Inform clients of any threats or suspicious activities

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Reference no: EM133731812

Case: Cyber attackers are any business owner's nightmare. According to IT Governance from Nov-2023 to April 2024 only in the US, we have records of over 6 billion data breaches, almost 3000 of them publicly disclosed incidents. The cost of cybercrime worldwide hit $8 trillion in 2023 and is projected to rise $10.5 trillion by 2025(Cybersecurity Ventures report).

Year-to-year data protection and cyber security systems are evolving and transforming into high-quality guards based on actual updates and changes in the industry. And yet, the prediction of hacker attacks grows higher. In a moment when companies implement new technologies from external attacks, there is a vulnerable part of the system - Humans. Numerous mistakes can be made by operators to open access for fraudulent activities, that said it is important to have special training for Cyber Hygiene. Having better understanding of how attackers can breach the system significantly improves the internal part of cybersecurity.

An easy example of access to the system is malware sent to email. One click knowing or not will open the front door for hackers. Gladly this problem can be solved by technology and most emails containing dangerous links and programs will be filtered before the user even has a chance to give it a try.

As many of us know, last year Caesars and MGM casinos got hacked. As per the MGM case, they used the Vishing technique to pretend to be someone else a criminal received sensitive information and allowed them to make a breach. That is the perfect example of human factor vulnerability in cybersecurity.

Protected or not, any company can face a situation of data breach and deal with consequences. Here comes lawyers' help and insurance companies and this is why it is important to protect the company and 3rd party companies from data breaches.

Countless breaches have happened with credit card data. Once the criminals have access to that data, they can create a copy of the physical card or make transactions online based on the amount of data they have. As technologies evolved, cards and new store terminals built stronger protection for the customer, but there is always a way to find a new route.

As a General Manager to operationalize the compliance/risk I would make sure:

Employees are aware of the possibilities of data breaches and make sure of proper secure data handling and transfers.

If using physical card readers have updated technologies.

Increase awareness of IoT as a possible threat to data breaches.

Question 1: Use trusted online money transfer companies and 2-factor authentication.

Question 2: Inform clients of any threats or suspicious activities (That will also increase the company's trust rating by taking care of customer data and money security).

Reference no: EM133731812

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