• About Us
  • Advertise
  • Write For Us
  • Amazon Disclosure
  • Contact Us
Tech News, Magazine & Review WordPress Theme 2017
  • Small Business
    • Biz Tech
    • Marketing
    • Sales
  • IoT
  • BYOD
  • IT
    • Big Data
  • Security
  • Software
  • Internet
    • Web Apps
    • Social Media
  • Mobile
    • Android
    • iOS
  • Gaming
  • Other
    • Gadgets
    • Blogging
    • VOIP
No Result
View All Result
  • Small Business
    • Biz Tech
    • Marketing
    • Sales
  • IoT
  • BYOD
  • IT
    • Big Data
  • Security
  • Software
  • Internet
    • Web Apps
    • Social Media
  • Mobile
    • Android
    • iOS
  • Gaming
  • Other
    • Gadgets
    • Blogging
    • VOIP
No Result
View All Result
Connection Cafe
No Result
View All Result
Home Security

Protecting Financial Data From Identity Thieves

Richard by Richard
March 22, 2018
Share on FacebookShare on Twitter

The stereotypical image of a computer hacker as a lone wolf actor is becoming a thing of the past. The modern hacking community has organized itself in a manner analogous to a well-run business. Hackers run sophisticated operations that reflect teamwork, segmentation of skills, collaboration, training, and business-to-business agreements to share techniques and information.

What Do Hackers Want?

Like all businesses, hackers chase the best and most profitable opportunities. Consider, for example, the market for stolen credit card information. Since at least 2015, Central Shop and other hacking sites on the dark web have developed sophisticated presentations. These allow identity thieves to purchase stolen credit card information that fits defined geographical locations and other sought-after demographic characteristics.

Data thieves are no longer just interested in hacking into the computers of a small handful of individuals. Rather, they are targeting businesses that collect and maintain their customers’ financial information.

Types of Organizations at Risk

Consider the types of businesses that are in the hackers’ crosshairs:

  • E-commerce companies that collect customer payment card info, including Uber, Zomato, the Sony Playstation Network, and Sports Direct;
  • Healthcare organizations and medical service providers that store patient payment information and medical records usable in fraud schemes;
  • Large national retailers, such as Target Stores, which lost more than 40 million customer records in a 2013 data breach;
  • Banks, accounting firms, and other professional service entities that have access to their clients’ personal and financial information.
  • Apart from the customer data they hold, businesses themselves are targets of identity thieves. A hacker might discover, for example, that a business has a generous bank line of credit or multiple credit cards. The hacker can then use stolen company information to pose as a legitimate company representative. They could then convince a bank to wire transfer funds to an outside account or issue them new credit cards. One company lost $465,000 in fraudulent wire transfers when hackers used these techniques to order transfers from the company’s account.

  • Preventing and Managing Data Breaches
  • Businesses that are at risk of losing data to identity thieves can take a number ofsteps to prevent data theft. These include:
  • Limiting employee access to critical information
  • Monitoring bank accounts and credit applications
  • Using complex passwords across your system
  • Shredding sensitive documents
  • Creating a cybersecurity training plan
  • Installing robust firewalls

Enrolling in a policy from a reputable cyber insurance company will help facilitate the aftermath of a breach. Different companies will require different levels of protection. An accounting firm that has access to its clients’ data, for example, faces different risks than a large retailer. In either case, cyber liability insurance can help to stem the losses associated with identity theft.

Because no defensive system against identity theft is foolproof, businesses also need to develop a response plan to a breach. Designate a small team of employees to manage all activities and to centralize communications. Make provisions to address losses and third-party liabilities that might arise from the theft, particularly to customers. This way, you’ll always be ready.

Richard

Richard

Related Posts

Security

Leaked API Credentials: The Downside Of Using Public Management Services

December 2, 2019
Security

Email Security Tips Every Small Business Should Know

October 26, 2019
Security

3 Pitfalls Of Industrial UAV Surveillance (And One Way To Overcome Them)

September 20, 2019
Security

Keep Your Devices Clean With The Best Antivirus

September 4, 2019
Next Post

Using Call Forwarding While Traveling

Recommended

Visit The Famous Site Of Redmoonpie To Read Astonishing Game Reviews

December 5, 2019

How To Learn More About Your Customers

December 5, 2019

Categories

Trending

Rory Brown, Managing Partner of Nicklaus Brown & Co., Talks How AI is Redefining the Virtual Bank Market

October 3, 2019

How Does Pay-Per-Click (PPC) Advertising Work? WNY Holdings, LLC Explains

October 14, 2019

Henry Todd Stella Describes 5 Best Travel Destinations For New Year’s Eve Celebration

October 31, 2019
no wifi games

100+ Best Games without WiFi for Android and iOS

May 6, 2019

Everything You Need To Know About The Hoverwatch Tracker

May 26, 2018

Fonemonitor Lets You Track iPhone And Android, Easily And Stealthily Like Never Before

August 25, 2018

Top 5 Reasons Why Online Gaming Has Become Popular

May 31, 2018

Top 10 Curious Facts About Fortnite

July 13, 2018

How To Unlock LG Stylo 3 Plus For Any Network

July 31, 2017

About

Connection Cafe

Connection Cafe is starting to be the leading voice in the field of new and emerging technologies and digital media.

Categories

Twitter Feed

Recent News

Visit The Famous Site Of Redmoonpie To Read Astonishing Game Reviews

December 5, 2019

How To Learn More About Your Customers

December 5, 2019

3 Smart Home Design Gadgets And Appliances To Take Your Kitchen To The Next Level

December 5, 2019
  • About Us
  • Advertise
  • Write For Us
  • Amazon Disclosure
  • Contact Us

© 2019 ConnectionCafe -

No Result
View All Result

© 2019 ConnectionCafe -