Technology Consultant Reveals True Cost of Fraud to Your Business

The general misconception is that fraud from cybersecurity breaches only happens to large companies. On the contrary, small and mid-sized corporations are easier targets and are experiencing more of these attacks. Technology consultant explains that this is due to smaller companies having fewer layers of protection compared to those bigger organizations. 

Technology Consultant Reveals True Cost of Fraud to Your Business

Identity Fraud Hits Hard 

Identity fraud remains the most frequent attack and is causing serious cybersecurity concern. In these breaches, cybercriminals use deception techniques such as those in phishing emails to trick you into disclosing sensitive information. This can be in the form of access to financial information, data, or customer information. They do this by pretending to be individuals you trust such as your staff, supplier, or wholesaler. This can be done through a phony email requesting an urgent payment or breaking into your system using stolen login information, as explained by a technology consultant. 

Basic and Simple Tricks Still Work says a Technology Consultant 

Getting usernames and passwords through brute hacking is still the leading strategy used by these threat actors. Unfortunately, despite being an old trick, these approaches are still affection. Moreover, some tried and tested hacking means are now made better with the use of new AI tools. Technology consultant further shares that scammers are not enabled to convincingly fake voices and videos and not just emails. It is becoming increasingly difficult to detect a fake. Therefore, making them more difficult to detect.  

Technology Consultant Warns of Rising Fraud Cases 

In 2022 alone, two out of three companies have experienced an increase in attempts on the side of fraud. With the use of AI, this number is only bound to increase. However, everything is not so bad. This is because companies are now using more identity safeguards. This includes biometrics, device verification, and AI-enabled fraud reports which lead to massive cost savings and a reduction in attacks, explained a technology consultant. 

Easy Changes, Big Impact 

To strengthen your business’s cybersecurity posture, you can start with simple but enhanced security of logins. This includes using randomly generated passwords from reliable password managers. Enabling two-factor authentication on all accounts is also a simple step to take but impactful when it comes to securing your business. More importantly, staff education and training on how to identify suspicious emails and messages is essential.  

Security Doesn’t Have to Slow You Down 

Good protection must be easy and convenient. The aim is protection, not inconvenience. Here is where trusted IT management and cybersecurity firms step in. Here at EB Solution, we make sure to apply necessary IT and cybersecurity improvements with the least disruption to your operations. Do you want to know how we do it? 

Schedule your consultation with us today!