Most Common Security Threats

Business organizations depend on the internet for their daily operations and storage of massive amounts of data. Given that, the likelihood of cyber attacks is all the more prevalent. It is due to this that governments, enterprises, and security firms invest billions of dollars in cyber security. Typically, increasingly adopting and relying on cyber technology heightens the possibility of cyber attacks. A recent security survey identified the leading cyber security threats. Read on to find out about the three most common security threats.

Top 3 Cyber Security Breaches

# 1: Malware, spyware, and viruses. According to statistics, these threats account for over 68% of all security breaches causing the most severe business losses. Typically, viruses and malware are distributed by being bundled with application or other downloads. In addition to that, attackers often trick unsuspecting users to download unnecessary items thus gaining access to a system. As soon as the virus gains access, it embeds, regenerates, and spreads throughout a host system. Some virus can be impossible to remove with no uninstall shields or wizards. An attack of this nature can result in loss of significant amounts of data, network connectivity, or even hardware failure.

# 2: Identity theft/Impersonation. This type of attack accounts for 32% of cyber security breaches. Though significantly lower than viruses, malware, and spyware, impersonation comprises a third of all reported attacks. Identify theft attacks target business in the financial and insurance sector, as attackers intention is to gain financially. Attackers might send a fake invoice or that they need you to verify your account details as your bank account has been hacked, for instance.

# 3Denial of service (DOS) attacks. DOS attacks accounts for 32% of all reported security breaches. A DOS attacks goal is preventing customers, users, and organizations accessing legitimate services. According to SecureList, a DOS attack on Deutsche Telekom knocked 900,000 Germans offline in November 2016. In 2015, because of a DOS attack, the BBC went offline for several hours. Finally, in fourth place are hacking and digital stealing of money at 13% with intellectual property theft accounting for 1%.

Aftermath of Security Breaches

Surveys indicate that attack’s impact doesn’t depend on financial losses or business reputation. Rather, it is felt in the labor, time, and resources needed to remediate the breach and implementation of new security measures for preventing future attacks. Financial implications include repair costs and investments in new or updated security applications. The average cost of data breaches is estimated at $3.62 million in 2017.

Preventing Attacks

In any plan geared towards preventing attacks, it is important to identify an attack’s origin and the weaknesses that allowed it to happen. By properly training employees, you increase your organization’s breach detection capabilities. Ideally, efficient security software identifies potential threats before execution. In addition to that, hiring the services of external IT security provider can prove beneficial in preventing attacks. Use to learn more about preventing common internet threats.

A most simple method of preventing cyber attacks is installing, changing, … Read More

What EMV Merchants Need To Know About the fast-approaching security deadline

EMV — which stands for Europay, Mastercard and Visa — is a global standard for cards equipped with computer chips and the technology used to authenticate chip-card transactions. In the wake of numerous large-scale data breaches and increasing rates of counterfeit card fraud, U.S. card issuers have migrated to this new technology to protect consumers and reduce the costs of fraud.

For merchants and financial institutions, the switch to EMV means adding new in-store technology and internal processing systems, and complying with new liability rules. For consumers, it means learning a new payment processes.

Want to know more about the ongoing transition and your EMV chip-equipped credit card? Keep reading.

 Why are EMV cards more secure than traditional cards?

It’s that small, metallic square you’ll see on new cards. That’s a computer chip, and it’s what sets it apart the new generation of cards.

The magnetic stripes on traditional credit and debit cards store contain unchanging data. Whoever accesses that data gains the sensitive card and cardholder information necessary to make purchases. That makes traditional cards prime targets for counterfeiters, who convert stolen card data to cash.

Unlike magnetic-stripe cards, every time an EMV card is used for payment, the card chip creates a unique transaction code that cannot be used again.

If a hacker stole the chip information from one specific point of sale, typical card duplication would never work.

Is card dipping the only option?

Not necessarily. EMV cards can also support contactless card reading, also known as near field communication.

Instead of dipping or swiping, NFC-equipped cards are tapped against a terminal scanner that can pick up the card data from the embedded computer chip.

Dual-interface cards and the equipment needed to scan them are expensive. Right now, the first step is to success fully integrate EMV cards into the U.S. shopping scene. Dual interface will arrive later, although they are in production and rolling out slowly now.

If fraud occurs after EMV cards are issued, who will be liable for the costs?

If an in-store transaction is conducted using a counterfeit, stolen or otherwise compromised card, consumer losses from that transaction fall back on the payment processor or issuing bank, depending on the card’s terms and conditions.

Since the Oct. 1, 2015 deadline created by major U.S. credit card issuers Mastercard, Visa, Discover and American Express, the liability for card-present fraud has shifted to whichever party is the least EMV-compliant in a fraudulent transaction. All merchants need to make sure that they have the best  credit card processor for their company. If you have a high risk company, you need a high risk processor, like

Consider the example of a financial institution that issues a chip card used at a merchant that has not changed its system to accept chip technology. This allows a counterfeit card to be successfully used.

Today, any parties not EMV-ready could face much higher costs in the event of a large data breach.

Until recently, automated fuel dispensers had … Read More