8 Things Your Company Needs to Know About Cyber Security

Understanding cyber-crime is an essential part of protecting valuable data, particularly when this data involves important business or organizational affairs. Cyber hackers have a variety of motives for hacking networks. Most often cyber hackers seek financial gain through bribes, identity fraud or credit card information. The attacks cost firms dearly as cyber criminals take sensitive information and sell in the deep web where crime is primarily hidden. To help protect data and stay alert against cyber attacks, business can institute solid network security protocols to keep information secure in both the present and future.

Cyber Attacks: An Introduction

Cisco engineer Paolo Passeri recently released a statistical analysis noting that data theft is responsible for nearly 80% of all unauthorized network attacks. Cyber security experts are often unsure of the methods that hackers leverage when infiltrating computer networks, but some of the most common are as follows:

• Account hijacking, which occurs when a hacker breaks into a cloud-based service or database
• SQLi attacks, which is when a cyber-criminal delivers malicious codes to take over a network database.
• Distributed denial of Service Attacks (DDos), in which an automated program directs so many pirated computers to request a website that no one can reach the page.
• Malvertising, which looks like an advertisement and delivers malicious code to its viewers.

1. It All Comes Down to Money

A March 2016 report from Norwich Universitys Online Masters in Information Assurance found that hackers sell an estimate of one trillion dollars, all of which relate to stolen data. In fact, a sole May 2015 investigation on deep web crime resulted in the confiscation of $80,000 in bitcoin earnings from guns and narcotic sales

2. Cyber Criminals’ Have a Love Affair with Credit Cards

Last April, cyber investigator Brian Krebs blogged that it is becoming increasingly popular for criminals to steal credit and debit card numbers directly from ATM users. This very trend has resulted in most national retail stores denying gift card purchases with credit and debit cards as such method is impossible to trace and monitor.

3. 90 Percent of the Internet Is Not Visible

In October 2015, digital expert David Kushner released a report revealing that cyber criminals do not freely operate on the Internet, instead relying on a hidden network called the Darknet. Within the Darknet, cyber criminals use very specific browsers, one of the most popular of which is called Tor, so they leave zero digital footprint. Cyber criminals also leverage other Darknet offerings, such as private databases, corporate networks and password protected sites.

4. Cyber Attacks Cost Businesses Big Money

A recent university study cited that cyber-crimes cost $300 billion annually and that firms do not detect 70 percent of all cyber intrusions. For example, in February 2016, hackers obtained $81 billion from the Bangladesh Bank, and in 2014 obtained the sensitive financial data of approximately 76 million bankers of JP Morgan Chase.

5. IoT & Cyber Security

The Internet of Things industry is projected to boom, so much so that by 2025, experts say there will be an estimate of 20.8 billion IoT technologies in use. Although these smart technologies will make life easier for consumers and businesses, it is very important to keep in mind the potential cyber security issues relating to IoT. Questions to keep in mind as this industry expands include: How are you protecting your IoT system? Do you have cyber security protocol? What is the procedure if you get hacked?

6. Businesses Can Prepare for Attacks

Nate Lord, who works at one of the leading digital protection firms, Digital Guardian, recently wrote an article in which he advises companies to provide network security training for key staff members. Such training is particularly important for companies that rely heavily on cyber communication due to having employees in various locations across the country or globe. Furthermore, Lord also recommends that firms brief staff members on areas vulnerable to attacks, such as Wi-Fi networks, mobile devices and passwords.

7. Cyber Security Is an Ongoing Effort

Cisco, the global networking corporation, advises companies to installing a security continuum which would function in the following manner: Before an attack, take the time to identify the baseline (normal network activity). If an attack occurs, have knowledge of typical activity makes it much easier to locate the attack vector and identify ways to improve future security measures.

8. New Threats May Arise

Technology reporter Harriet Taylor recently published an article on CNBC predicting that cyber attackers will continue to develop their hacking techniques, as well as leverage complicated intrusion techniques such as ghostware, which is code that infiltrates a network, steals data then hides its presence. Furthermore, it is also predicted that cyber hackers will develop methods to use cellular location-based information, as well as scareware, which is software designed to appear as though it is a solution for issues that do not exist.

In efforts to provide supreme cyber security protection, companies should understand the mind of a cyber criminal, as well as know the variables involved within cyber security. Essentially, financial gain is the primary motive for cyber attacks, so credit cards and secure information that can be used as blackmail tend to be a favorite target among cyber criminals. Thus, businesses and organizations should not only guard these assets, but also have an implicit protocol in place for if a cyber security attack occurs.