Cyber Fraud Security Solution
Gain Visibility to Close Your Security Gaps
Reduce Cyber Fraud Risk With a Multi-Layer Strategy
Every day news outlets seem to announce yet another major commercial software
compromise or a huge customer data leak. And you’re well aware of what
these attacks can cost organizations both monetarily and reputationally.
How much is this number growing? Experts predict 15% cybercrime
growth year over year, reaching $10.5 trillion annually by 2025. That’s $11.4M per minute.*
Your traditional cybersecurity methods – event managers and intrusion prevention systems
(IPS) – can’t keep pace as your enterprise expands its network in the cloud
and on mobile devices and IoT/OT devices.
Cyber fraud continues to be a major risk for businesses of all sizes. To minimize the chances of being a victim of a cyber fraud attack, a multi-layer strategy should be implemented. This strategy should include the following elements:
1. Develop Policies and Procedures: Establish policies and procedures to monitor and detect fraudulent activities. This should include employee training, monitoring of suspicious activity, automatic alerts for suspicious transactions, and regular reviews of customer accounts.
2. Use Advanced Technologies: Utilize advanced technologies and tools such as two-factor authentication, encryption, and biometric authentication to secure customer data. This will help ensure that customer data is kept safe and secure.
3. Implement Secure Processes: Develop secure processes for processing customer transactions, such as using secure payment gateways and adhering to PCI DSS standards. This will help to protect customer data and reduce the chances of fraudulent activities.
4. Monitor Activity: Monitor customer activity and transactions regularly. Keep an eye out for any suspicious activity or unusual patterns.
5. Educate Employees: Educate employees on cyber fraud risks and how to identify and respond to potential threats. Ensure that all employees are aware of the consequences of not following cyber security protocols.
By following these steps, businesses can reduce their risk of cyber fraud and protect their customers' data. Implementing a multi-layer strategy to protect against cyber fraud is essential in today's ever-changing digital landscape.
The modern organization runs on technology and data.
When these get interrupted, business operations are quick to follow.
Here’s where things get risky, though: the increasing interconnectivity
of users, servers and cloud devices, paired with a continuous connection
to the web, has created a complex business environment that’s rife for cyberattacks.
And once inside a network, cybercriminals can hold mission-critical assets hostage,
thereby sending operations to a jarring halt.
How much is this number growing?
Experts predict 15% cybercrime growth year over year,
reaching $10.5 trillion annually by 2025.
That’s $11.4M per minute.*
Your traditional cybersecurity methods – event managers and intrusion prevention systems (IPS) – can’t keep pace as your enterprise expands its network in the cloud and on mobile devices and IoT/OT devices.
Cyber fraud is a constantly growing threat that affects individuals and organizations around the world, costing billions of dollars every year. As technology advances and cyber criminals become more sophisticated, the amount of cyber fraud is only increasing. This is why it is important to have a comprehensive cyber fraud strategy in place to protect an organization from the devastating effects of a cyber attack.
The first step in creating an effective cyber fraud strategy is to understand the types of fraud that can be encountered. Cyber criminals use a variety of methods to steal money, data, and personal information, including phishing scams, malware, ransomware, and data breaches. It is important to be aware of these tactics and to have a plan in place to respond should any of them be encountered.
The second step is to create policies and procedures to protect against cyber fraud. This includes using strong passwords and two-factor authentication, encrypting data, and running regular security scans. It is also important to educate employees on cyber security best practices and the risks associated with cyber fraud.
Finally, organizations should invest in cyber fraud detection and prevention tools such as firewalls, anti-malware software, and intrusion detection systems. These can help detect and block potential attacks before they can cause damage.
Despite these measures, it is impossible to completely eliminate the risk of cyber fraud. The amount of cyber fraud is growing every year, and organizations must remain vigilant to protect themselves. It is important to keep up with the latest trends in cyber security and to respond quickly and effectively to any attempted attack. By having a comprehensive cyber fraud strategy in place, organizations can help protect their valuable data and resources.
Assess Cyber Fraud Tactics, Techniques and
Procedures (TTPs) and Managerial Oversight
Social engineering, dark web search, phishing, default passwords, brute force, account takeover, third-party application exploitation, payment data theft.
Cyber fraud is seriously lucrative to hackers. And that means a strong cyber fraud protection program offers a tangible benefit – it helps prevent assets/data/money from being stolen from your organization.
The problem is, your fraud team has to see it to prevent it.
If you aren’t sure of the six W’s of data (who, what, why, where, when and which) this service can help. AVIH’s cyber fraud kill chain breaks into pieces adversarial approaches for executing fraud. At each phase, the adversary will attempt unique TTPs to bypass controls, gain access to protected environments and execute the fraudulent activity.
AVIH uses a multi-layer strategy of our own TTPs and the best approach to protect, detect and respond via enhanced governance, procedures and technology.
Cyber Fraud
Cyber fraud is a significant threat to businesses and organizations of all types and sizes. It involves the unauthorized access, use, or disclosure of data or information stored on computers, networks, and other electronic systems. Cyber fraud can cause significant financial losses and disruption to the operations of businesses and organizations, as well as to the privacy of individuals.
The best way to protect against cyber fraud is to implement effective critical data protection measures. These measures typically include both technical and non–technical measures that aim to protect data from unauthorized access, use, or disclosure. Technical measures include access control, encryption, and authentication. Access control systems limit the users that can access certain data or systems, and can also be used to control who can view and alter data. Encryption scrambles data so that it cannot be read unless the correct encryption key is used. Authentication requires users to provide credentials such as passwords or biometric data to prove their identity before they can access data or systems.
Non–technical measures involve the use of policies, procedures, and personnel to help protect data. It is important to have policies in place that define appropriate use of data and systems, as well as procedures for how data should be handled. Personnel should also be trained on how to identify, respond to, and report any potential cyber fraud activity. Cyber fraud is a serious threat, and businesses and organizations must take steps to protect their critical data. Implementing effective technical and non–technical measures will help to ensure that data is secure and that any unauthorized access, use, or disclosure can be identified and stopped.
- Identifies assets and systems that are essential to continued business operations and must be protected in the event of a cyberattack
- Understands and mapping interdependencies within your environment to pivot and recover when crucial operations are interrupted
- Implements a vaulted, data-isolated, air-gapped backup solution that prevents data corruption and/or loss
Cyber resilience is the ability of an organization to protect itself from cyber attacks and other cyber threats. It is designed to help organizations prepare for, detect, respond to and recover from cyber incidents. Cyber resilience solutions help organizations protect their data, networks, applications, and other information systems from cyber–attacks.
A successful cyber resilience solution should provide an organization with the ability to quickly identify, assess, and respond to cyber threats. This includes the ability to detect anomalies in the system, investigate them to determine their origin, and mitigate any potential damage. It should also provide the ability to respond to incidents in a timely manner and to recover quickly from the incident.
The first step in implementing a cyber resilience solution is to identify the organization’s critical assets and vulnerabilities. This includes identifying the data, networks, and applications that are most important to the organization. It also includes assessing the current security posture of the organization and determining what steps need to be taken to improve it. Once the organization has identified its critical assets and vulnerabilities, it can begin to develop a comprehensive cyber resilience strategy.
The strategy should include deploying robust security measures such as firewall protection, data encryption, and secure authentication. It should also include monitoring the organization’s networks and applications for signs of possible intrusions. Regular auditing and security testing can help identify any emerging vulnerabilities and ensure that appropriate measures are in place to protect the organization.
In addition to implementing technical measures, organizations should also focus on building awareness and training among its employees. This includes educating employees on the importance of cyber security and the risks associated with cyber threats. Employees should also be trained on how to detect, respond to, and mitigate cyber threats.
Finally, organizations should also develop a comprehensive incident response plan. This plan should include procedures for responding to a cyber–attack, as well as a strategy for restoring systems and data in the event of a breach. By having a plan in place, organizations will be better prepared to manage a cyber incident and minimize its impact. No organization is completely safe from cyber threats, but with the right cyber resilience solutions in place, organizations can significantly reduce their risk. With the right strategy and training, organizations can protect their data, networks, applications, and other information systems from cyber–attacks and ensure their continuity in the event of an attack.
- Develops a cyber resilience framework that integrates backup solutions and enhanced security controls with the right governance and procedures to secure your business-critical systems
- Establishes workflows that securely move business-critical data into an isolated environment
- Creates and maintains accurate recovery steps in a customized playbook to ensure resilience processes are identified, documented and tested
- Develops response plans that accelerate recovery and ensure system and data accuracy, along with live recovery exercises and cyber recovery tabletops that test and continuously improve response procedures
Additional To Recovery Playbook
Cyber fraud is a growing problem that affects businesses of all sizes. As technology becomes more advanced, so do the methods used by fraudsters to steal money and data from unsuspecting victims. Unfortunately, no business is immune to cyber fraud, but there are steps you can take to protect yourself and your business. The following is a recovery playbook that can help you identify and respond to cyber fraud.
1. Identify the Warning Signs: Cyber fraud can take many forms, but there are certain warning signs that can indicate a potential fraud attack. These include unexpected emails from financial institutions, requests to wire money to unknown recipients, requests for personal information, and sudden changes in account activity.
2. Establish a Cyber Fraud Response Plan: Establishing a response plan for cyber fraud is a critical step in protecting your business. This plan should include a designated point of contact for reporting incidents, a process for collecting and analyzing data, and a strategy for responding to attacks.
3. Invest in Cybersecurity Solutions: Investing in cybersecurity solutions is essential for safeguarding your business. These solutions should include anti-virus software, firewalls, data encryption, and two-factor authentication.
4. Train Your Employees: Your employees are the first line of defense when it comes to preventing cyber fraud. Investing in training and education is key to reducing the risk of fraud.
5. Monitor Accounts and Transactions: Regularly monitoring your accounts and transactions is a key step in detecting and preventing fraud. Look for suspicious activity, such as sudden changes in account activity or requests to wire money to unknown recipients.
6. Report Incidents: If you suspect you have been the victim of cyber fraud, it is important to report the incident to the appropriate authorities. This will help law enforcement investigate the incident and catch the perpetrators.
7. Take Preventative Measures: Once you have identified and responded to a fraud attack, take steps to prevent it from happening again. This may include implementing additional security measures, such as two-factor authentication, data encryption, and firewalls.
Cyber fraud is a serious problem that affects businesses of all sizes. By following this recovery playbook, you can reduce the risk of fraud and protect your business from the financial and reputational damage it can cause.
What Are Some Types of Cyber Fraud?
Phishing
Phishing is a fraudulent attempt to trick individuals into divulging sensitive information (usernames, passwords and banking details)
by pretending to be a trusted source, often through email communication
Spear phishing
Email targeting a specific user, or many users at a specific organization
Whaling
A focused phishing email targeted against senior executives of a company, or those with special access to information (aka the “big fish”)
Business email compromise (BEC)
A form of phishing where a criminal attempts to get a worker, customer or vendor to send money or disclose private information
by sending a phony email that appears to be coming from a trusted company figure
Ransomware
A type of malicious software, or malware, that is designed to deny access to, or "lock," a computer system until a sum of money (ransom) is paid
Social engineering
Within the cybersecurity context, social engineering describes an attempt to manipulate people into divulging confidential information
or performing actions inimical to the interests of them or their organizations
Customizing Cyber Fraud Solution
Cyber-fraud is a major threat to businesses, individuals, and government entities across the globe. With an ever-increasing number of attacks, it’s essential to have a robust and reliable cyber-fraud solution that meets the needs of the organization. Customizing a cybersecurity solution for an organization requires careful consideration and planning, taking into account the size of the organization, its data and infrastructure, and its budget.
First, a detailed assessment of the organization’s existing cyber-security measures should be conducted. A thorough evaluation of existing security policies and procedures should be conducted, as well as an assessment of the organization’s technology infrastructure and the types of data it collects and stores. This assessment should provide the basis for developing a comprehensive cyber-fraud solution.
Next, the organization should consider what types of cyber-fraud attacks it is most vulnerable to. This will help determine the types of security measures that need to be implemented. For example, if the organization is concerned about phishing attacks, then an anti-phishing solution might be appropriate. Similarly, if the organization is concerned about malware, then a malware protection solution should be considered.
Once the types of cyber-fraud threats have been identified, the organization should develop a comprehensive plan for mitigating them. This plan should include the necessary security measures, such as firewalls, intrusion detection systems, and encryption. It should also include policies and procedures for monitoring and responding to cyber-fraud incidents.
The organization should also consider how to best protect its data and systems from cyber-fraud. This includes developing policies and procedures for data security, such as restricting access to sensitive data and regularly backing up information. Additionally, the organization should also develop a plan for responding to cyber-fraud incidents, such as notifying law enforcement, issuing refunds, and publicizing the incident.
Finally, the organization should develop and implement a cyber-fraud awareness and training program. This program should educate employees on how to identify and respond to cyber-fraud threats, as well as how to take preventive measures. It should also include periodic tests to ensure that employees are aware of the latest security measures and techniques.
Customizing a cyber-fraud solution for an organization requires careful thought and planning to ensure that the security measures are appropriate and effective. By taking a systematic approach to the customization process, organizations can ensure that their cyber-fraud solution is tailored to their needs and provides the best possible protection against cyber-fraud threats.
Let’s Get Your Baseline and Build a Custom Cyber Fraud Solution
As your partner, we help develop a phased approach that starts with AVIH experts analyzing your organization’s current cyber fraud strategy.
We then align the severity and the probability of a cyber fraud attack to develop a unified blueprint that also provides complete visibility of your assets.
AVIH Approach helps you:
Identify
the adversary, environment and specific TTPs used
Establish
governance documentation
Create
processes in compliance
Integrate
tools and technology to detect adversaries
Adapt
to the changing threat landscape
Learn More About Our Cyber Fraud Services
Cyber Fraud Services Brief
Optiv’s cyber fraud strategy helps deploy the people, processes and technology
you need to detect, protect against and respond to security threats.
The problem is, your fraud team has to see it to prevent it.
Elevate
your fraud program.
Reduce the impact
of fraud incidents.
Reduce
response time.
Elevate
your fraud program.
Reduce
response time.
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