Cybercrime Methods Accountants Need To Protect Against

The fact is that the cybercrime business has never been bigger – it’s estimated that the global cybercrime industry will cause up to $6 trillion in damages in just a few years.

What Cybercrime Methods Do You Need To Know About?

1. Corporate Account Takeover

Corporate Account Takeover has reportedly caused more than $5 billion in damage in just one year alone. All a hacker has to do is get someone’s login info, impersonate them, and then transfer funds that they’re given control over.

Cybercriminals acquire the log-in credentials through social engineering:

  • Phishing: Phishing emails are sent to large numbers of users simultaneously in an attempt to “fish” sensitive information by posing as reputable sources.
  • Spear Phishing: This is a much more focused form of phishing. The cybercriminal has either studied up on the group or has gleaned data from social media sites to con users.

2. Identity Theft

Identity Theft complaints rank among the highest logged every to year by the FTC. After gaining your personal information the cybercriminal can then use that info for financial gain:

  • Opening a line of credit
  • Rent products or property
  • Extorting you directly

3. Data Theft

Instead of trying to access your funds, cybercriminals may also opt just to steal your data and sell it directly.

Recently, cyber thieves released a huge list of compromised emails and passwords that contained 773 million records. If your information has ever been breached, it’s most likely on this new list – and that list is for sale on the Dark Web.

4. Ransomware

Ransomware infects the target system with malware that encrypts the data and holds it for ransom. Ransomware penetrates systems either through phishing or through vulnerabilities in many web browsers. Hackers spam users with pop-ups informing them of an “infection” or “security alert” prompting them to click a link, which infects them with the ransomware.

How Can You Protect Against Cybercrime?

Be sure to follow these tips, which are applicable to organizations, employees and individual computer users:

1. Implement Security Solutions

  • Email filtering
  • Two-factor authentication
  • Password management
  • Patch/update all IT and security systems
  • Manage access and permission levels for all employees.

2. Set A Security Policy

Every organization should set a security policy, including things such as:

  • Not opening attachments or clicking on links from an unknown source.
  • Not using USB drives on office computers.
  • Required security training for all employees.

3. Training For All Users

User education plays a big part in minimizing the danger, so start here:

  • Train users on the basics of cyber and email security.
  • Train users on how to identify and deal with phishing attacks with New-School Security Awareness Training.
  • Implement a reporting system for suspected phishing emails.
  • Frequently phish your users to keep awareness in mind.

Like this article? Check out the following blogs to learn more:

The New Ways Cybercriminals Pose a Threat to Organizations

Are You Keeping Up With FINRA’s Cybersecurity Best Practices?

Using Managed IT Services to Save You Money