Cybercrime is continuously hurting the global community and it’s hitting where it will hurt the most – the financial industry. Every year, cybercrime has cost the global economy an estimated US$4 billion and experts say, it will continue to keep rising unless more effective security measures are taken. Even as financial institutions invest more resources to improve their infrastructures which include security services and mechanisms, physical failsafe processes and even the workforce, a survey of IT professionals within the financial community has found that “only 16% felt very prepared to fend off intrusions aimed at financial accounts”.
Recently, these same financial institutions all over the world have been breached by a single organized cybercrime operation, despite their best efforts in improving and increasing security measures, for an estimated US$1 billion.
Why does cybercrime continue to occur despite the hyped up prevention? What do managed IT services companies need to know to help their customers in preventing and dealing with cybercrime attacks? What factors have to be taken into account so cybercrime can be slowly and surely eradicated?
Finding the Weak Link
All it takes is one. A single digital path into even the most highly fortified organisation can create a big enough opportunity for anyone with the skills and intent of committing cybercrime. Even the most highly reinforced security system with the newest, strongest infrastructure can be rendered useless or moot should a single member of the personnel intentionally or accidentally creates a breach into the security. Managed IT services providers also need to educate personnel on how to stay vigilant and alert to prevent these things from happening. An effective means of information dissemination needs to be established so personnel will always be properly notified of any local or global cybercrime activity.
A company’s workforce needs to be well versed in how cybercrime can breach security. Managed IT services providers should identify the pathways, whether digital or physical, that can be exploited to gain internal access into their company’s systems.
Cybercrime is Anonymous and has Zero Boundaries
A cybercriminal can operate from anywhere in the world, virtually rendering laws and jurisdictions almost irrelevant. This is why managed IT services providers need to ensure that they are also updated on current cybercrime activities that are happening globally to be able to prepare and educate their customers to prevent anything similar happening to them.
Made to Order Malware
As it is with technology, cybercrime has grown leaps and bounds since its early inception. Hacking tools and security breaches have become easier to produce but harder to decimate. In the recent months, new threats in the form of malware-for-hire and ransomware have been wreaking havoc in the global community. Managed IT services providers around the world, along with local and federal governments have all been scrambling to undo the damages that these new threats have executed. Cybercrime has now, more than ever, become very financially rewarding to the criminal perpetrators behind the attacks.
The Future of Cybercrime
Despite the setbacks, IT experts believe the total disabling and eradication of cybercrime is a possibility. However, it will not be an easy fight. The global community and all its technology-driven facets need to pool resources to create a more comprehensive plan of action to one day, rid our society of this ever-changing threat.