What are the main types of cyber assault and how could you beat the criminals?
Cyber crime today is eye-wateringly big business. Economies and businesses worldwide are now suffering losses of around $600 billion a year. And that number could be just the tip of the iceberg, given that a high percentage of cyber crime still goes unreported.
Within financial services, the rapid adoption of a range of new technologies has made criminal activities increasingly easy to carry out, the perpetrators’ methods have become more brazen and sophisticated - and businesses defences are all too often not up to the task.
Different methods, same old crimes
In many ways, much of this is nothing new. Cyber crime is effectively an evolution of traditional crimes – extortion, blackmail, fraud and so on – transported online.
It’s the scale of the activity that’s evolved. We’re now facing transnational industrialised crime, where perpetrators structure themselves just like any legitimate business, right through to a C-suite of senior management presiding over a black market economy in tools, services and information.
Modern cyber criminal organisations are fleet of foot, ingenious and highly professional in their approach – run by ruthless, rational entrepreneurs with great ingenuity and a determination to follow the money – which is now in cyberspace.
There are three main types of cyber assault:
Beating the criminals at their own game
Given these increasingly pervasive risks, the climate has certainly never been more challenging. But there are a range of measures organisations can take to shore up their defences.
And, while technology may be aiding the criminals, it’s also a powerful tool for businesses to second guess and outwit attacks. It’s now far easier to detect unusual behaviour and rapidly contain phishing campaigns, for example, thanks to the enhanced threat intelligence and security responses.
How you can prepare:
For more information, contact Bryan Beesley.
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