What You Should Know About Cyber Fraud and Data Breach Protection – Enterprise Security Mag

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Enterprise Security Magazine | Friday, July 02, 2021

The risk of large-scale fraud or a massive cyber data breach having a detrimental effect on an organization's reputation and operations is increasing all the time.

FREMONT, CA : Cyber fraud and data breaches are widespread and a growing global concern. Cyber-attacks are increasing in both number and sophistication at an alarming rate. Nation-state and criminal cyber-attack groups frequently collaborate to launch an ever-growing array of socially engineered cyber-attacks, including the following:

Sophisticated spear phishing attacks

Attacks on Business Email Compromise (BEC)

Attacks by ransomware

DDoS (Denial of Service) attacks

Malware Trojan-horse attacks

Below are ten obstacles in cybercrime and data protection

Based on the experience working with hundreds of businesses worldwide in a variety of industries, the following list highlights the most significant cyber fraud and data protection challenges confronting the majority of organizations in public and private sectors:

Identifying the most effective methods and tools for identifying, tracking, and maintaining all data/information assets through the use of appropriate information governance, data mapping, and cybersecurity

How an organization can efficiently and cost-effectively verify identities and control access to information

Recognizing the most effective methods, tools, and techniques for managing third-party/supply chain partners' compliance with evolving cybersecurity and data privacy regulatory requirements globally

The most effective method for delivering cybersecurity and data privacy education and training on a timely basis

Whether an organization should invest in new information security hardware, software, and resources to strengthen its cyber defenses or outsource to a reputable Managed Security Services Provider (MSSP)

Whom the organization should consult following a significant cyber data breach

What steps should an organization take to ensure compliance with all current regulatory requirements applicable to their industry and geographic location, as well as all contractual obligations with customers?

Recognizing proactive measures that an organization can take to combat insider threats and fraud

The best course of action is to ensure that it has developed an appropriate Business Continuity Plan.

How much an organization requires cyber liability insurance coverage.

Below are some excellent practices in the Cybersecurity approach 

A threat-based cybersecurity approach is highly recommended to combat cyber fraud and mitigate costly cyber data breaches successfully. This requires an organization to take the following actions:

Engaging a third-party firm to conduct portions or all of the cybersecurity Advanced Diagnostic Assessments, which may include the following:

Cyber-attack assessment via email

Assessment of cyber-attacks on networks and endpoints

Assessment of vulnerability

Testing for penetration

Examinations for social engineering

Security assessment by the Red Team

Evaluation of security software tools

Appointing a dedicated Chief Information Security Officer (CISO) who reports to the CEO or General Counsel to develop a sound cybersecurity and data privacy risk management program tailored to the organization's unique cyber threats

Utilizing Advanced Software Encryption in conjunction with Multi-Factor Authentication (MFA), which include biometrics

Implementing a comprehensive software security patch management program that is both timely and effective.

See Also :- Top Data Security Companies


 

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