If It’s Convenient Be Suspicious

Uploaded on 2023-03-31 in TECHNOLOGY--Resilience, FREE TO VIEW, BUSINESS-Services-Financial

The threat of cyber crime continues to rise. It seems we can’t go very long without reading about yet another company breach.

Research points to a significant increase in sophisticated, socially engineered attacks and a market unprepared to deal with the response. Recent studies indicate that in 93% of cases, cyber criminals breach an organization’s network. Yet more than 40% of executives don’t believe they can keep up with digital transformation and its looming security concerns.

In a world where 21% of breaches occur because of human error, how do CIOs encourage employees to care about security?

Here are three ways to shift focus from convenience to safety in your organization.

Know The State Of Your Business

The first step to mitigating cyber risk is performing a cybersecurity risk assessment. This process identifies potential threats and vulnerabilities in your organization. By exposing risk areas early and often, you have the opportunity to proactively find solutions before a breach occurs.

Further, a robust security plan demands adherence to regulatory guidance. One of the biggest trends in the payment industry is the rise of stricter guidance on handling customer information. To help navigate these changes, companies should:

Invest in cloud-based software systems.

Adhere to all data privacy regulations, like the General Data Protection Regulation (GDPR).

Utilize business intelligence tools to have data visibility and security at the forefront of every conversation.

Make Employee Training A Necessity

The most prominent vulnerability to any organization is humans. After all, heightened security measures don’t always equate to convenience.

Take, for instance, employee or company credentials. While it’s easy to use similar, or the same password, lessened security measures have a big impact with today’s technological advancements. According to IBM, 19% of breaches are caused by stolen or compromised credentials. Breaches of this type have the longest lifecycle and cost an average of $4.5 million.

Employees are also often duped by phishing emails and messages soliciting personal or company information. These attacks have increased in sophistication with many appearing from someone within the company or a client.
Companies should take a proactive approach when it comes to dealing with human error. Security awareness training can help decrease IT costs, protect company reputations and security cybersecurity investments. By targeting areas of risky employee IT behavior head on, companies can teach employees how to spot phishing scams, malware behaviors and other potential security threats.

One way to do this is through an interal training program that involves fake scam or phising scenarios sent to employee emails. Vary the type and subject of these scenarios (for example, utilizing a falsified Amazon message around the holidays) to help employees understand the real world implications of a true attack. How employees respond to these type of scenarios will give companies insight into what training is still necessary for their workers.
Add Increased Security Measures

With the rise of fintech comes the need to shift focus to safety. Additional layers of security protection will protect your client’s most important information - and your business reputation.

Multi-factor Authentication: Financial institutions should always require multi-factor authentication when accessing accounts. This practical step ensures the right person has access to their funds and transactions by using another trusted mobile device as verification.

Payer Authentication: Payer authentication, also known as 3-D Secure, adds an added layer of security and greatly reduces the risk of unauthorized credit card usage. Essentially, credit card associations provide additional fraud protection by asking the cardholder to confirm their identity at the time of purchase.

Digital Wallet: Customer payment methods are quickly shifting from physical to a touchless eCommerce environment. In fact, 35% of credit card owners have added them to a digital wallet. This type of fintech solution couples convenience with security, allowing automated data transfers through a secure channel. When choosing a digital wallet solution, ensure it’s supported by a trusted fintech vendor. Leading providers will constantly be improving on the safety features of the platform and requiring additional security measures like two-factor authentication and biometrics.

Prioritize Safety Over Convenience

The reality is, it’s not if a cyber attack will happen but when. As business becomes more digitized, consumers are looking for ways to streamline everything, including private, personal information. As a general rule, if it’s convenient, be suspicious.

All information, especially personal client information, can be subject to a breach. By taking proactive steps to optimize security measures, you can be better prepared to face an attack head on and mitigate its impact.

Travis Everett is COO of the National Merchants Association

You Might Also Read:

Human Error Is A Hacker's Dream:

___________________________________________________________________________________________

If you like this website and use the comprehensive 6,500-plus service supplier Directory, you can get unrestricted access, including the exclusive in-depth Directors Report series, by signing up for a Premium Subscription.