Cybercrime is a crime where a computer is used the object of the crime or as a medium to commit a crime. A cybercriminal may access a user's personal information, confidential business information, government information, or disable a system.
Businesses around the world have grown in size and complexity. When we talk about business complexity, we are referring to the various measures that they have to take to keep the organization 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.
Let’s take a look at a few numbers that throw light on the graveness of the situation:
- 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 that were exposed through data breaches in the first six months of 2019.
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. To get a better understanding of the situation, let’s take a look at some of the most common types of cybercrimes prevailing in today’s business world:
Hacking is not a new term in the business world. It involves a partial or complete hijacking of certain functions of a computer system, website, or network. Hacking aims to gain unauthorized entry into confidential information and data and breaching 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.
Phishing is a type of cybercrime that involves hackers sending malicious email attachments or website URLs to internet users to gain entry into their private accounts or computer system. Cybercriminals are nowadays becoming smarter day by 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.
- 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, use their names to perpetrate criminal activity, and get government benefits in their name. Hackers may do so by finding out user’s passwords from social media, or through phishing emails.
- 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 personal details. It’s not uncommon for employees of both small and large organizations to fall prey to such practices.
- 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 on users’ computers. When the server is down, the remote hacker sends a spam email or attack other systems using these botnets. Hackers also use botnets to act as malware and execute specific malicious tasks.
Cybercrime Prevention: The Need of the Hour
The above are just a few of the many types of cybercrimes that are commonly faced by businesses. Some organizations have also experienced other types of cybercrimes, which have led to huge losses, both monetary and reputational. A few of these include PUPs, distribution of illegal/prohibited content, online scams, software piracy, malvertising, and exploit kits.
Irrespective of the type of cybercrime, organizations of all nature and sizes need to focus dedicatedly on cybercrime prevention. It's high time that they gear up and beef up their cybersecurity measures to avoid losses of any kind. A reliable company providing managed cybersecurity services can prove extremely useful in mitigating the ills of cybercrimes.
The primary job of a Managed Security Service Provider (MSSP) is to overlook an organization’s security infrastructure and processes. In most cases, these checks may even be conducted remotely through cloud software. The list of services that an MSSP usually offers includes:
- Establishing cybersecurity on the company’s infrastructure,
- Ensuring regulatory compliance,
- Monitoring potential threats 24/7, and
- Providing robust data protection.
Here are a few reasons why organizations should go for Managed Security Service Provider for cybercrime prevention:
- Advanced security solutions: One of the most noteworthy benefits that MSSPs provide is their advanced protection. These service providers generally possess advanced cybersecurity solutions that are backed by extensive tests and leading-edge technologies, such as artificial intelligence (AI), machine learning (ML), and threat intelligence.
- Cost-effectiveness: A managed security service provider proves hugely cost-effective for businesses because they save them substantial upfront investments in technology. Since they don't have to maintain an in-house cybersecurity team, they can save whopping sums on salary costs. They help organizations avoid data breach costs and thereby saving their reputation and preventing their complete lockdown.
- Excellent support service: By working with a reliable MSSP, business organizations can do away with the need to maintain a full-fledged cybercrime prevention These service providers have a qualified support team that is approachable 24x7. As a result, they can get back 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.
Cybercrime is growing at an alarming pace, and even the largest organizations have loopholes in their cybersecurity systems. So, partnering with a reliable security service provider can help them with cybercrime prevention and mitigate various cybersecurity risks as compared to an in-house team.
Call 1-888-874-3837 or contact us today for a Cyber Risk Assessment and solution to protect your business.