This twenty-first century has been the most advanced century while talking about the cyber world. However, it has not always been a boon to this technological time. As the technology is refining day by day, the cyber frauds are also excessively increasing. There is an ample need for cyber security in order to protect oneself and one’s business from getting attacked and losing a good market reputation. It can be either done by securing systems on your own or opting for cyber security services from any reputed organization. Our Cyber Security Ninjaz, with high-end security skills, are always ready to help you conquer all the security threats. Have a brief reading about what cyber frauds actually are.
What is Cyber Fraud?
Cyber Fraud or cybercrime, is an unethical activity that an attacker performs to gain some monetary benefits. The most popular types of attacks are phishing, identity theft, hacking, locking systems, etc.
Around 8,00,000 cyber attacks occur in one year, i.e., approximately 2328 daily attacks.
The above statistics tell how dangerous and sophisticated these hackers are and how they could take away all your name and fame.
Why Need Cyber Fraud Protection?
A few highly susceptible cyber attacks in the past are also discussed to know the importance of cyber security.
- Recently in 2023, the biggest cyber fraud in India affected a doctor with a loss of INR 4.5 crores.
- In October 2022, Medibank, a health insurance company, was attacked with ransomware. It affected 3.9 million customers and cost around $25 to $35 million to Medibank. This cost is without customer compensation and legal procedures.
- Moreover, CommonSpirit Health System, a hospital operator in the U.S., was trapped in 2022, affecting 20 million patients.
- Adding more, a zero-day vulnerability attack accessed the personal information of 6 million Twitter users, including phone numbers, usernames, and email addresses.
You could be in the place of the above examples if the right security techniques are not applied. Thus, Cyber Fraud Protection is extremely predominant to save this cyber world.
Most Common Cyber Frauds
So, what are the most popular frauds that a common attacker or hacker performs? Here you go with the following common cyber frauds.
Phishing
This common type of cyber fraud is responsible for stealing people’s personal information. Hackers impersonate themselves and send fake emails, messages & even calls which leads to this illegal activity. Nowadays, there are multiple examples of phishing, including fake social media profile creation, asking for money, pretending to be a bank employee asking for personal details, and many more. Moreover, phishing messages may include fake payment links or might give way to viruses on your device.
Your business could also be at risk as phishing attacks could steal sensitive information from your clients and use them unethically.
Ransomware
A report from IBM says that 17 percent goes to ransomware attacks from all the cyberattacks in the year 2022.
Thus, it suggests that these attacks are extremely harmful as done for monetary benefits or ransom.
Attackers inject this malicious malware into the victim’s phone and seal the device until the victim pays a ransom in return. Many times, data is never sent back to the victim, even after paying the ransom. A few of the popular ransomware are CryptoLocker, TeslaCrypt, and Locky.
Malware
Malware can be termed as malicious software that can tear down your computer systems or mobile phones. Spyware and Viruses are a few types of malware. Spyware is automatically installed hostile software without the user’s permission and knowledge that could harm your device. However, a virus is, again, destructive software that gets attached to a computer file or any document. Both of these malwares are equally responsible for shattering your computers or mobile devices.
DDoS Attacks (Distributed Denial of Service Attacks)
A DDoS attack generally stops a user from performing any activity on their computer system. This is when hackers use botnets to flood your system with considerable internet traffic that might crash your system. Botnets are referred to as a group of unethical computers to carry out cyber attacks.
Preventing Cyber Frauds
A few points on how you can fight against cyber criminals are stated :
- A good antivirus on your computer system and mobile devices could save you.
- Keeping updated your softwares is another way you can block cyber attacks.
- Use unique passwords for every account you create or already have on any online platform.
- You must have a data backup to prevent any data loss.
- 2-factor authentication is a must process that adds another protection layer to your online account.
Don’t panic if the above methods fail to prevent cyber frauds, Secninjaz is here to help you. We provide comprehensive cyber security solutions that can protect your business from each type of cyber fraud.
