Cybersecurity: How to Fight Against Cybercrime

The world of cybercrime today is not what it once was. It is much more advanced, targeted and aggressive. Now, a 2.78 billion dollar a year industry, cybercrimes have moved from targeting just financial institutions to migrating toward other, not so obvious sectors.

 According to anti-phishing working groups, since January of the New Year we have seen a drastic increase in the number of attacks on websites that are not typically targets of cyber scams – for instance, online gambling sites and social networking platforms. As we begin to see cybercrimes enter their second generational wave, malicious kits now make it possible for criminals with zero programming experience to buy pre-packaged illegal software to be used in order to carry out refined attacks—which translates to a whole lot more potential malicious activity on the Web.

The Value of Protecting Against New Age Attacks

The disturbing part of it all is that these malicious attacks are becoming so sophisticated that basic security software and firewalls alone can no longer address the issue at hand. Not only are these attacks threatening individual Web users, but also businesses. Cybercrime is no longer a simple IT risk; instead it has become an inherent danger for business owners.

For SMBs, the threat extends far beyond the systems in that attacks are being developed to affect everything from customer relationships and marketing to government compliance, in addition to legal liability and insurance costs. In order for businesses today to successfully combat cybercrime, they need to protect against the attacks on a broader level. If security is viewed as a mere IT cost – a responsibility – then organizations will never fully be prepared for the scope of risks that they could face. Instead, security against cybercrimes must be viewed as an essential part of a company’s business continuity plans as well as disaster prevention.

The amount to be spent on security must fall in line with the overall threat that such crimes might pose to the business itself. It is imperative that business owners see the value in protecting themselves, their organization and their customers, for cybercrime does not only affect the outer level of business. Meaning, it is not only the data that you lose in an attack or the customers who find themselves victims, but also the larger scope – the ripple effect that will inevitably occur, causing uncertainty and distrust down the road for future potential buyers.  It is the customer service effects, the marketing effects that are the scar that it leaves behind on your business; those factors need to be assessed in determining what your cybercrime security budget should be. A recent Gartner (News - Alert) study released shows that 23 percent of online bankers have fled the scene. That equates to roughly 24 million individuals who will not even consider doing their finances via the web due to uncertainty and distrust of sites. That means that they are willing to pay more in order to avoid potential risks and dangers up front, in an effort to protect their security.

How Cybercrimes Have Changed

Today, cyberattacks have changed gears a bit, as previously explained. But there is more to the newer style of attacks than what meets the eye and for business owners, this seemingly minor detail could be paramount. The crooks these days, though still after the money, are industrializing new, more sophisticated ways of getting their hands on the data that they desire.  Meaning, these criminals are willing to wait around for the cash. The new paradigm is that the criminals go in soft and slow; and they wait, patiently – quietly. It could be years before their presence is even felt, by which point the damage that they will be capable of doing will be catastrophic.

For business owners, the unseen costs of cybercrimes are the true danger. Take for instance a study by the Ponemon Institute (News - Alert) that reviewed cases of 56 businesses that had fallen victim to cybercrimes. In additional to the obvious funds lost, these business incurred approximately $400,000 in combined lost business. Which hardly even compares to the crippling $2.6 million (or $128 per compromised record) that had to be spent to detect the attacks once they were already carried out.  Many organizations simply do not have the capital to cover such losses and therefore would be devastated should an attack of this magnitude come knocking on their virtual door.

How to Protect Yourself from Cybercrimes

Due to the large scope of damage and larger scar that cybercrimes can leave on your business, it is therefore critical to properly prepare your organization for attacks. It is imperative to train your employees through seminars and educational meetings, as well as enhance virus protection software for PC . As we mentioned, the degree to which you protect your system must be determined by weighing the potential risk of what it would cost should you lose control. With so much at stake, protecting your firm’s private data is essential, from every angle. With the larger mode of portability data, thanks to our mobile phones, tablets and laptops, the threat of security breaches now extends far beyond the office desk. More protection is needed and you might even consider some non-traditional defense strategies that should determine a large risk associated with an attack. For example, companies like Fidelity have taken the initiative to encrypt all of its financial data. That is, not just on the company’s internal systems, but on any and all devices that enter or exit their data center – that includes thumb drives, laptops, and magnetic tapes for mainframes. They have taken such precautionary measures to ensure that even if their data is hacked, it will be scrambled and of no use to the criminal looking to use it.

In addition to encrypting your valuable data, which yes, can be expensive, there are many other proactive measures that can be taken in order to protect yourself, your staff, your clients and ultimately your business from the effects of a cyberattack. Such efforts include:

• Hire dedicated and experienced IT security staff
• Download antivirus protection
• Download anti malware security software
• Keep staff educated and informed on how to protect themselves and your company’s data

In addition to proactive measures that should be taken to prevent cyberattacks, it is also crucial that you put in place an action plan of how to mitigate the effects of a data breach should your firm ever fall victim.

In terms of cybersecurity, the best defense is always a good offense. Allocate funds where they matter most, do not underestimate the power of proper protection and educate yourself as well as your staff on how to prevent cyberattacks with simple strategies such as avoiding phishing sites. With your funds in the right place and the walls built securely where they matter most, you can protect your business from the malicious intentions of the Web’s sophisticated and malevolent cybercriminals.

If you have more to share on how to protect yourself and your business from the harmful effects of cybercrimes, then please share. We are very interested in hearing your insights!

About the Author: Paul Gossett is an digital strategist and a freelance writer having true passion for online media which has made him a learner of various workplace cultures and latest technologies. He loves sharing his knowledge to help entrepreneurs in disrupting the old ways of doing business