How safe are we from cyberattacks?
A 350% increase in cyberattacks involving ransomware, a 70% increase in spear-phishing attacks, and a 250% increase in spoofing attacks using business emails have been seen compared to last year.
All the businesses, in order to grow, have to remain dependent on the latest technology, including the internet. This makes them the easy target for all the cyber attackers out there. The ever increasing cyberattacks are targeting more and more small and medium industries causing a disruption to the economy.
The threat remains real
Hacking can be mainly distributed in two categories One where a computer is used to hack another computer using a virus, DOS attacks, and many other forms. Second is that the computer is used to commit serious crimes such as cybersecurity breach, IPR violations, bank frauds, credit card frauds, and pornography.
Kaspersky, an international software security group, recently revealed that India stands 4 in terms list of hacked servers available for sale. It also shows that a total of 3,488 servers were on sale till May 26.
Highly skilled hackers using the process of virus-driven automation can quickly get hold of your personal information and carry out potential theft. As a result, you can face financial as well as reputation losses. Hackers, if want, can bring down the infrastructure of the whole organization with just a straightforward malware program.
Impacts of cyberattacks on banks
Consumers have little to lose from cyberattacks provided that they had followed every security protocol and quickly notified the bank in case of any missing funds. Some countries, such as the US, have rules that the bank has to refund the customers in case any money has been taken out of their account without any authorization.
Business accounts, however, don’t have the same privileges; in case of business accounts, the rules apply differently. The banks have to dedicate significant funds in order to prevent cyberattacks and improve their cybersecurity.
The financial impact of a cyberattack includes the cost of litigation, insurance, fines, and impact on the technology infrastructure. A successful cyberattack on one institution can result in a similar spread of the malware to other banking institutions as well. IMF highlights one main reason that these attacks can be successfully executed is due to the old technologies still used by many organizations.
Another vulnerability is the effective management of the SSH keys. SSH keys enable the automatic connection from one system to another often without the use of two-factor authentication; many times, it doesn’t even need two-factor authentication. Cybercriminals are eager to use this vulnerability. Most financial institutions ignore developing an effective strategy to manage SSH keys.
How to deal with cyber attacks?
To protect your business from cyberattacks, start to evaluate your current technical policies, plans, and other security procedures.
Your end goal should be to strengthen your monitoring, detection, and response services so that you can detect the cyber intrusions quickly and respond accordingly. Empowering your organization against cybersecurity should your routine task as the technology keeps on evolving every day at a rapid rate.