Author: Jane Devry

 Most backup and security vendors overlook this vital communication channel

  • 70% of respondents exchange more direct messages with colleagues via User Chats than Group Channel Conversations
  • 45% send confidential and sensitive information frequently via Teams
  • This rises to 51% often sharing business-critical information
  • 48% of all respondents have accidentally sent Teams messages that should not have been sent 

Leading cybersecurity software provider Hornetsecurity has found an urgent need for greater backup for Microsoft Teams with more than half of users (45%) sending confidential and critical information frequently via the platform. Research commissioned by the company highlights the often-overlooked need for Teams backup and security, as internal business communications over chat are on the rise, reaching the same levels as communication via email.  The research was conducted by techconsult, an established German IT research and analyst firm.

 

User behaviors on Teams are ripe for data loss

Teams User Chat (direct) messaging is the preferred form of business communication over Teams Channel Conversations for 90% of respondents, and more than 41% of people send a minimum of 10 User Chat messages a day. Just over a quarter of all messages (26%) are written in Teams Group Channel Conversations, showing communication is unevenly spread across the platform. 

 

Nearly half (45%) of respondents frequently share confidential and sensitive information via Teams with 51% often sending business-critical documents and data. Users tend to send such information more when they use personal devices; 51% of those on a personal device send restricted and confidential data, compared to 29% of people on a work device.

 

It’s easy to make mistakes

The survey also found that 48% of all respondents sent messages on Teams they should not have. Of this group, 88% had been trained in the use of collaboration solutions, highlighting the need for increased and improved training on how to use Teams and the risks of sending sensitive data.

 

Urgent need for companies to scrutinise Teams backup, security and training

Over half of respondents (56%) see employee training and awareness as the primary approach to reducing cybersecurity risks. However, with 89% of respondents writing more User Chat messages than Group Channel Conversations, it is important to use a backup solution that protects all collaborative features on Teams.

 

Hornetsecurity’s CEO Daniel Hofmann said, “The increasing use of chat services has changed the way many now conduct work. With this change, the risk of data loss has unfortunately increased. Companies must have adequate safeguards in place to protect and secure business data. Otherwise, they run the risk of productivity, financial and data loss.

 

This is because Microsoft does not provide robust protection of data shared via Teams – so beyond the cybersecurity vulnerabilities, organisations must ensure information and files shared across the platform are backed up in a secure, responsible way. This is why we’re proud to offer Hornetsecurity’s 365 Total Backup, the only major third-party backup provider to protect the full range of Teams communications, from User Chats to Group Channel Conversations.”

 

For further information and a full copy of the survey: https://www.hornetsecurity.com/us/services/365-total-backup/teams-backup/

 

Notes to editors:

The Teams Backup survey by techconsult for Hornetsecurity was the result of:

●        Quantitative online survey in August 2022

●        Questionnaire with 19 questions

●        540 participants from companies with at least 50 employees from all industries

 About Hornetsecurity

Hornetsecurity is the leading security and backup solution provider for Microsoft 365. Its flagship product is the most extensive cloud security solution for Microsoft 365 on the market, providing robust, comprehensive, award-winning protection: Spam and virus filtering, protection against phishing and ransomware, legally compliant archiving and encryption, advanced threat protection, email continuity, signatures and disclaimers. It’s an all-in-one security package that even includes backup and recovery for all data in Microsoft 365 and users’ endpoints.

Hornetsecurity Inc. is based in Pittsburgh, PA with other North America offices in Washington D.C. and Montreal, Canada. Globally, Hornetsecurity operates in more than 30 countries through its international distribution network. Its premium services are used by 50,000+ customers including Swisscom, Telefónica, KONICA MINOLTA, LVM Versicherung, and CLAAS.

The post Hornetsecurity Research Reveals Microsoft Teams Security and Backup Flaws With Nearly Half of Users Sharing Business-Critical Information on the Platform appeared first on Cybersecurity Insiders.

As a business, fraud is something to be aware of and to put preventative measures in place where possible. Just like cybercrime, online fraud can happen to anyone – it doesn’t discriminate regardless of whether you’re a big or small company.

 

Fraud scoring is a useful way of helping understand how risky a user action is and whether or not to trust it as a legitimate action. If you’ve got a fraud detection solution already in place, like a firewall for example, then chances are you’ve come across fraud scoring before.

 

What is fraud scoring? How does it work and what are the advantages of using it? In this article, we’ll cover all that as well as any downsides to using this method of fraud detection and how to prevent your business from falling to online fraud. As a business, any type of fraud can be damaging beyond repair, so it’s important to have procedures like fraud scoring in place.

What is fraud scoring?

Fraud scoring works by allocating a value which tells a business how risky a user action is. The rules in place might be looking at certain data points such as the IP address or longevity of the email address. These rules are what calculate and churn out a fraud score.

 

The purpose of a fraud score is that it’s an informational tool to assess risk. As a business, there are plenty of fraudsters online that are looking for vulnerable organizations that might have weaknesses when it comes to their security infrastructure. 

 

Whilst we may have a lot of technology in place to protect ourselves online, fraudsters are getting clever about how they scam their victims. With fraud scoring, it’s an opportunity to get ahead of the fraudsters before they have a chance to get away with the deceit. Having something like this in place could prevent a lot of fraud from occurring.

How does fraud scoring work?

Fraud scoring works by identifying certain traits and sometimes looking at historical trends that come with suspicious or fraudulent behaviors.

 

In order for this method of fraud detection to work, anti-fraud software should be put in place. This will be required so that user data is accessible. The data is then fed through the relevant risk rules, which will determine whether or not the transaction made is a threat.

 

For example, a high-risk rule would be a credit card that’s been blacklisted before or an email address that is too long. With fraud scoring, it enables the individual or business operating it, to understand how dangerous an action is.

 

With fraud scoring, the business can automatically approve, reject or review the action that’s been taken. It helps prevent fraudulent activity from going anywhere beyond that initial stage without it being seen by you first. Consider it like a credit score check. Whilst it’s not entirely foolproof, it may be worthwhile having in place to provide that extra bit of protection.

Five advantages of fraud scoring

How is fraud scoring beneficial for your business? There are plenty of fraud detection tools out there, so why pick this method in particular? 

 

There are benefits to check IP fraud scores in this day and age, particularly with so many businesses falling victim to online fraud specifically. We’ve seen a shift since the pandemic of more businesses operating online, making it more of a risk for those that don’t have proper security defenses in place.

  1. They’re automated for your business efficiency 

One of the best features with a fraud scoring tool is that they’re usually automated. Instead of you having to manually review every purchase, you’re able to dictate to the system what score you want to be flagged for your attention. Either that, or you can automate the whole process by allowing the system to approve or deny the transaction based on the rules you’ve put in place.

  1. Flexibility to tailor to your use.

Having some flexibility within the systems and tools you use is important. It helps you adapt them to the business needs and infrastructure to provide better success. With a fraud scoring system, it helps you balance the number yourself to determine when you need to mitigate the risk presented.

 

Whilst not all of these fraud scoring tools will allow you to adjust the system to such an extent, it’s a useful thing to have in place regardless.

  1. It helps with scaling your business up or down.

Whether your business is in its infancy or it’s making headway at becoming more and more successful, it’s always good to have a tool or software that can scale your business up or down.

 

Fraud scores help to process transactions quickly but provide a level of security that wouldn’t have been there without it. It means that the more your business grows, the less you need to worry about increased threats like fraudulent transactions happening or being successful.

  1. Better user experience

With a fraud scoring system in place, it can help provide a better UX overall for all customers, whether they’re genuine customers or not. A smoother customer journey is always beneficial, especially with 70% of online businesses failing due to bad usability of the site.

 

Providing a better user experience for your customers is going to help encourage people to come back. For a lot of businesses nowadays, it’s much harder to retain customers than it is trying to find them.

  1. An extra level of safety

One of the most obvious benefits but still an advantage nonetheless. With fraud detectors in place like this one, it adds another layer of safety. It can alert you to potential risks of fraud without it going undetected and potentially causing the business more harm in the process.

 

As a result, having this process in place can also hopefully deter some fraudsters from even attempting to do damage.

Are there disadvantages to fraud scoring?

Whilst fraud scoring may seem like a great solution to your fraud worries, it’s not going to be entirely effective. There may be some that slip through the net or you may encounter genuine customers that have been caught up in the scoring system by error.

 

Some fraud scoring tools are more efficient than others, which is why you should consider comparing them when looking for one as a business. You want there to be enough flexibility in the rules you set when scoring certain user actions.

How to further prevent your business from fraud

It’s no surprise that fraudsters are getting more effective in their attempts to deceive businesses online. It’s a lot easier to do so online and with a lot of companies and individuals not having the best security measures in place, many of them can end up falling victim to it.

 

How do you prevent your business from fraud beyond just a fraud scoring system? Here are a few ways that you could help ensure your business doesn’t find itself at the mercy of fraudsters in 2022.

 

Audit your security systems inside and out.

When it comes to your security in place, take a look at what it currently is doing to prevent harm coming to your business. A security audit might be just what you need to help prevent fraudulent activity from taking place. The more you can put in place, the better your business is when it comes to protection.

Train your employees on cybercrime and fraudulent practices.

Your employees are another layer of defense for the business and that means they can benefit from being trained up on cybercrime and fraudulent practices that they may encounter whilst at work. Don’t just assume that everyone in your organization knows what to look out for, when it’s likely quite the opposite.

Secure and protect your business property.

Securing your business from a security perspective is essential. It means making sure your files are backed up properly and that the servers themselves are deadlock 

 

Advise your customers to take precautions.

 

Put preventative measures in place to protect your business from fraud

 

Whether it’s fraud scoring or improving your firewall systems, preventative measures are better to have in place now than realizing it’s too late to do so. Your business is just as much at risk of becoming a victim of fraud or cybercrime as any other online. Don’t become complacent on matters relating to your security as a business.

 

 

Author Bio: Natalie Redman (LinkedIn)

 

Freelance writer for many clients across multiple industries. Natalie has two years of copywriting experience. Natalie has a wide range of experience copywriting for web pages for businesses across many industries. She’s also an owner of two blog websites and a Youtube content creator.

 

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Have you heard of the Colonial Pipeline incident? 

 

The cyberattack on the company caused widespread panic throughout the United States and disrupted operations for days. 

 

Yes, one lapse on a spam email, one inadequate password, one abandoned account, or a malfunctioning asset can cause havoc.

 

In fact, in the cybersecurity world, you can’t protect something if you have no idea where the threat exists.  

 

As a result, asset management has become an essential part of the base of cybersecurity processes in all sorts of businesses. 

 

IT asset management aka ITAM counts among the key components of a vigilant, full-fledged security strategy — because it allows your security staff to retain a real-time database of IT assets and the related attack vectors.

 

Let us now see how you can make the best use of ITAM to minimize cyber attacks.

9 ways through which ITAM can decrease cybersecurity threats

Here is a rundown of the benefits of an asset management software in cutting down cyber-related threats.

  1. Identify assets and their associated risks

The best asset management software sets up a stock of your organization’s assets, phases of their entire life cycles, most recent software upgrades, the risks they could face, and the approaches to ensure their security.  

 

Hackers, for instance, are widely recognized for using phishing emails plus social engineering techniques to acquire access to classified data. IoT devices could be used like botnets so as to execute DDoS attacks. 

 

An ITAM system assists IT teams in keeping a record of both physical and virtual assets and monitoring their condition in real-time.

 

Ambiguity about cyber security threats, legal responsibilities, and unexpected events is exacerbated for IT security professionals who don’t understand where resources are positioned, how well they are handled, or whether they are susceptible. 

 

ITAM depicts those IT assets, which are being utilized in the widespread operating conditions. Admins can reduce security risks associated with unidentified, forgotten, or malfunctioning IT assets when IT possessions are tracked.

  1. Handle the threats’ possible risks

 

IT asset management mitigates the unidentified unpredictability associated with cyber attacks. ITAM aids in the definition of an entity’s intent and the challenges it can encounter. 

 

For instance, an asset designed to store the bank details of its clients will involve a higher security level as compared to the firm’s attendance monitoring system. 

 

Security personnel gain a deeper insight of the associated risks with a resource by linking its function to it.

 

For instance, the team of WhatsApp introduced a new browser extension from early this week to keep their app service users via web safe and secure. 

 

The extension is called Code Verify and reassures the WhatsApp web version whether their session is authenticated or not, eliminating the threat of the text being tampered in transmission.

  1. Streamline the security measures for assets

In almost every situation, safety and comfort are frequently at odds. Creating a system more reliable frequently involves making it a little less user-friendly. Likewise, vice versa. 

 

ITAM simplifies asset protection without sacrificing simplicity. For instance, prior to handling a gadget, the IT unit must thoroughly examine its security features. 

 

The IT division can rapidly categorize a new technology or software and approve it for usage by utilizing an ITAM platform.

 

ITAM would also make sure that the resources adhere to ITAM’s security protocols. This will, for instance, guarantee that gadgets are not linked to unsecure network systems and that files are not made accessible without approval. 

 

It aids in the enforcement of IT security practices when dealing with cyber assets.

  1. Respond fast to incidents via IT experts

 

As you might expect, developing a specific strategy leads to quicker response times in the event of an incident. 

 

A data security ITAM enables your IT security staff to react immediately, contain the consequences of a violation or bypass, and minimize their impact.

 

However, please note that you will need a hands-on, expert team of IT professionals and QA engineers who have the right know-how of implementing ITAM in the organization.

 

It’s a good idea to evaluate the skills of your hires via assessments like a comprehensive test for hiring QA engineers. You can also involve professionals from various other departments – to create a toll that operates in all divisions.

 

Again, in the event of a problem, contemporary ITAM solutions can even optimize the reactions via automated solutions.

 

For instance, if anybody tries to enter an asset outside of the company firewall, ITAM can issue a notification and initiate the incident’s automatic message.

  1. Control the cost and reporting of software assets

 

Source 

 

Organizations that know how much software they possess can recapture unutilized apps and reassign it, avoiding the need to purchase a new license for the suggested software. 

 

Handling an excessive number of software apps raises the cyber-related risks associated with outdated or unpatched software. 

 

Companies are able to better oversee software demands and investments with appropriate IT asset management.

 

ITAM can help security professionals enhance the precision of their reports. Take into account to use your IT asset management dataset as an arbiter of facts to ensure that every asset has already been recorded and installed with the necessary security control mechanisms.

 

Ignored assets may not receive the necessary security controls, posing a potential threat to the system.

  1. Ensure that software and hardware are updated

Older editions of software as well as applications which have not been properly rectified, can pose a cybersecurity risk to a company. 

 

ITAM keeps track of assets in the producing phase as well as resources in storage. IT supervisors can ensure that all IT resources are tallied and installed with the adequate tools to ensure that software applications are up to date alongside complete and accurate inventory data.

 

Unauthorized or unidentified IT resources can put the network’s security at risk. ITAM, in conjunction with network detection mechanisms, will enable IT admins to see all network-connected gadgets. 

 

Supervisors can place verifications in place in order to ensure that resources are able to comply with security protocols and upgrades when they recognise what is trying to connect to the system.

 

Assets which do not connect to a network for a longer length of time also can pose a threat. Managers can be alerted by ITAM when an asset fails to notify into the system, enabling someone to to probe into missing resources which have been seized or misplaced. 

 

Missing IT software having sensitive data might become a huge embarrassment for an organization, in addition to unforeseen legal expenses or fines.

  1. Map software assets

Administrators can use ITAM to record the intent of an IT resource. ITAM services can link IT assets to tasks or IT services, giving security managers the details they need to safeguard each asset correctly. 

 

Servers bought for a testing phase, for instance, may necessitate security measures that vary considerably from servers acquired to offer online services within a live setting.

 

ITAM will indicate on which software bundles the company has certified, as well as what an application is doing for the organization. 

 

IT admins can refrain from buying duplicated software by mapping software names to software resources. Decreasing the number of software products that IT must support reduces cybersecurity risks.

  1. Categorize IT assets

Inside an IT climate, not all resources are created equal. ITAM could indeed classify IT assets based on their integrated process. 

 

For instance, an IT asset characterized as crucial to IT operations might be connected with a system component, then controlled in a central repository via configuration management procedures to improve the overall workflow. 

 

It will report if any modifications, upgrades, or revisions are authorized and booked by using a change management process.

 

IT assets containing confidential or sensitive details should be classified appropriately to make sure that they are securely stored and, if disrupted, delegated to the right incident-response approach with the correct level of intensity. 

 

Whenever IT assets classified information are properly labeled, they can be allotted to applicable disposal procedures and guidelines so that data is adequately discarded from a system.

  1. Track non-conventional assets

 

Non-conventional IT gadgets, including the Internet of Things (IoT), keep flooding the infrastructure. 

 

IT admins must record all equipment, both conventional and non-traditional, in order to successfully analyze the potential threat.

 

Even though the security risks involved with a smart headlight may appear to be minor, the technology that regulates the same can be vulnerable to hacking if not secured properly. 

 

ITAM makes non-traditional IT gadgets accessible to security officers, guaranteeing that all machines, like IoT equipment and supporting tools, are fully secure and up to date with the most recent safety and software updates.

Conclusion

To fully deliver on its guarantee, information security and IT asset management necessitates the integration of a series of functions. 

 

Businesses need to be able to classify, evaluate, and resolve the cyber security threats posed by all kinds of tools and assets, while also taking assertive actions to safeguard their equipment, systems, and information. 

 

They should also detect and track resources instantaneously, perform constant risk assessment, as well as immediately isolate untrustworthy resources from the entire network.

The post How to Use Your Asset Management Software to Reduce Cyber Risks appeared first on Cybersecurity Insiders.

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Keeping information secure from any theft activities in the digital world is necessary. But unfortunately, with everything going online, the digital world seems to be just as dangerous as the real world, especially when storing your personal information. 

These issues will often arise when a company fails to ensure proper security measures and when companies don’t process sensitive data properly. You would be surprised that only in the United States, 67% of users don’t actually even know about any data privacy rules. 

Well, let’s not wait any further because, in this article, we will find out how companies process sensitive data and why it’s essential. 

How do companies process sensitive data, and why is it essential to do so? 

Employee data 

 

Employee data is quite similar to customer data. Similarly, you have to gather their name, addresses, social security numbers, and even banking information. Moreover, this is considered sensitive information and is an essential part of the organization to store it.

Employee data and any other sensitive data stored within an organization can cause huge issues. For instance, imagine some hacker breaks into your database and hacks all of your private employer data; this won’t only cost and disturb individual lives but also cost you financially and even cost your brand reputation. 

 

GDPR and CPRA compliance 

The GDPR and CPRA are both the largest privacy policies globally and have brought many amendments to the private data world. Hence, the GDPR accounts for all companies doing business within EU borders or residing in it. On the other hand, the CPRA holds companies accountable within Californian borders and those who do business within these borders. If you want to learn more about the CPRA, you can check more about Osano’s information on the CPRA. 

Moreover, since more people are using the internet each year, there is also more data being stored, which means that we must comply with privacy regulations. Every country worldwide has its own privacy policies, and those who don’t follow them will usually face huge fines and lose their level of brand reputation. 

Note: here is an example of a privacy policy regarding how a company collects private data. 

Private data is starting to become global

Even though we mentioned the CRPA and GDPR, it doesn’t mean they are the only privacy policies globally. One of the primary ones is also located in China, Saudi Arabia, Canada, India, and Australia. As for now, China and Saudi Arabia have approved a new privacy law passed only last year. 

Moreover, global privacy control (GPC) is becoming quite strict in the real world, and to be honest, there are always new questions regarding it. However, some privacy regulators don’t fully agree with the idea of consumers fully regulating their data on their own whenever they visit a brand new website. 

The GPC wishes to create brand new data functions and standards that won’t complicate any processes for consumers or companies trying to comply with privacy policies. Moreover, each country worldwide has its own privacy regulations and different approaches to privacy data. 

You know better than us when you receive a promotional email with your private data. This occurs when you visit a new site and accept cookies from them. However, even when you receive emails, you have the chance to unsubscribe from these emails and request these sites to remove your personal data from their site entirely. 

In short, privacy policies are amended each year, and we must comply with new regulations each time they are approved. 

Companies must know where their data is 

An essential step in providing adequate data protection is knowing what kind of data is being stored and where. When you succeed in identifying this, you can make better-informed decisions regarding measures that need to be taken to protect this type of data. 

Many large organizations worldwide use data discovery tools to scan company networks to see if they possess any sensitive data. Whenever they find out that this company doesn’t have the right to keep this type of data, they’ll delete it or encrypt it. Since there is a rise in privacy policy compliance requirements, controls are also rising. 

Intellectual property and trade secrets 

Almost every company worldwide has proprietary information stored in its database, and it comes in different forms. For instance, it can be stored with a third party or in a document management system. 

Taking the example of sensitive data, it also includes data regarding product specifications, competitive research, and more. Moreover, when you have a third party storing your sensitive data, it may sometimes be an issue. Why so? Because if that data gets breached, it’ll affect you as well, which can turn catastrophic quite quickly! 

Cloud data protection 

You may commonly hear about data being migrated to the cloud; however, there are many rises in concerns about this. While cloud-based storage does pass all the green lights on security checks, many large companies still feel that data isn’t fully secure when stored, thus, making organizations and companies feel insecure. 

Standard practices large organizations use are tools firmly specialized in cloud data protection or even encrypting sensitive data before it’s transferred to the cloud. 

Industry-focused data

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Depending on the industry you are operating in, there are many examples of sensitive data you are required to protect. For example, those in the retail sector need to focus on protecting their customers’ payment data; a marketing agency needs to focus on protecting the data of their clients, and more. 

You need to know that customers most of the time aren’t aware that they provided you with their personal information. For instance, customers may not know that their data is stored through a third party, and may be more at stake. 

For example, Facebook in the UK was recently sued for exploiting the private data of more than 44 million users. Hence, The social media giant had to pay a fine of more than two billion pounds! 

Educating employees on sensitive data

If you are running a large organization or company, it’s more important to have your employees know about how sensitive data is processed within the organization than anything else. In fact, according to a study by Forbes, 85% of data breaches included some human aspect to it, meaning that it could be someone within the organization who did it. 

Most large corporations worldwide continuously inform their employees about data breaches and have internal security policies, providing them with clear instructions, guidelines, and even training to ensure they are not going against the organization’s rules concerning private data. 

Organizations will tend to use data loss prevention software to ensure enforcement and restrict unauthorized access to sensitive data. Moreover, the levels of sensitive data can be controlled by specific users within the organization. Hence, sometimes data breaches might not be an external threat but an internal one. However, the key to protecting sensitive data is the proper member training, and here are a few ways you can do so: 

 

  • Share your data security policy with your employees: it’s essential that your employees know your data security policy and comply with security standards when handling this data.

  • Post reminders: set reminders about data security policies whenever sensitive information is used. 

  • Give rewards: whenever you see that your team feels better about their hard work, give them a reward when they comply with data privacy regulations within the organization. 

  • Give warnings: you never know when the next data breach might happen, but before anything happens, warn your employees what happens if they violate security policies and take action if they fail to do so. 

Case study: The prosecution of AA Ireland Limited 

In late 2017, an individual filed a complaint to the DPC against AA Ireland Limited for receiving suspicious marketing text messages. Simultaneously, he informed the DPC that he had only recently had a motor insurance renewal quotation from his current insurer but was looking for a more competitive one. The company he found was AA Ireland Limited. 

 

Moreover, the agent from AA Ireland Limited promised that the individual’s data wouldn’t be used for any marketing purposes. Furthermore, while discussing with the agent from AA Ireland Limited, the individual found out that the quotation was much higher than the one from his current insurance company. Thus, his final choice was that he wouldn’t proceed any further with the quotation offered from AA Ireland Limited. What was the leading complaint? The individual told the DPC that he informed AA Ireland Limited that he longer wanted to receive any marketing promotional messages after his final decision. 

 

However, even after he filed a complaint, AA Ireland Limited continued to send promotional messages, mentioning that they offered a discount on their quote. This continued to happen even one day after. Moreover, the individual didn’t respect this and said that it was a breach of their promise since it happened after he filed a complaint. 

 

Furthermore, AA Ireland Limited agreed that they had breached the complainant’s request and should not have sent a promotional message after it. However, the DPC had previously warned them too many times, and this was the last strike. So, the DPC decided to take measures and initiated prosecution proceedings against AA Ireland Limited. Thus, AA Ireland Limited had to pay fines and cover prosecution costs according to the Probation of Offenders Act. 

Under which conditions do companies process sensitive data? 

 

To better answer these questions, we will take the GDPR as an example. Here is the following condition in which the GDPR allows you to process sensitive data: 

 

  • The collective agreement requires your company to process data following GDPR regulations and even for individuals regarding social security, social protection law, and employment fields. 

  • Interests of the person or a person who is legally or physically incapable of giving consent are at risk.

  • You are a non-profit organization or foundation with a political or religious purpose that processes data about your members or those in regular contact with your organization. 

  • Data gathered is processed for medical purposes, medical diagnoses, and more.

  • Data is processed for public interest purposes in public health in compliance with the EU and national law. 

  • Data is processed for historical or scientific research cases or even statistical ones. 

To read more about national law privacy laws, you can click here. 

Wrapping it up 

That’s all for this article. This was our full explanation of how companies process sensitive data and why it’s essential to do so, especially in this day of age. Private data has never been more important and has never required so much compliance. Overall, the digital world is changing quickly, and requirements to adapt to it are becoming more strict. 

Since there are more users on the web, getting sensitive data stolen also increases. After all, your organization is held accountable for any fraudulent activities with sensitive data. Thus, it isn’t easy to deal with it, especially if you fail to comply with them and have to pay hefty fines after!  

Take into account what kind of data you store, educate your employees about it, and monitor what is done with the data. The last thing you want to happen with your information is for it to be stolen and sold to a third party! 

 

 

 

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Cyber attackers, fraudsters, and hackers target both small-scale, midsized, and large online ecom enterprises. 

 

In fact, the frequency of small businesses fraud is at 28% compared to larger organizations at 22-26%. 

This portrays a grim picture for ecommerce businesses — filled with data breaches and irate customers. Again, if you  don’t secure your clients’ data, you can end up losing their trust, income, and maybe have your brand tarnished. 

Whenever it concerns protecting your company against frauds, though, there’s no shortage of activities to watch out for. 

However, the  multitude of cyber threats, along with a massive cost to address cyber-crimes, would be enough to scare you from quitting. 

To avoid being attacked, ensure that your workers are well-informed and trained on the most frequent kinds of attacks that could harm your company’s reputation. 

With this insight, your staff can take additional actions to guarantee that your clients’ personal information is protected to the best of their ability.

5 powerful approaches to protect your ecom business from online fraud

According to research, frauds and cyber attacks are among the top three threats weighing on the US business environment – with a weightage of 65%. 

As per our research, here are five tried-and-tested techniques to protect your ecommerce digital business from dangerous online frauds.

  1. Share your online store’s policies and run a test payment

To guarantee that both your business and your buyers will be in agreement right from the beginning, clearly publish your shipping terms, return guidelines, and service terms and conditions on your site before you begin accepting conversions and sales. 

 

By answering these questions, a return guideline can help manage client expectations:

  • What is the time limit for a customer to return items?

  • The process for returning or exchanging items.  How do clients get in touch with your team and how much time does it take?

  • Who is responsible for returning stuff to you?

  • Are any things, like discounted items or products which have been damaged or used, not returnable?

  • Is it possible to get a complete refund, an alternative, or a shop credit?

Again, make a trial payment to see what data you have access to. Prior to shipping out items, you should evaluate your user’s details to ensure that the transaction is genuine. 

Understanding where to look for refused eCommerce payments and client data ahead of time will help you speed up the review procedure.

  1. Create strong passwords

Although it is your firm’s obligation to keep user data secure at the back-end, there are several ways you can use to assist customers by mandating a minimal level of special characters, as well as the usage signs or numerals. 

 

The usage of complex passwords on a terminal network security can impede or even defeat different attack tactics. Short and easy passwords, for instance, are fairly effortless for hackers to ascertain, which might lead to your business becoming a target of fraud. 

 

Such attacks typically entail business, manufacturing, ecologic, or economic disciplines that drop beyond the standard bounds of a fraud. The following are some of the most popular techniques fraudsters use to find a victim’s passcodes:

 

  • Guessing – When an intruder attempts to log into a customer’s profile by predicting probable words or phrases frequently.

  • Online attacks — Automatic programs that try to log into the system over and over again, utilizing different terms from the word documents each time.

 

Internet scammers are cunning criminals. They take full advantage of folks who might not be aware of how to safeguard themselves using their tremendous computer skills. As already explained, user passwords are one of their preferred sources of data. 

 

Fraudsters have equipment that can break a 6-digit passcode in seconds. Try using  an 8-character or longer alphanumeric passcode with a minimum one uppercase character plus a special character to ensure that your password is as secure as possible.

  1. Use fraud prevention software

Source 

 

Bot traffic to mobile applications account for a huge chunk of all bot traffic worldwide. Bots and fraudsters will locate the weak points in your architecture.

 

Hence, protecting your firm from internet scams as well as bot attacks necessitates a coherent layer of safety across all of your end nodes — your mobile app, internet site, and APIs all need to be protected at the very same level.

 

eCommerce fraud prevention tools process information from clients and servers in real time. Each request into your mobile applications, webpages, and APIs is evaluated and forced to submit to a mix of AI and ML software to decide if access should really be allowed or not.

 

Scraping, identity fraud, vulnerability analysis, Layer 7 DDoS (Distributed Denial of Service), and other methods are used by fraud prevention software as well. 

 

They provide unrivaled visibility into all of these risks, with dedicated KPIs, the capacity to evaluate live traffic statistics, as well as real-time attack findings and alerts for all interested parties.

 

The false positive percentage for full-fledged fraud protection software is extremely low. This proportion is visible on the dashboards for each end – point: mobile apps, sites, and APIs, and it’s analyzed in real time. 

 

By nature, each endpoint’s responding approach and blocking plus challenging methods are customized. Your company is safe, and your genuine customers have a great time.

  1. Incorporate strong verification protocols

Although digital purchases do not necessitate a sign for verification, a good way to ensure that the transaction is genuine is to verify that the customer’s shipping and billing addresses are identical. 

 

In the case of a conflict, the card provider might also want to verify that the payment was finished by the appropriate account holder on your online platform. They may request evidence that the purchased product was delivered to the right billing address.

 

If you get an order with incorrect addresses, contact the client to find out why. It could be a practical cause, including a present being sent. 

 

Anything out of the ordinary, like a gifting order with multiple sets of the same product or a massive commercial order getting transported to a household, should be questioned. 

 

Consumers who request that a purchase be rushed should be approached with caution; it could imply that they are in a rush to wrap up the purchase prior to the stolen card details being reported.

 

You can choose how much risk you’re prepared to take. Some suppliers refuse foreign deliveries or odd orders, whereas others look at each transaction individually. 

 

Keep in mind that you’re fully responsible for all online payments made via your accounts, so double-checking orders ahead of time might save you money in the long run.

Verify that there are no software injection, encryption, and authentication attacks.

  1. Injection frauds

Injection frauds can result in loss of data, corruption of data, suspension of service, and even total host invasion. Injection issues are relatively straightforward for fraudsters to identify and occur often.

 

First, unverified data is entered into a web app and then it tricks that software into accepting commands. In this manner, the attacker gains access to your personal data. you ca address this issue by embedding an API software.

 

Also, regularly update your web applications since outdated software are specifically prone to injection threats.

  1. Encryption treats

To safeguard personal details from phishing scams, all information that passes between a firm’s web server and a site for consumers should always be encrypted. For e-com sites, Secure Sockets Layer (SSL) verification is a must-have. 

 

SSL encrypts personal data like credit card numbers and credentials and safeguards it while it moves across the internet. The SSL certificate protects the information from cyber-attacks and thieves by making it inaccessible to everyone except the intended receiver.

  1. Authentication frauds

Authentication frauds are common, and they can give hackers a legitimate user on whom to launch an attack.

 

To mimic users, fraudsters make use of unprotected user profiles, weak passcodes, or verification weaknesses. The password policy, logout, privacy, and account upgrade functions, among other things, all have issues.

 

To keep your sensitive data safe from hackers, you’ll need a solid combination of verification and administrative abilities. Furthermore, several services monitor your logs for unsuccessful login attempts and will restrict Ips with a high number of failed tries.

  1. Monitor paper trails and card declines

Keeping solid records is always a good idea in organizations, but it’s more important when products and/or services are traded on the internet. 

 

If a consumer files a complaint, your only option is to show documentation that the purchase was completed.

 

Prepare all supporting documentation for a questioned purchase so that you are able to fight the allegation with the recipient’s bank on their behalf. 

 

Keep records of your shipment and delivery data. Use built-in ecom tools to preserve shipping and fulfillment information for quick retrieval. Big orders should need a sign upon delivery. 

 

Keep any emails between your business and your buyer for 24 months and itemize your invoices to demonstrate conclusively what was bought.

 

Again, purchases that appear out of place, either spatially or thematically, versus other card activities are declined through credit card providers. 

 

You can look into your personal denied payment history to see whether there’s an issue.

 

When you obtain a new purchase request — especially if it’s a sizable payment — go to your sales history and check the status. Search for payments that have been denied for the same sum in a brief span of time.

 

Multiple declines could indicate that your credit card details have been hacked and are being utilized in a fraud. If you receive repeated rejections on separate cards, you should wait to mail the item until you can contact the buyer and confirm their identification.

Conclusion

Finally, make sure that you and whoever else is managing your website is following it up plus that you have a disaster strategy in place if things do not go as planned. 

To ensure that your website is correctly managed, perform regular backups or verify that your web host does so.

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