MODULE – B: FRAUD MANAGEMENT | PREVENTION CONTROLS

MODULE – B: FRAUD MANAGEMENT | PREVENTION CONTROLS

PREVENTION OF CYBERATTACKS.

Today, cybersecurity is as important as locking our doors at night. With the increased traffic to a business is online it is essential to have a robust security solution installed in the business.

We all hear those businesses have to pay huge fines or even some of them go out of business because their systems have been hacked. There are far too many threats out in the online environment to be ignored. 

Previously businesses used to focus on defending their information technology infrastructure to keep hackers out of their systems. But today, only defending their systems within the organization is not enough. This is the reason why businesses must adopt a valued security system to protect their parameter as well as their internal assets.

In a multi-layered security infrastructure, the controls that could be installed are divided into two categories: 

• Preventive 
• Detective.

CYBER ATTACK

Deliberate exploration of a system and network is referred to as a cyber-attack. Malicious code is used to compromise the computer system or network to steal, leak, or even hold the data hostage. Preventing cyber-attack is essential for any business organization. Below written are some of the examples of common types of Cyber-attacks and the types of data breaches:

• Theft, fraud or extortion of Identity
• Malware, phishing, spamming, spoofing, spyware, trojans, and viruses
• Stealing hardware (laptops or mobile devices)
• Denial-of-service & distributed denial-of-service attacks
• Website defacement
• Breach of access
• Password sniffing
• System infiltration
• Private and Public exploitation of Web browser
• Abuse of Instant messaging
• Theft of Intellectual property or unauthorized access

TRAIN YOUR STAFF

The one common way cybercriminals access your data is through the employees. This is done by sending fraudulent e-mails by representing someone in the organization where personal details or access to certain files is asked. 

These emails seem legitimate to an unaware person and this is the reason why the employees should be trained to identify such fraudulent activities to prevent any cyber-attack.

They should be taught to check links before they are clicked and should verify the email address when they receive an email asking for any personal or sensitive information. We should know that if any request seems odd it parallel is. 

KEEP YOUR SOFTWARE AND SYSTEMS FULLY UP TO DATE

Often it is observed that cyber-attacks happen because the systems or software remain outdated and vulnerable to the attacks. Hackers are always on the Lookout to exploit these weaknesses so that we could exploit them to gain access to the network. And once they are in, it’s often too late. 

So, it is always smart to invest in updates to keep the systems resilient and up-to-date.

ENSURE ENDPOINT PROTECTION

Having endpoint protection protects the networks which are bridged remotely to devices. There are various mobile devices, laptops, and tablets connected to corporate networks that form a path to security threats. To prevent these threats from happening, they are protected with specific endpoint protection software. 

ENCRYPTION

Sensitive information can be encrypted to make the data unavailable if it ever gets copied or stolen. Encryption shows that only authorized users access the encrypted data. 

Because the dependency on computers and technology has increased, the threats and risks associated with the systems have also increased. What is important to note and understand is that there is no single parameter or layer that can entirely secure a business. 

Encryption is only one piece of work in a multi-layered security system.

FIREWALL

The cyber-crimes become more sophisticated leading to sophisticated data breaches and every day new types of cybercrime surface across the globe. 

Having a Firewall installed on your network is one of the effective ways to defend yourself from any kind of Cyber-attack. This system off Firewall blocks a semi-out attack on the network or system before it can do any damage.

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BACKUP YOUR DATA

To avoid any serious downtime or loss of data or to avoid any serious financial loss, you must have your daughter backed up for even if you have installed various preventive systems, there is still a chance that a cyber-attack could occur.

CONTROL ACCESS TO YOUR SYSTEMS

You might find it difficult to believe but one of the attacks that you could be under might be physical. So, in those cases having control over your network is very important. They could be somebody you can walk into your office or enterprise and simply plug in a USB that contains infected files into your computer systems allowing access to the entire network. 

So, this makes it essential to control who has the access to your computers. These kinds of Cyber-crimes could be stopped by having a perimeter Security System installed. 

WIFI SECURITY

There are so many Wi-Fi-enabled devices that are being used in 2022. This is one of the foremost reasons why it poses danger as any device can get infected by connecting to a network that is connected by an infected device. 

The safest thing you can do to secure your system is to secure your Wi-Fi network and even hide it. It is important in today’s scenario because every day there are thousands of devices that can connect to a network and increasing the chances of compromising your systems.

EMPLOYEE PERSONAL ACCOUNTS

There should be a separate login assigned to each and every employee for every application program. If there are several users that are connecting with the same credentials, it increases the chances of putting the businesses at risk. 

But if there are separate logins for each of the staff, it can reduce so many attack fronts. It not only increases security but also improves the usability of the systems and software.

ACCESS MANAGEMENT

One of the risks that businesses face is that the employees might install some software on the business on devices that could compromise the systems or programs. If admin rights are properly managed and the employees are blocked from installing or assessing certain data on the network, that would be very much beneficial to the security system of the business. 

PASSWORDS: 

To have the same password for everything is a dangerous thing in the information technology environment. In case someone figures out your password, they could access anything and everything on your system and can know the applications that you are using.

But if you have different passwords for each and every application then it is beneficial to this quality system and changing them of Ton also helps in maintaining the protection against external as well as internal threats.

So, these are some of the ways you can secure your business, its assets, and the networks. There are many other ways that are currently being used to secure a network as a preventive measure.