Effective countermeasures against cyber attacks
Since the pandemic spread globally, causing panic and disrupting operations in many organizations, the world has experienced a great revolution in all major digital platforms. Major companies and well-established organizations shifted into performing most of their operations online while working at home to curb the virus’s spread by implementing social distancing measures.
However, what came as a blessing in disguise to ease the pandemic’s pressure on enterprise organizations as far as digital transformation is concerned is now turning into a lifetime opportunity for cybercriminals to commit online fraud. The more business is conducted online, the more fraudsters develop and launch new strategies and techniques that favor their criminal activities. It’s worth noting how fast fraudsters adapt to new circumstances and emerging trends in Information Technology globally. According to statistics, last year, online fraud was among the most crimes committed globally.
Why are attackers always adapting faster than cyber professionals? How confident are they in launching attacks against well-tailored information systems? What makes them succeed in launching these attacks? Cyber professionals need to up their game, find the answers and solutions to these questions to ensure maximum security as far as cybersecurity is concerned.
A long time ago, before major inventions and transformations in cybersecurity, silos were used to not only defend systems but also handle three vital functions; security, fraud, and digital platforms. Security being the core capability of any defense system focused on drafting plans, procedures, and strategies that would see enterprise organizations protected and secure from data theft, insider threat, ransomware, and data breaches, among other cybersecurity threats.
The fraud silo protects enterprises from social engineering-related threats. Social engineering is the use of tricks to manipulate IT personnel to gain access to computer systems. It comes along with negative impacts such as damage of reputation, loss of revenue, and business logic abuse to the affected enterprise. Digital services ensure user experience and security measures are balanced for customers to have a smooth experience while accessing the online services. A well-developed digital business logic automatically results in growth in revenue generated by the enterprise.
Separation of functions and utilities was meant to afflict friction, etiquette in preventing and solving data breaches, and finally generating special reports that visualize and interpret cyber-attacks. However, due to the digital transformation experienced globally in information technology, this technique does not work anymore. Currently, enterprises that still use separation of powers experience the following challenges:
- Disruption in the supply chain of data and information
- Poor data surveillance
- The flexibility of cyber-attacks and cybercriminals
- Redundant and inefficient procedures
Integrated systems with unified entities to evaluate all threats and cyber risks posed to enterprise organizations. A few examples of convergence include:
Account Sign Up protection
So many applications are being developed and deployed to the market recently. The cost of accessing applications is relatively slow hence making it easy for fraudsters to open accounts with false identities. Security measures, fraud detection techniques, and digital platforms infrastructure need to be merged to form formidable controls.
Friction while accessing online services leads to frustration among uses which eventually disrupts business processes. The good news is that integrated systems develop new technologies that balance user experience and security measures.
Payment process security
Convergence has led to the development of PCI-DSS techniques that come with security measures that guarantee credit card details during the payment process.
Account safety measures
Protecting login credentials is not an easy process. User awareness and safety are only assured through collaboration among expert teams, digital platforms, and account holders.
However, the transition process to an integrated system is complex. Organizations must first understand that the attack techniques have changed and that fraudsters are quick to adapt. To make the digital transformation successful, let’s first secure information systems against fraud.