Everyone Needs To Be Smart And Fast To Mitigate The Costs Of Cyber-Attacks

Johann Lourens, General Manager of Technology at AfroCentric Group

The technological advances of the last century have opened the door to global communications, made our personal and business lives so much easier, but have also unleashed a new crime threat that is putting individuals, large and small corporations at risk as cyber cruisers commit fraud, identity theft or other cyber-crimes.

Pretty much everyone is a potential victim. This means that every time you log onto your smartphone, computer or open an email, you are at risk of being exposed to cybercrime.

As we celebrate October as National Cyber Security Awareness month, lest we forget that hacktivists, organised criminals and rogue individuals are making careers as cyber thieves.

According to the South African Banking Risk Information Centre, South Africa has the third highest number of cyber-crime victims worldwide, resulting in a loss of about R2.2 billion each year to cyber-attacks.

Today's fraudsters have moved on to cybercrime. Fraudsters are adapting to new technology faster than consumers. Online banking fraud continues to increase as more individuals and businesses do banking online. No one wants to stand in line at the bank anymore.

On the home front, cyber criminals are using the internet to connect with our kids. The dangers of the internet grow as more of our children socialize online and interact with people they don't know. Everything from email fraud to online sex predators, criminals are using the internet to steal money and identities of people.

Many of us brush aside warnings about cyber-crimes. You don't have to be a multinational corporation to be a target of hackers.

We've seen a tsunami of data breaches crashing over numerous large corporations lately. Ask Facebook and even Liberty here at home. Small businesses are attractive targets.
Because companies are not compelled to report cybercrimes, many incidents are swept under the carpet and cannot be included in statistics.

According to auditing firm, KPMG, in the healthcare sector, the theft of personal information has increased by 1100% over the past year with more than 100 million records compromised worldwide. KPMG added that the biggest threat comes from external attackers – at 65% – while malware tops the list of information security concerns.

According to Gemalto, 2017 was characterised by four main cyber-crime trends which include malware attacks particularly involving ransomware. LinkedIn, Dropbox and Yahoo were global victims.

The third trend last year was the widespread use of hacking tools by both law-enforcement agencies and criminals. A fourth trend is attacks against cryptocurrency exchanges. All these trends were centred on the key issue of data security.

This means anyone with a smart phone, tablet or personal computer is potentially at risk and we all need to be aware of the simple security steps that can protect us. Cyber-attacks are increasing in their frequency, severity and sophistication. Ask anyone whose bank account has been cleaned out.

On the home front or personal level, cyber fraud has become one of the biggest threats through keylogging, malware and phishing. They are all perpetrated by putting viruses on a victim's computer. The goal of both methods is to capture login credentials for the victim's bank accounts.

According to cyber experts, keylogging happens when a cyber cruiser records actual keystrokes and mouse clicks to obtain a user's password, account number, identity number and or anything else that's typed.

Phishing involves a fraudster's requesting personal information from victims online. The request appears as though it's an official e-mail from a legitimate organization.
Malware also can be installed on a computer, allowing fraudsters to access banking logins and passwords.

The reality is that every business is under threat, so if cyber security is something you've been putting off, now really is the time to address the issue.

Robust internet security doesn't require a big Information Technology department or even a big budget.

The key is good preventative education of staff and a willingness to build the barriers.

Here are some pointers on what you can do to reduce this risk:
• Keep your passwords strong by using a mix of upper and lower case letters, numbers and symbols.
• Immediately delete any suspicious emails.
• Install anti-virus software on your work-stations and other devices.
• Raise awareness among your staff and ensure they know what to look out for.
• Beware of accessing account information from an unsecured network.
• Watch for changes to login pages where your credentials are entered. Your bank will let you know in advance if there will be changes. If concerned, call the bank first.
• Change your passwords often, at least every six months.
• Don't use the same password for all of your online accounts.
• Do not keep login information in places where others can access it. It is best not to write it down at all.
• Never click on a link from a business requesting your personal information. No reputable business will ever e-mail such a request.

Computer-based crimes are bad news for all of us, it is therefore everyone's individual responsibility to guard against the evils of online cyber criminals.

Cyber-crime is here to stay, and companies, organisations and everyone need to be smart and fast to mitigate the costs of cyber-attacks.