Fraud Protection And Cybersecurity In The Modern World

The threats faced by the modern world are constantly increasing. Especially on the Internet – although today we are able to handle many things via the Internet without leaving home, we are still exposed to various types of cybercrime.

Their intensity is related to the pandemic, the transfer of the activities of many companies to the Internet, as well as the transition to remote work of many employees around the world.

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Cybersecurity Is More Important Than Ever

According to the report “The State of Cyber Resilience” prepared by Microsoft and Marsh, almost 75% of organizations around the world experienced at least one cyberattack last year. At the same time, only 41% of them involve legal, corporate planning, finance, operations, or supply chain management departments in developing cyber risk plans.

There is no one-size-fits-all solution to the cyber threats that organizations worldwide face today, but awareness and action can increase their resilience and security in the future.

How Much Do Companies Lose After A Hacker Attack?

For companies, a cyberattack is a loss of valuable data and money. According to the IBM Security report, companies lose, on average, over 4 million dollars a year due to hacker attacks. The average security breach cost among the surveyed organizations was 4.35 million dollars. This is a record level and an increase of almost 13 percent compared to the survey two years ago.

Researchers also point to the relationship between losses resulting from cyberattacks and the increase in the prices of products and services. In the analyzed sample, 6 out of 10 (60%) entities raised prices.

Cybersecurity also turned out to be a problematic element of IT to manage during the pandemic. Insufficient security of networks and equipment was a foreseeable consequence of the race to remain operational at the beginning of the lockdown when the priority was to keep the business running.

Awareness Of Employees In Building Cyber Security

Every employee should be involved and have up-to-date knowledge of cybersecurity. Many concerned specialists, such as risk managers and finance specialists, still need to be directly engaged in managing cyber incidents.

Although cyber risk management in the company is focused on tools and plans, even the best security mechanism and actions will probably not live up to their potential if there is no effective communication throughout the enterprise. Risk assessment, possibilities of its transfer, and response to an incident or data security breach are areas that shape the cybersecurity culture and build the organization’s resilience to potential threats.

Can Threats In The Internet Be Avoided?

Unfortunately, we can never be sure of this, but by taking appropriate steps, we can limit their number. What fraud protective practices can we use?

A conclusion can be drawn from the analysis of the data contained in the IBM Security report. Specialists from say that companies and organizations that used artificial intelligence and security automation during the creation of the cybersecurity system, as well as threat identification and inventory of infrastructure, lost on average 3.05 million dollars less than those based on traditional technologies.

Thanks to the use of artificial intelligence and automation in cybersecurity, the time needed to identify and stop a breach are shorter, making this method more effective. Increasing the budget in IT for education and fraud prevention and modern technologies is a step that can help minimize the financial and image losses of many institutions.

Keeping Up With The IT

Cybersecurity accompanies almost every aspect of the company’s operation. Understanding cybersecurity threats and risks in each organization should be a priority in preventive actions. Unfortunately, finance is often an obstacle. Company security budgets are not sufficient to ensure adequate cybersecurity.

In order to effectively increase the security of company resources and maintain continuity of operation due to a severe data breach, it is worth increasing investment in the IT area.

How To Report Crimes

Let your close family and online friends know about this article on your social media channels, so feel free to share this page. When it comes to official reporting, you can report scammers and any other suspicious activity to the Federal Trade Commission (FTC) using the portal below:

Report To The FTC Here

How To Protect Yourself More

If you want to be amongst the first to receive notifications about the most notorious scams every week, then subscribe to the Scam Detector newsletter here. You will receive periodic emails from us with insightful tips on how to prevent fraud and information about the newest tools you can use to fight crime.

Meanwhile, feel free to educate yourself with some other fraud-related articles. They are listed under this paragraph, so that you know how to stay safe online. Last but not least, if you went through any experiences, make sure to use the comments section below to expose other scammers.

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selma hrynchuk
Selma HrynchukSelma is a fraud prevention specialist renowned for her expertise in private eye investigations and a remarkable partnership with law enforcement agencies. Beyond her investigative triumphs, her public speaking engagements and written works have empowered countless individuals to protect themselves and stay ahead of deceptive schemes. Selma's legacy shines as a tenacious agent of change, unyielding in her commitment to battling fraud and ensuring a safer world for all.

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