Cybercrime surge: 6 tips to protect your business

28 August 2019 | Web Article Number: ME201916051

Business Tech
ICT In Industry

DATA breaches and cyberattacks are undeniably on the rise as hackers become increasingly sophisticated. Across the globe, businesses are finding it difficult to grapple with rapidly shifting cybercriminal motivations, tactics and appetites for destruction.

To both understand and keep pace with cybercrime, businesses and consumers should both be wary and adopt the tools to fight fire with fire.

With edge computing – its data and the application thereof – distributed across multiple locations cybersecurity remains a very critical part of business. This is most imperative in the case of South Africa where digital banking is growing and research has shown that South Africans lose more than R2.2 billion to internet fraud and phishing attacks annually.

The reality is that both organisations and consumers are affected by cyberattacks and fraudulent activities, making education around cybersecurity more relevant than ever before as the country moves to greater reliance on digital technology.

Here are some key cybersecurity tips for any growing business to avoid cyber-fraud tricks.

1. Get an annoying mail to ask if you have logged on to one your usual platforms from a difference device? Don’t ignore it. To help detect fraudulent activity, business should be monitoring regular customers and the devices they normally use for purchases. If an alternative device is used, they can challenge the transaction with additional checks.

2. Organisations must ensure that they can gather enough transactional data, and therefore evidence, to prove the fraudulent nature of a transaction, or its validity in the case of ‘friendly fraud’. Tactics such as using e-signatures or voice verification can help keep high-value transactions secure.

3. It’s vital to be able to detect new accounts that have been opened on an online store that may be used for fraud purposes. This information can be hooked into shared real-time fraud databases to cross-reference known fraud data such as flagged delivery addresses and mobile numbers, as well as highlighting inconsistencies in sales transactions.

4. Cyber-attacks also mainly involve distributed denial-of-service (DDoS) attacks that saturate bandwidth, consume network resources, and disrupt application services. To defend against this, it’s important for organisations to look at deploying an advanced firewall manager that can mitigate threats before they disrupt critical data centre resources.

5. App security that detects financial malware, identifies fraudulent transactions, and combats phishing scams without requiring customers to download anything is also essential. Solutions such as F5’s WebSafe and MobileSafe help organisations in this regard.

6. Often, many organisational cyber-attacks are due to minor mistakes like opening a link in phishing email or unintentionally allowing backdoors into a network. As a result, it is critical for organisations to keep abreast with the latest hacking tricks and educate employees on how to best stay protected.

Simon McCullough is Major Channel Account Manager, Sub-Saharan Africa at F5 Networks

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