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Introduction To Cybercrime Prevention Solutions

Businesses should have a cybercrime prevention solution in place.
Cybercrime is when a computer is used as an object or medium to commit a crime. A cybercriminal may access a user's personal, confidential business, and government information or disable a system.
Businesses worldwide have grown in size and complexity. When discussing business complexity, we refer to the various measures the organization must take to keep running smoothly.
Let’s not forget that as businesses transit to the digitized world, leveraging the powering of high-processing computing systems and IT infrastructure, their struggle with cybercrime has only intensified.

  • The cybercrime industry made at least $1.5 trillion in revenue in 2018.
  • The FBI IC receives an average of 300,000 cybercrime-related complaints each year.
  • There were 1 billion records exposed through data breaches in the first six months of 2019.

The most common types of cybercrimes inflicting businesses

After looking at the above numbers, it’s clear that dealing with cybercrime is one of the biggest challenges that businesses and economies at large are facing these days so cybercrime prevention is essential.
To get a better understanding of the situation, let’s look at some of the most common types of cybercrimes prevailing in today’s business world:

1

Hacking

Hacking is not a new term in the business world. It involves partially or completely hijacking certain computer systems, websites, or network functions.
Hacking aims to gain unauthorized entry into confidential information and data and breach privacy laws. Unscrupulous hackers resort to many ways to hack into accounts of private, corporate, and government entities. No matter what, the results of this cybercrime for the victim can be catastrophic.
2

Phishing

Phishing is a type of cybercrime that involves hackers sending malicious email attachments or website URLs to internet users to enter their private accounts or computer systems.
Cybercriminals are becoming smarter every day, and many of these malicious emails are not marked as spam. So, users are unfortunately tricked into clicking on emails. These emails may claim that they need to update their billing information or change their password, which then gives criminals access.
3

Identity Theft

This cybercrime takes place when a hacker gets unauthorized access to a user's details to steal money, access confidential information, or commit tax or health insurance fraud.
There have been cases where hackers have also opened phone/internet accounts in people’s names, used their names to perpetrate criminal activity, and got government benefits in their name. Hackers may do so by finding out user’s passwords from social media or through phishing emails.
4

Social Engineering

Social engineering is a type of cybercrime in which hackers make direct contact with the target through phone calls, emails, or even face-to-face. Initially, they appear like a legitimate company, often befriending you and winning your trust until you reveal your details. It’s not uncommon for employees of both small and large organizations to fall prey to such practices.
5

DDoS Attacks

DDoS Attacks are used by hackers to make a particular online service unavailable and bring the network down by flooding the website with traffic from multiple sources at a time.
Hackers create an extensive network of infected devices known as Botnets by sending malware to users’ computers. When the server is down, the remote hacker sends a spam email or attacks other systems using these botnets. Hackers also use botnets to act as malware and execute specific malicious tasks.
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Advanced Security

1

Advanced security solutions: One of the most noteworthy benefits that MSSPs provide is their advanced protection.
These service providers generally possess advanced cyber security prevention solutions that are backed by extensive tests and leading-edge technologies, such as artificial intelligence (AI), machine learning (ML), and threat intelligence.
2

Cost-effectiveness: A managed security service provider proves hugely cost-effective for businesses because it saves them substantial upfront investments in technology.
They can save on salary costs since they don't have to maintain an in-house cyber security team. They help organizations avoid data breach costs, thereby saving their reputation and preventing their complete lockdown.
3

Excellent support service: By working with a reliable MSSP, business organizations can do away with the need to maintain full-fledged cybercrime prevention.
These service providers have a qualified support team that is approachable 24x7. As a result, they can return to focusing on the core aspects of the business. With various cyber threats being monitored and handled by experts, organizations can engage their employees, deliver greater value to their shareholders, and achieve the company’s bottom line.