Cybersecurity has been a constant threat for most of the forward-thinking organizations around the world. The Cybersecurity threats refer to the cyberattacks that involve harming or stealing an organization’s critical data.
This data can be anything from emails to passwords to employee records and a lot more. However, the financial crime industry is proven to be the million dollars industry.
A number of cybercriminals attempt to disrupt an organization’s security flaws to access its financial details. In case, if any hacker accesses a company’s financial details, then the company will have to face some serious fallout.
Even the company may fall into bankruptcy within a matter of seconds. In this blog, I will try to discuss how financial crime takes place and the possible solutions to prevent it. Let’s start with how these financial cybercrimes happen.
How Financial Cyber Crime Occurs?
1. Phishing Attack
Financial cybercrime can be done by various means. For example, a cybercriminal may use a phishing attack to grab an organization’s finances.
In a phishing attack, a cybercriminal pretends to be an authorized source/person and convinces the other person to open an email by signing in.
In this way, the hacker accesses the credit card and other payment card information of the other person in the form of password and login credentials.
Other than the phishing attack, cybercriminals also adopt another way called malware. Malware is a software that secretly installs into a system. The main purpose of installing this software is to break confidentially.
Spy malware is one of the major concerns of the organizations that are dealing in today’s online environment. It is the common malware that disrupts the system’s privacy and conducts financial frauds.
Ransomware is also a kind of cyber-attack, in which a cybercriminal encrypts the crucial data and ask the data owner to pay ransom to access it. Cybercriminals use different types of malware to encrypt user data. Even there is some aggressive malware that doesn’t even trick users and captures the system directly.
Once, the data has been accessed and encrypted by hackers, they ask data owners to pay a ransom in order to get the decryption data key.
Cybercriminals instruct data owners on how to pay the ransom. Mostly, hackers ask to pay in Bitcoin cryptocurrency.
CATO attack or corporate account take over is another cyber financial attack. In this attack, hackers hack the main financial accounts of an organization.
The Hackers gain access to the main accounts via malware that keeps a record of user activity and login credentials.
A hacker gets the credentials of the main business account, he performs disreputable activities including authorizing transactions, stealing data and initiating fraudulent payments.
Financial crime is incomplete without the discussion of the ATM frauds. Cyber thieves usually send phishing emails to financial institutions or banks. As a result of that, they install malware and record credentials of the employees. Once they get the right credentials, then they access ATM web-based control panel.
On ATM web-based control panel, they made changes to the system settings and allow “Unlimited Cash” disbursements at ATM machines. Later, they use stolen pins and cards to withdraw as much money, as they want.
These were the most common cyber financial crimes that hackers often perform to make huge profits. An organization even falls victim to bankruptcy as mentioned earlier in this blog.
A few possible solutions will prevent you against financial cybercrimes. Keep the following prevention in mind to make sure that your cybersecurity is on the top.
Use Antivirus software Antivirus
software will protect you from all the potential viruses and malware coming your way. Antivirus software works as the data security tool that alerts and protects you against spyware and malware.
Such a program mitigates the risks of being hacked. Moreover, antivirus software also blocks spam ads, which means viruses containing the advertisement cannot have direct access to your system.
Connect to a VPN
VPN acts as the security guard of your connection. It encrypts all your data that is transmitting on the web. A VPN also masks your IP address and only shows the VPN server IP. It means that when you use a VPN, no one can reach any of your data or sensitive information. If someone tries to access it, he will only see a few meaningless characters since all the data is encrypted. VPN usage is drastically increasing because of its ability to secure connection and according to French VPN providers, 26% of young users connect to the VPN. Moreover, France, Australia, and the UAE are one of the biggest VPN markets worldwide.
Complicate your Passwords
Passwords are sensitive data therefore; it has to be complicated enough. Organizations must pay attention to their passwords to avoid any spam. Use complicated passwords with combinations of numbers and characters. It is also advised to lock your passwords via password management tools.
Securely dispose of data Financial institutes are the most vulnerable because every hacker tries to exploit the security holes. Whether it’s a physical asset or virtual data, these firms should make sure the secure disposal of unwanted resources.
The data into the wrong hands will cause severe disruptions, therefore; financial institutes must contact regulatory compliant associations to continue the asset disposal process securely.
Store data in separate locations
Financial institutions should not keep and operate data from one place because if it gets attacked, everything will be disrupted. The best way is to store and operate data from various networks with strong security. It will also mitigate the effect of the attack and the data loss will not take place at an extreme level.
With time, hackers will invent new approaches to attack the finances of the organizations. The good part of the story is inventions are not stopping. If hackers are inventing disruptions, there are experts who are inventing security tools. You just have to understand the use of those security tools. The right use at the right time will prevent your organization from severe hacking or cybersecurity breach.