New tech a double-edged sword for industries vulnerable to hackers

With the growth of technology, one gets to realise that it can be a boon or a bane. Boon is because life has become easier but bane as technology comes with added risks.

 

Businesses, regardless of their size and industry, are vulnerable to cyber attacks. Hackers are getting more sophisticated, and exploiting vulnerabilities in the systems to their advantage.

The threat landscape is constantly evolving, and organisations must update their cyber security strategies to better protect their data.

With the hybrid work model, organisations are using a combination of on-premises and cloud-based systems. This, however, has made organisations more vulnerable to cyber-attacks by creating multiple access points.

Moreover, multiple storage locations make it difficult to identify security loopholes and secure data.

Speaking to IANS, Gaurav Batheja, CEO, iAcuity Fintech, which deals in tracing fund trials for the law enforcement agencies, said that it is essential to have data secured while at rest or in motion and as business continuity requirements change, many enterprises are providing remote access to employees.

"The first step is to ensure that data is stored and transferred in encrypted formats. Additionally, companies should invest in endpoint security solutions which prevent access to data which is not to be accessed outside corporate networks, data loss prevention software and monitoring and analytics tools that help ensure data is accessed by the right people at the right time and is not transferred out of the system," said Bhateja.

Another expert on cyber crimes said that due to a lack of strong data security policies, employees often inadvertently leak sensitive data and this can be due to weak passwords, inability to log out of systems, or a lack of encryption.

"While it's easy to blame external threats, internal threats often prove to be a greater danger. Employees often have access to classified data, and if not properly trained, they can pose serious threats. Any data that gets leaked due to internal inefficiencies, raises grave concerns regarding privacy," he said.

"As more platforms collect user data and with an increase in social media adoption, users have huge digital footprints. Once cyber criminals gain access to such data, they can use it to gain undue advantage over the victims. It is imperative to activate two-factor authentication and end-to-end encryption wherever available. Users should adopt strong password policies and not share sensitive information with anyone," said Bhateja.

"It is important to be aware of cyber-criminals' ever-changing tactics and take steps to protect yourself against them, such as using strong passwords, being cautious when opening emails or clicking on links, and keeping your software up to date. As systems are put in place to abate fraudsters, they identify new modus operandi to operate," Bhateja said.

"The ever-changing landscape of technology creates new ways for fraudsters to operate. Technology companies, financial institutions and regulators should adopt fraud prevention technologies to identify and stop suspicious behaviours. Law enforcement agencies should also adopt investigative tools such as CDR analytics, OSINT analytics, IPLoggers and Fund Trail Analytics tools to help identify fraud syndicates and bring them into custody," Bhateja said.

--IANS

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