August 02, 2022
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Many organizations now use digital systems to automate their processes and increase productivity. Digitalization offers new opportunities and capabilities that are valuable in growing or scaling the business. It allows companies to improve data analysis, streamline operations, and increase their digital presence.
However, digital systems also create risks. Cybersecurity is one of the top issues in companies using digital technologies. Check Point revealed a 50% increase in hacking attempts on corporate networks in 2021 and recorded an all-time high of 900 weekly attacks per organization during the fourth quarter.
Protecting companies from these attacks entails understanding vulnerabilities and implementing strong authentication and security measures. Building a strong cybersecurity strategy is critical for protecting company resources and customer data.
What is Hacking and How Does it Happen
Hacking is unauthorized access or control over a computer network to achieve some sort of objective. The goal of hacking is not always malicious; “white hackers” break into systems to identify security weaknesses. But the term “hacking” is commonly associated with illegal activity and data theft perpetrated by “black hat” hackers.
Criminal hacking violates the confidentiality, availability, and integrity of the organization’s systems and data. The most common motive of black hat hackers is to steal sensitive information like business process documentation, trade secrets, and employee or customer credentials. They can also damage data by making unauthorized changes or by destroying hardware.
Hackers often use stolen data for their own financial gains. They can use a customer’s stolen credit card info to make fraudulent transactions on their own behalf. They can also encrypt important files and hold them for ransom. If the ransom is not paid, the victim will not be able to decrypt the encrypted files and their sensitive data will be unrecoverable.
These attacks can have drastic consequences for an organization. The company can face legal liability if it is unable to fulfill contractual obligations to its clients or associates due to loss of data or system malfunction. The entity can also lose its competitive advantage due to reputational damage.
Generally, cybercriminals gain access to a computer or network by exploiting a flaw in the system’s security or configuration. They can also do this by using programs and tools that can compromise security or take advantage of vulnerabilities. Ransomware, brute-force, cookie theft, phishing, fake wireless access point, and keylogging attacks are examples of threats that businesses are exposed to.
How to Prevent Hacking
There are several ways companies can safeguard themselves from hacking. Typically, cybersecurity measures involve educating employees and integrating modern tools to protect the organization’s systems and data.
Security-Focused Workplace Culture
Human error, either through action or lack thereof, is one of the leading causes of data breaches. Educating employees and practicing security measures help the organization avoid schemes that target unsuspecting users.
Employees should steer clear of unsecured networks such as free WiFi from airports, cafes, and public places. They should also beware of unreliable websites that cybercriminals can use to access sensitive data from their devices. Restricting admin and access rights to a limited number of users keeps sensitive information within the company’s circle of trust.
An effective cybersecurity plan involves a strategy of rendering the data useless if it ever falls into the wrong hands. Data encryption achieves this by scrambling messages or emails transmitted through a network into an unreadable format. Encrypting all sensitive data, such as customer, employee, and business information adds another layer of defense and reduces the data breach damage. There are different encryption software applications available today that can also encrypt data in a user’s device whenever the device is in idle mode.
Anti-Malware and Anti-Virus Programs
Security programs guard companies against attacks by identifying threats like viruses and malware so users can take immediate action. For example, anti-virus and anti-malware software can warn employees about a suspicious website or file to stop them from proceeding with a possible security compromise. Many programs also create a backup of the computer’s files so users can easily restore them and recover from an unexpected cyberattack.
Digital Identity Verification
The rise of remote and hybrid working setups opens businesses to risks. Issues with these arrangements include the possibility of strangers viewing the screen when in public and unauthorized identities accessing corporate systems via employee devices.
Initiating user authentication whenever employees access company platforms improves remote work security. Organizations are encouraged to use passwordless authentication as many cyberattacks now target their user credentials to access company accounts. Solutions like LoginID that offer FIDO-certified biometric authentication provide low friction and strong defense against hackers.
Biometric Digital Signatures
Cybercriminals also target company documents and messages to steal data or use them for fraud. Biometric digital signatures help companies secure their online transactions and communications by recognizing tampered electronic documents and digital messages. It acts as a fraud prevention measure and aids organizations in maintaining the confidentiality and legitimacy of messages and e-documents. Using it requires a digital signature API integration that allows the collecting and authentication of signatures in documents or contracts.
Corporate Verification Solutions for Stronger Digital Security
Cybercrimes that target companies are getting more prevalent as working situations and market behaviors evolve. Organizations need to invest in robust security applications to protect their integrity, data, and resources from these attacks. Solutions like LoginID provide real-time fraud prevention and anti-hacking mechanisms to secure firms’ vulnerable access points.
LoginID offers FIDO2 passwordless authentication across multiple operating systems, browsers, and channels. It aims to solve the online verification problem by replacing the vulnerability of traditional passwords and login methods. It provides strong user verification and biometric digital signature authentication, so it is an effective fraud and phishing prevention application. The solution also has safe recovery and cross-device attestation mechanisms for those who lost or upgraded their devices, ensuring that only legitimate employees and users can gain access to their accounts.
LoginID FIDO2 biometric authentication is easy to integrate and use, securing company platforms without compromising the user experience. With this solution, companies better protect their data and resources while making the brand more trustworthy for their customers.
LoginID has partnered with Mindaro Cyber Insurance to offer businesses protection against losses caused by a cyber attack. The Mindaro team is composed of insurance professionals, technologists, innovators, and visionaries to bring a first-in-class, digital, easy, and transparent experience of purchasing insurance and protecting businesses.