to steal information. Spear-phishing is becoming more sophisticated. In fact, according to a report from Trend Micro, it is now being used to steal information and commit crimes.
All of these mind-boggling events demand a vital question to be answered. How to keep your assets safe?
Here’s the answer.
How to protect yourself from cyber frauds?
Prevention is playing a key role in the fight against cyber fraud. It is important to educate people about how to protect themselves from cyber fraud. It is also important to help people understand how to spot and avoid cyber fraud. There are many things that people can do to protect themselves from cyber fraud.
1. Keep your knowledge updated
Be aware of the cyber fraud operation that is taking place around you. The more you know about cyber fraud, the better you will be able to understand what is happening around you. Learn about security tools, software, and other ways to protect yourself.
2. Integrate an all-round security software
It is important to have the right security software. This software should be able to detect and stop cyber fraud. It should be able to detect and block phishing emails and other attempts to steal data and money from you. It should also be able to provide valuable insight into activities that are taking place on your computer or mobile device. There are so many powerful tools to choose from. SEON’s fraud detection API makes it easy to ensure you can browse the internet in the most secured landscape.
3. Avoid interacting with suspicious links
In the past, cyber fraud operators would send emails with links to fake websites. These links would appear to be legitimate, but they would actually be malicious. When you click on these links, you could be giving away your personal information. It is important to be careful when you are accessing the internet.
4. Use powerful encryption
You should encrypt your data. This is very important. Encrypting your data will help to prevent hackers from stealing your data. You should only use encryption software that can be trusted. This is especially true if your data is confidential.
5. Prioritize usage of a VPN network
A VPN will help to protect your data. A VPN will allow you to access the internet securely. It will also allow you to browse the internet safely. It will also allow you to use secure websites. It will also protect your data from being stolen or compromised.
6. Integrate a multi-level authentication system
Two-factor authentication is a great way to protect your accounts. When you use two-factor authentication, you will be required to use a second method to access your account. This can be a code sent to your mobile device, a text message, or a phone call. This will help to protect your financial accounts. It will also help to protect your personal information.
7. Integrate strong anti-fraud health hygiene
The truth being said, there will always be another new threat or a new vulnerability in the internet space. This means only keeping up with the knowledge of the current cyber fraud trends will not give you complete security. Only adding powerful defense to your internet security cannot do that either.
The threats that you are exposed to are dynamic in nature. This means the defense mechanism that you put up today may have questions upon its efficacy tomorrow. This makes imbibing strong anti-fraud hygiene a critical component of building a safe internet ecosystem.
There are so many things that you can do to ensure this. From keeping multiple copies of your data in distributed cloud systems to regular changes of passwords, all are powerful policies. But remember, to see the real change in your work landscape this has to be performed by the entire organization holistically.
Parting advice
The internet has always been vulnerable to threats and risks. Looking at the future, it does seem to be open to so for quite some time now. The struggle between making the internet malice-proof yet beneficial to all will keep ongoing.
But until then, the above tips and tricks would help you to guard yourself and your brand better. Yet, these are not the only policies that you can deploy.
Remember, the best ideas come from within.
Nobody knows your system the way you do. This makes you uniquely qualified to create the most effective protection policies.
Sure, the above tips stand the test of time for cyber security. But to yield the best results, you need to blend them with your process.
Let us know in the Comments section below what preventive measures are you adopting in your business to prevent cyber security frauds.