Data Security
Article | January 29, 2024
Love and romance can be a costly affair when it comes to personal cybersecurity. Identify the common red flags in romance scams and their types, and learn how to avoid romance scams for a secure living.
Contents
1. The Lure of Love: Superior Cyber Vigilance in Romance
2. Top 5 Tactics and Red Flags in Romance Scams
3. Cybercrime Update: Romance Scams and their Types
4. Guarding the Heart: Practicing Cyber Vigilance at its Best
In the digital age, online romance is a double-edged sword. While it has fostered genuine connections for many, it has also given rise to costly romance scams in 2024. So, what are romance scams? These scams exploit the human desire for companionship, causing financial and emotional harm. In 2022 alone, these scams led to losses of $1.3 billion, marking a 78% increase from 2020. Cybersecurity authorities like the FTC and FBI warn of increasing romance scams, with a focus on vigilance in online dating to ensure personal cybersecurity.
1. The Lure of Love: Superior Cyber Vigilance in Romance
Relentless pursuers and masters of deceit, lies and filth are the best traits of dating scammers. The Federal Trade Commission (FTC) reports that romance scams are one of the most profitable ventures for online dating scammers.
How much money is lost in a romance scam? In 2023, nearly 70000 consumers of online dating apps have reported a romance scam, with losses hitting $1.3 billion. The median reported loss was $4400.
In 2023, consumers reported that romance scammers’ favorite lies include claims to have excellent investment advice to offer and to need money because a friend or relative was ill, injured, or in jail. Romance scams lead to significant financial losses in romance scams and cause emotional distress and erode trust in online platforms.
2. Top 5 Tactics and Red Flags in Romance Scams
Identifying online dating scammers is crucial. How do you know if someone is romance scamming you? Here are a few red flags to check out for:
2.1 Red Flags to Detect Romance Scams
2.2 How to Avoid Romance Scams and What Are the Warning Signs?
Romance scams are a serious issue and it’s important to be aware of the warning signs. Here are some tips to avoid online dating scams:
Reluctance to meet in person: They might say they’re living or traveling outside the country, working on an oil rig, in the military, or working with an international organization.
Requests for money: Once they gain your trust, they’ll ask for your help to pay medical expenses, buy their ticket to visit you, or pay for their visa. They may also ask you to help them pay fees to get them out of trouble.
Specific payment methods: They’ll tell you to wire money through a company like Western Union or MoneyGram. Other requests may include putting money on gift cards and giving them the PIN codes, sending money through a money transfer app, or transferring cryptocurrency.
Always traveling or living far away from you: They might say they’re living or traveling outside the country.
Refusing to video chat or always cancel: This could be a sign that they’re not who they say they are.
If you suspect a romance scam, stop communicating with the person immediately and talk to someone you trust. You can also search online for the type of job the person has, plus the word ‘scammer’. Remember, never send money or gifts to a sweetheart you haven’t met.
3. Cybercrime Update: Romance Scams and Their Types
Love in the digital age has a dark side, and it’s not just heartbreak. Welcome to the world of romance scams, where cybercriminals don’t just break hearts, they break the bank, too. Let’s explore various types of romance scams and learn how to protect ourselves.
1) Catfishing:
In ‘catfishing’, scammers create fake online profiles to trick people into thinking they're in a relationship with someone who doesn't exist. They use stolen or made-up photos using AI and manipulate victims with strong emotions and convincing life stories. The scammer's goal can be financial gain, asking for money for fake emergencies or travel, or emotional exploitation, seeking attention without reciprocation. Romance scams victims can feel betrayed and lose trust in future relationships. It's important to verify online identities through video chats or reverse image searches, and be cautious with fast-progressing relationships that quickly involve money.
2) Romance Scammers Asking for Money with Gift Cards:
In romance scams, the gift card scam is especially harmful because it seems harmless and hard to trace. Scammers, after gaining trust, create situations that need urgent money—for example, medical bills or blocked funds. The scammer asks for payment in gift cards, saying they are convenient and fast, and that other methods are not possible or too slow. Online dating scam victims, worried and caring, buy gift cards and share the codes, sending cash to the scammer. This scam shows the importance of being alert to any request for gift cards in an online relationship. It reminds us that real financial transactions, especially in personal relationships, rarely require payment in such ways.
3) Fake Online Dating ‘Hookup’ Sites:
Fake online dating ‘hookup’ sites are one of the types of romance scams that target singles looking for love. Scammers create fake profiles and websites, promising genuine relationships and meetups. However, these websites are scams designed to steal the user’s information or money. Scammers may use manipulation tactics, such as catfishing, blackmail, or extortion, to create a feeling of trust and then ask for money or personal details. This scam shows the importance of being careful when using online dating sites or apps and verifying the identity and legitimacy of the person you are talking to.
4) Blackmail and ‘sextortion’:
Blackmail and ‘sextortion’ are types of dating scams that involve threatening to expose the victim’s private or sensitive information, such as explicit photos or videos. Scammers may pose as potential romantic partners on dating sites or apps, chat with the victim and send explicit content. They may also ask for similar content in return. If the victim sends photos or videos, the scammer then blackmails them, demanding money or more content. Scammers may also claim to have hacked the victim’s device or account or to have recorded them visiting an adult site. This scam highlights the importance of being careful about what you share online and not giving in to blackmail demands.
5) Inheritance Scam:
In this scam, the fraudster claims to have a large inheritance but needs help with legal or tax issues to access it. They ask the victim for a small financial contribution, promising to share the wealth once it's released. The victim sends money, assuming they're investing in their future, only to find out the inheritance doesn't exist. This scam exploits the victim's willingness to help and the promise of shared wealth. It's crucial to verify any large money claims from an online romantic interest.
6) Phishing of Personal Information (Identity Theft Romance Scams):
Phishing of personal information is a type of romance scam that involves tricking the victim into revealing their personal or financial details, such as passwords, bank accounts, or credit cards. Scammers may create fake profiles on dating sites or apps, or they may contact the victim through social media and pretend to have a romantic interest in them. They may then ask for personal information, such as their address, phone number, or date of birth, under the pretext of sending gifts, booking travel, or verifying their identity. Scammers may also send phishing emails or links that direct the victim to fake websites that collect their information. This scam underlines the importance of being mindful about what you share online and verifying the identity and legitimacy of the person you are talking to.
7) Online Dating Cryptocurrency Investment Scam:
In the world of digital currencies, romance scams are on the rise. Scammers, posing as savvy investors, lure victims into fake crypto investments. They promise high returns with low risk. They may even show bogus profits on a sham website. This scam exploits the victim's trust and their limited knowledge of the volatile crypto market. The fallout is not just financial loss but also the harsh truth that their romantic partner was a sham. It's a stark reminder to tread carefully when mixing romance and finance, especially in the complex world of cryptocurrency.
8) Sending you to Phishing and Malware-Infected Websites:
This type of romance scam involves sending you to phishing and malware-infected websites. These websites are used to steal personal information or infect devices with harmful software. Scammers tend to send links to these websites through online dating platforms or messaging apps and claim that they are for booking travel, sending gifts, verifying identities or investing in cryptocurrency. However, these websites are designed to capture the victim's details, such as passwords, credit cards, or bank accounts, or to download malware or viruses that can damage their devices or access their data. This fraud illustrates the need of checking website sources and security before clicking.
9) Military Romance Scam:
In military romance scams, fraudsters pose as military personnel on fake profiles. They claim to be stationed overseas, explaining why they can't meet. They build emotional connections over time, leading to trust and affection. They then spin stories of needing money for various reasons like travel, medical costs, or securing leave. The victims, swayed by the emotional bond and respect for the military, often send money, gift cards, or personal information. The victims face not just financial loss but also emotional pain when the scam is revealed. This cautions about online connections that quickly request money, especially if the person claims a hard-to-verify occupation.
10) Medical Emergency Scam:
In the medical emergency scam, fraudsters build a relationship with the victim and then claim a sudden health crisis or a family member's urgent need for medical care. They ask for funds for costly treatments, exploiting the victim's sympathy and desire to help. This scam, which forces victims to make hasty decisions under the guise of life-or-death situations, can lead to substantial financial losses. Skepticism and independent verification before donating money in such instances are crucial.
Other types of romance scams include loan or debt relief scams, The scammers offer to help you consolidate, lower or eliminate your debt. However, they charge you upfront fees, access your personal information, or enroll you in a costly program that doesn’t reduce your debt.
Moreover, there are real estate or rental scams where scammers advertise fake or unavailable properties. They ask for money before showing the property or use stolen photos and details. They may also pose as landlords, agents, or tenants and ask for deposits, rent or personal information.
A few other scammers use online shopping scams by creating fake websites or social media pages that sell products or services that don’t exist, are counterfeit or never arrive. They may also ask for payment through unsecure methods, such as wire transfers or gift cards.
Many naïve youngsters in love fall prey to education or career opportunity scams. Such scammers offer scholarships, grants, loans, jobs or internships that require you to pay fees, provide personal information or attend seminars. They may also claim to be affiliated with legitimate organizations or institutions.
A travel or visa scam in romance scams is when a scammer fakes love and asks for money to visit you. However, they have travel problems or emergencies. They deceive you into paying more out of pity, but they never appear.
People are increasingly being deceived by romance scammers who pretend to be interested in them and ask for money for various reasons. These include travel, emergencies, investments, or gifts. 63% of women were victims of romance scams in 2018. The largest reported scams were paid in cryptocurrency, i.e., $139 million in 2021. With the rise in such incidents at an alarming rate, it is important for people to be more alert than ever before, be more aware of personal cybersecurity and safeguard their digital presence.
4. Guarding the Heart: Practicing Cyber Vigilance at its Best
Instead of being blindfolded in love, practice vigilance and take control of the situation before it is too late. Learn from the stories and experiences of romance scam victims, and analyze scams by yourself or involve trustworthy people in your life. Educate yourself and your family, spread romance scams related public awareness, and be vigilant. Report incidences through the right channels and keep yourself safe from these scams.
Scammers are resilient and find new ways to scam. Be aware of their methods to avoid further damage and consequences. Romance scammers leave victims in a state of emotional damage, with feelings of being betrayed, humiliated, and ashamed of being deceived. Victims tend to suffer from depression, anxiety, and post-traumatic stress disorder. The financial costs of online dating scams to those who become the bait for romance scammers include losing thousands of dollars and having their credit cards or bank accounts compromised or stolen. Learn how to catch a romance scammer and also explore how to spot and avoid romance scams.
Practical advice to dodge romance scammers includes:
Research the Person: Use search engines or social media to look up the person's name, photo, and any details they share with you. Be wary if their online presence is scarce or if they seem too good to be true.
Guard Personal Information: Never share personal information, such as your address, phone number, or financial details, with someone you've only met online.
Be Cautious with Overseas Relationships: Many romance scams involve individuals from other countries. Be extra cautious if the person claims to be living or traveling outside of your country.
Never Send Money: Scammers frequently use the tactic of asking for money for unexpected expenses, travel, or a plane ticket to come visit you. Never send money to someone you've only met online.
Be Skeptical: If the person professes love quickly, refuses to meet in person, always has an excuse to not video chat, or asks for financial help, these are red flags.
Report Suspicious Behavior: If you suspect you're being scammed, report it to the local authorities and the platform where you met the person.
Consult with Friends and Family: Share your online romantic interactions with people you trust. They can provide a fresh perspective and may notice red flags that you didn't.
These scams are a serious threat in the online world, where fraudsters prey on people’s emotions and money. To prevent these scams, everyone needs to work together and stay alert. The question arises about how to stay safe from romance scams online. The best way to protect oneself is to learn about the scams, practice cybersecurity best practices to avoid them, and use strong cybersecurity tools. Online dating can be rewarding, but only if one is careful and smart.
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GRC
Article | March 28, 2024
Discover data security tools to elevate encryption at all levels and find a comprehensive range of tools to suit various business requirements. Understand data protection priorities and stay informed.
Contents
1. Data Security Tools: The First Line of Defense
2. Better Encryption with Data Security Tools
3. The Encryption Escapade: What Lies Ahead
1. Data Security Tools: The First Line of Defense
Database security software, data center security solutions, data-centric security software, data loss prevention (DLP) software, data masking software, encryption key management software, mobile data security software, and secrets management tools are some examples of data privacy tools that can help prevent unauthorized access, modification, leakage, or destruction of data. These tools help comply with regulatory standards and best practices for data protection. Data security tools are not only important for businesses and organizations but also for individuals who value their privacy and personal information. As new cyberattacks become more sophisticated and frequent, cyber security tools are indispensable for safeguarding one's digital assets and reputation.
However, these tools alone are not enough. They should be supplemented with user education, password hygiene, and backup strategies. Data security is a dynamic concept that requires constant vigilance, updates, and innovation to counteract evolving cyber threats. Investing in the right data security tools is vital to protecting digital assets and reputation. Don't let hackers steal your company’s data; start investing in the right data privacy and protection tools.
2. Better Encryption with Data Security Tools
Data is invaluable in our data-driven world today. Protecting and encrypting it is crucial. Here, we present a list of top-notch encryption and information security software options. They guard against unauthorized access, ensuring a company’s personal or business data stays secure. Dive in and see how these tools make the digital world safer.
Assure Security
Assure Security, a comprehensive IBM i security solution, offers the following features:
Complies with cybersecurity regulations and strengthens IBM i security.
Prevents breaches by detecting, blocking, and alerting to unauthorized access.
Automates and integrates security controls for constant, enterprise-wide visibility into security policy compliance.
Protects privacy against theft and exposure of customer, partner, and employee data with state-of-the-art encryption and anonymization technologies.
Defends against malware and ransomware with robust, multi-layered defenses.
Enforces strict security policies to protect systems and data with effective, automated control over every level and method of access.
Establishes and automates deep, continuous visibility into security issues and generates clear, actionable alerts and reports on IBM i system activity.
Offers a common enterprise monitoring dashboard and scripted failover integration with Precisely’s Assure MIMIX and Assure QuickEDD high availability solutions.
This makes Assure Security an efficient solution for enhancing data security.
Bitdefender GravityZone Datacenter Security
Bitdefender GravityZone Datacenter Security, a comprehensive datacenter security solution, offers the following features:
Enforces security parameters to prevent unauthorized access.
Protects servers, data center infrastructure, and information from a variety of attacks and malware threats.
Provides some level of encryption of information, protecting sensitive data while it exists within the data center.
Facilitates system and network security by identifying and remediating vulnerabilities.
Provides high-quality and wide-scope in-cloud and offline data security capabilities.
Detects unauthorized access and use of privileged systems.
Detects anomalies in functionality, user accessibility, traffic flows, and tampering.
Provides multiple techniques and information sources to alert users of malware occurrences.
Supports compliance with PII, GDPR, HIPPA, PCI, and other regulatory standards.
Provides a centralized console for administration tasks and unified control.
This makes Bitdefender GravityZone Datacenter Security an efficient solution for enhancing data security.
Centripetal CleanINTERNET
Centripetal CleanINTERNET, a comprehensive cybersecurity solution, offers the following features:
Operationalizes threat intelligence from over 250 providers and 10 billion indicators of compromise (IOCs).
Provides real-time protection from every known threat.
Automates enforcement of intelligence based on dynamic policies.
Offers scalable analysis by an elite team of highly skilled intelligence operations analysts.
Provides reporting on key findings of threats, suspicious activity, and historical data.
Reduces the risk of a cyber incident immediately with a flexible and scalable cloud-centric solution.
Applies over 100 billion indicators of compromise from real-time intelligence feeds, which are updated every 15 minutes.
Provides the fastest packet filtering technology on the planet, applying millions of threat intelligence-based rules to incoming and outgoing data streams with zero latency.
This makes Centripetal CleanINTERNET a perfect solution for enhancing data security.
Coro Cybersecurity
Coro Cybersecurity, a comprehensive cybersecurity management platform, offers the following features:
Logs endpoint activity, analyzes anomalies, and automates threat resolution.
Scans and remediates email threats.
Adds military-grade protection to devices.
Secures remote access.
Reduces data breach risk and protects sensitive information.
Detects malware and unusual data requests.
Aligns strategies with policies, streamlines operations, and increases profits.
Offers ease of use, modular nature, and cost-effectiveness.
This makes Coro Cybersecurity an efficient solution for enhancing data security.
Delinea Secret Server
Delinea Secret Server, an enterprise-grade password management solution, offers the following features:
Enhances data security by storing privileged credentials in an encrypted format.
Implements role-based access control.
Integrates with Windows systems for privilege escalation management.
Provides detailed audit logs and reports.
Supports automated password management and multi-factor authentication.
Integrates with tools like Active Directory and Microsoft Azure.
Aligns strategies and operations with established plans and policies.
This leads to improved operations, enhanced security, and increased shareholder value.
Egress Intelligent Email Security
Egress Intelligent Email Security, an AI-powered tool, offers the following features:
Provides a robust defense against advanced threats and reduces human-activated risk.
Features an adaptive security architecture that dynamically adapts policy controls to assess human risk and stop threats.
Uses AI models to detect phishing threats, data loss, and data exfiltration.
Prevents misdirected emails and files, thereby reducing human-activated risk.
Ensures data security with encryption in transit and at rest.
Seamlessly integrates into Microsoft 365 to augment its native security.
Defends against advanced inbound and outbound threats and reduces human-activated risk.
Increases user productivity, reduces the administrative burden, and provides enhanced visibility into threat trends.
This makes Egress Intelligent Email Security an invaluable asset for decision-makers.
FireEye Data Center Security (Trellix)
FireEye Data Center Security, a comprehensive solution to protect an enterprise’s most critical assets in the data center from advanced malware and targeted attacks, offers the following features:
Enforces security parameters to prevent unauthorized access.
Protects servers, data center infrastructure, and information from a variety of attacks and malware threats.
Provides some level of encryption of information, protecting sensitive data while it exists within the data center.
Facilitates system and network security by identifying and remediating vulnerabilities.
Provides high-quality and wide-scope in-cloud and offline data security capabilities.
Detects unauthorized access and use of privileged systems.
Detects anomalies in functionality, user accessibility, traffic flows, and tampering.
Provides multiple techniques and information sources to alert users of malware occurrences.
Supports compliance with PII, GDPR, HIPPA, PCI, and other regulatory standards.
Provides a centralized console for administration tasks and unified control.
This makes FireEye Data Center Security an efficient solution for enhancing data security.
Illumio
Illumio, a comprehensive solution for user behavior analysis and risk mitigation, offers the following features:
Provides visibility into application communication and network protocols.
Blocks specific protocols and attacks.
Offers monitoring capabilities.
Secures organizational data.
Automates policy writing.
Controls inbound and outbound traffic.
Operationalizes threat intelligence from over 250 providers and 10 billion indicators of compromise (IOCs).
Provides real-time protection from every known threat.
Automates enforcement of intelligence based on dynamic policies.
Offers scalable analysis by an elite team of highly skilled intelligence operations analysts.
Provides reporting on key findings of threats, suspicious activity, and historical data.
Reduces the risk of a cyber incident immediately with a flexible and scalable cloud-centric solution.
Applies over 100 billion indicators of compromise from real-time intelligence feeds, which are updated every 15 minutes.
Provides the fastest packet filtering technology on the planet, applying millions of threat- intelligence based rules to incoming and outgoing data streams with zero latency.
These features make Illumio a great tool to enhance data security.
Keyfactor Command
Keyfactor Command, a cloud-based certificate management tool, offers the following features:
Ensures identity security.
Discovers certificates and monitors expiration dates.
Automates certificate deployment, renewals, and revocations.
Offers granular permissions for assigning roles.
Provides templates and custom reports.
Provides visibility, orchestration, and automation across the PKI and certificate landscape.
Prevents outages, reduces risk, and helps meet compliance requirements.
Features advanced multi-OS data loss prevention capability.
This ensures data privacy and regulatory compliance.
LiveRamp
LiveRamp, a data collaboration platform, offers the following features:
Unites data, offering real-time responsiveness and data operations.
Executes data products through micro-databases.
Provides data connectivity.
Offers data validation, cleansing, and dynamic data masking.
Supports various data architectures.
Its unique approach to data management enables organizations to elevate their data.
This makes organizations disruptive and agile in their markets.
Lookout
Lookout, a comprehensive security platform, offers the following features:
Safeguards devices and data from threats across various operating systems.
Provides robust protection against threats on devices and networks.
Ensures safe web browsing by blocking malicious websites.
Protects data during Wi-Fi sessions by detecting unsafe networks.
Scans for personal identity threats and alerts users.
Helps locate lost devices and protect their data.
Provides a secure environment for organizations by protecting against device and network threats, ensuring safe browsing and Wi-Fi sessions, and preventing phishing.
This makes it ideal for companies with a large field workforce.
Netwrix Auditor
Netwrix Auditor, a visibility platform for user behavior analysis and risk mitigation, offers the following features:
Complies with cybersecurity regulations and strengthens IT security.
Prevents breaches by detecting, blocking, and alerting to unauthorized access.
Automates and integrates security controls for constant, enterprise-wide visibility into security policy compliance.
Protects privacy against theft and exposure of customer, partner, and employee data with state-of-the-art encryption and anonymization technologies.
Defends against malware and ransomware with robust, multi-layered defenses.
Enforces strict security policies to protect systems and data with effective, automated control over every level and method of access.
Establishes and automates deep, continuous visibility into security issues and generates clear, actionable alerts and reports on IT system activity.
Offers a common enterprise monitoring dashboard and scripted failover integration with other solutions.
This makes Netwrix Auditor a great tool to enhance data security.
Thales CipherTrust Data Security Platform
Thales CipherTrust Data Security Platform, a comprehensive data security solution, offers the following features:
Enforces security parameters to prevent unauthorized access.
Protects servers, data center infrastructure, and information from a variety of attacks and malware threats.
Provides some level of encryption of information, protecting sensitive data while it exists within the data center.
Facilitates system and network security by identifying and remediating vulnerabilities.
Provides high-quality and wide-scope in-cloud and offline data security capabilities.
Detects unauthorized access and use of privileged systems.
Detects anomalies in functionality, user accessibility, traffic flows, and tampering.
Provides multiple techniques and information sources to alert users of malware occurrences.
Supports compliance with PII, GDPR, HIPPA, PCI, and other regulatory standards.
Provides a centralized console for administration tasks and unified control.
This makes the Thales CipherTrust Data Security Platform ideal for enhancing data security.
TokenEx
TokenEx, a tokenization platform, offers the following features:
Discovers and protects sensitive data from leakage and helps maintain compliance with standards like HIPAA, SOC 2, etc.
Quickly integrates to detect sensitive data in over 100 file types, including images.
Provides a real-time perspective on enterprise operations and data security.
Manages more databases than all cloud vendors combined and supports data architectures like data mesh, data fabric, and data hub.
Provides AI-native data leak prevention capability that automates security tasks and only alerts on critical events.
Virtru
Virtru, a security platform for data privacy, offers the following features:
Email encryption and access control options are available to protect email content and attachments.
Control of shared files to revoke access, expire files, or watermark files.
Audit trails for monitoring access to emails and attachments to track who, when, and where data is accessed.
Data security enhancement and compliance with privacy regulations such as GDPR, CCPA, HIPAA, etc.
Secure environment for data sharing across applications such as Gmail, Outlook, Google Drive, etc.
User-friendly interface and seamless integration with applications to make data protection intuitive and easy to adopt.
3. The Encryption Escapade: What Lies Ahead
The process of transforming data into an unintelligible form with encryption that can only be decrypted by authorized parties has witnessed dramatic changes recently. As technology evolves, so does the complexity of encryption algorithms. Some of the emerging trends in encryption technology are homomorphic encryption and post-quantum cryptography. Homomorphic encryption is one of the advanced cryptographic techniques that allows computations on encrypted data without revealing the plaintext, enabling privacy-preserving applications such as cloud computing and machine learning. Post-quantum cryptography aims to secure data against the potential threats and cybersecurity incidents posed by quantum computers, which could break some of the current encryption schemes.
However, these new technologies also face challenges in areas such as efficiency, scalability, standardization, and interoperability. Despite these hurdles, they present opportunities for enhancing data security and fostering innovation in a rapidly changing digital world. Encryption is not only a technical matter but also a social and political one that affects fundamental rights and freedoms. Companies need to keep up with the latest encryption trends and technologies to elevate the overall data security while keeping up with their data resources. Consistent efforts like attending cybersecurity events, keeping on top of data security trends, and referring to a comprehensive data security buyer’s guide are the keys.
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Software Security
Article | March 6, 2024
Prepare for the worst-case AI-driven data breaches with advanced data security strategies that businesses often neglect. Get recommendations to zero down on data breaches at all levels of companies.
Contents
1. A Closer Look into Today’s Data Security
2. The Best Data Breach Shield: Strategies
3. Zeroing Down: The Endgame of Data Breaches
Data is growing fast and changing the way companies handle it. This big change means firms need better ways to keep data safe. It’s crucial to protect data from attacks and errors. This helps companies comply with regulations and build trust with customers. So, strategizing to meet data security regulations is a good step.
1. A Closer Look into Today’s Data Security
The global data security market was valued at $26,852.5 million in 2022, as per VPNAlert. The market is expected to grow at an 18.03% CAGR, reaching $72,595.28 million by 2028.
The drivers of this growth are:
The sheer surge in data volumes,
Evolving regulatory landscapes,
Rising cyberattacks, and
Availability of AI data breach containments.
Businesses cannot overlook the possibility of more sophisticated data breaches using AI, given its growing popularity. On the contrary, containing and securing large data sets from breaches with the help of the same AI technology is 27% faster, as per Teramind. While these AI-driven data security strategies point towards an indefinite boost in the frequency of breaches, it is now time for businesses to rethink and aim to elevate their data security.
The National Vulnerability Database (NVD) holds 8,051 vulnerabilities published in Q1 of 2022. This is about a 25 percent increase from the same period the year prior, reported Comparitech.
This staggering 25% rise in the data vulnerability of an organization indicates the importance of acting in time to prevent data breaches. Also, complying with the new data security regulations at the same time is crucial. While focusing on often overlooked and hidden best practices for securing data is necessary for companies, it also helps to prevent data breaches effectively.
2. The Best Data Breach Shield: Strategies
Data security strategies and best practices are crucial for businesses to protect sensitive information from breaches and cyber threats. These advanced data protection techniques involve implementing measures like encryption, access control, regular audits, and incident response plans to safeguard business data.
Here are often overlooked strategies to enhance data security operations and prevent data breaches:
Regular Security Audits
Regularly conducting security audits is crucial to identifying potential vulnerabilities in your systems. This involves a systematic evaluation of the security of a company’s information system by measuring how well it conforms to a set of established criteria. For instance, a software company could schedule monthly security assessments where they check if all their software is up-to-date, if there are any unauthorized access points, and if there are any other potential security risks. This proactive approach helps identify vulnerabilities before they are exploited, thereby reducing the risk of data breaches. For companies looking to minimize the risk of data breaches, calculating the attack surface becomes their prime concern.
Advanced Encryption
Implementing advanced encryption techniques helps protect data both at rest and in transit. Encryption converts data into code to prevent unauthorized access. For example, a healthcare provider might use advanced encryption to protect sensitive patient records. This means that even if a hacker intercepts the data during transmission, they would not be able to read the information without the decryption key. This significantly reduces the risk of data breaches.
Zero Trust Architecture
Adopting a zero-trust framework enhances data security. In a zero-trust model, every access request is thoroughly verified and treated as a potential threat. For example, a financial institution could apply this model by requiring multi-factor authentication for all user logins, regardless of whether the user is accessing the system from within the organization’s network or remotely. This ensures that only authorized individuals access sensitive data, thereby minimizing the risk of data breaches.
AI-Powered Threat Detection
Utilizing artificial intelligence for threat detection helps in identifying and responding to threats in real-time. AI algorithms analyze patterns and detect anomalies that indicate a potential security threat. For instance, an e-commerce platform could employ AI algorithms to monitor user activity. If the system detects unusual activity, such as multiple failed login attempts from a single user, it could automatically trigger security protocols, such as locking the account and alerting the user, thereby preventing potential data breaches.
Employee Training Programs
Regularly training employees on security best practices and phishing awareness drops the risk of data breaches. Employees often represent the first line of defense against cyber threats, and an uninformed employee might unknowingly expose the system to threats. For example, a tech company might conduct bi-annual workshops to educate staff on the latest security threats, how to recognize suspicious emails or links, and what to do in case they encounter a potential threat. This ensures that all employees are equipped with the knowledge to identify and respond to threats, thereby enhancing the overall security of the organization.
An Anatomy of a Data Breach
Data Security Tools for More Secure Organizations:
Appgate
Appgate, a leading cybersecurity company, provides Zero Trust security solutions that are purpose-built to empower how people work and connect. Its secure access solutions include software-defined perimeter (SDP), risk-based authentication, and digital threat protection. These solutions strengthen and simplify network security, detect cyber threats, mitigate fraud, and reduce risk without impeding seamless, secure consumer access. Appgate’s products are designed to adapt to any IT infrastructure in cloud, on-premises, and hybrid environments, making them beneficial for various functions within an organization. By implementing Appgate’s solutions, organizations accelerate their Zero Trust journey, plan for their future, and elevate their data security strategies.
BigID
BigID is a leading company in data security, privacy, compliance, and governance. Their enterprise data discovery and intelligence platform empowers companies to comply with new global regulations like GDPR and CCPA. It helps organizations proactively discover, manage, protect, and get more value from the regulated, sensitive, and personal data across their data landscapes. BigID’s platform is used broadly in three different domains: privacy, protection, and perspective. By implementing BigID’s solutions, organizations elevate their data security strategies, meet data privacy, security, and governance needs, and unleash the value of their data.
Egnyte
Egnyte is a trusted provider of content security, compliance, and collaboration solutions. Its product, the Egnyte Platform, offers end-to-end data protection, ensuring secure business collaboration. It uses 256-bit AES file encryption and provides unique encryption keys for added security. The platform scans a range of data repositories for malware, including email, on-premises storage, and third-party cloud storage. This product is highly recommended for organizations’ IT and security teams, helping them to manage and control content risks of many types.
HashiCorp
HashiCorp, a once-in-a-generation company, provides a suite of multi-cloud infrastructure automation products that underpin the most important applications for the largest enterprises. Its product, Vault, offers advanced data protection features like encryption as a service, Format-Preserving Encryption (FPE), and data-masking. Vault helps reduce security risks and build operations to scale, which is crucial for decision-makers. It benefits IT operators working with multi-cloud environments by managing access to secrets and protecting sensitive data with identity-based security. This empowers organizations to elevate their data security strategies, ensuring secure and efficient operational environments.
Imperva
Imperva, a cybersecurity leader, is dedicated to protecting data and all paths to it. Its product suite, including Data Security Fabric, offers robust compliance and security coverage, protecting any data source and providing unified visibility. It benefits security and compliance teams by securing sensitive data wherever it resides and offering an integrated, proactive approach to visibility and predictive analytics. This enables organizations to mitigate data threats, secure evolving data infrastructure, and drastically reduce time spent managing compliance and privacy. This is crucial for decision-makers prioritizing data security in their digital transformation journey.
Immuta
Immuta, a trusted provider of data security solutions, offers the Immuta Data Security Platform. This platform provides sensitive data discovery, security and access control, and activity monitoring, ensuring secure business collaboration. It follows the NIST cybersecurity framework, covering the majority of data security needs for most organizations. The platform benefits decision-makers by providing full visibility and context into all of their data assets, enhancing their data security and posture management. It works well for an organization’s IT and security teams to manage and control content risks of all sorts.
Kiteworks
Kiteworks, a trusted provider of content security solutions, offers the Kiteworks Private Content Network. This platform unifies, tracks, controls, and secures sensitive content moving within, into, and out of an organization, significantly improving risk management and ensuring regulatory compliance. It provides the security and governance leaders need to protect their organizations, mitigate risk, and adhere to rigorous compliance regulations such as NIST CSF, HIPAA, SOX, GDPR, GLBA, and FISMA. This product is particularly beneficial for an organization’s IT and security teams, helping them manage and control content risks of all types.
Material Security
Material Security, a data-driven security software company, offers a unified suite of cloud email security, user behavior analytics, posture management, and data loss prevention. It’s designed to secure the cloud office environment, reducing risk in critical areas across Microsoft 365 and Google Workspace. The product can handle complex email attacks with multiple layers of smart defenses, keep regulated data from getting out with smart data classification and access controls, fix risky users and partners with advanced analytics and reports, and fight shadow IT with information about how users behave and what apps they use. This benefits decision-makers by providing a comprehensive data security strategy, protecting sensitive information, and potentially saving costs associated with data breaches. It’s particularly beneficial for IT and security operations teams, risk management programs, and any function dealing with sensitive data.
McAfee
McAfee, a global leader in cybersecurity, provides advanced security solutions to consumers, businesses, and governments. Its product suite, including McAfee Total Protection, offers robust features such as real-time malware detection, a firewall, Wi-Fi security, a password manager, PC optimization, a file shredder, and a virtual private network (VPN). It benefits IT and security teams by protecting devices and data from online threats, offering unified visibility, and enabling efficient compliance with regulatory requirements. This empowers organizations to elevate their data security strategies, ensuring a secure and efficient operational environment. It stands out as crucial for decision-makers prioritizing data security in their digital transformation journey.
Netwrix Corporation
Netwrix Corporation offers a comprehensive suite of data security solutions that can significantly enhance an organization's security posture. Its products, such as Netwrix Auditor and Netwrix Data Classification, enable organizations to identify and protect sensitive data, detect and respond to threats, and recover from attacks. These solutions can benefit various functions within an organization, particularly those involved in data governance, identity and access management, and infrastructure security. By implementing Netwrix's solutions, decision-makers can effectively mitigate the risk of data breaches, ensure compliance, and secure their organization's critical information.
Protegrity
Protegrity is a leading company that empowers businesses with secure data. Their data protection system offers end-to-end security by protecting the data itself as it rests, travels, and is used across various industries. Its products enable secure cloud migration, multi-cloud deployments, data sharing, and collaboration, supporting leading cloud vendors through a single, streamlined interface. The platform ensures data remains consistent, accessible, and safe, no matter where it's stored or accessed. This enhances user trust and business reputation. Its data protection capabilities allow businesses to de-identify data with persistent protection, no matter where it travels. This reduces the risk of data leaks and accelerates data operations. With Protegrity, organizations can leverage data privacy laws for strategic advantage, optimizing operations while staying compliant. This is particularly beneficial for decision-makers in the IT and legal departments of an organization.
Trustwave
Trustwave, a global cybersecurity leader, provides managed security services and managed detection and response. Its product suite, including the Trustwave Fusion platform, offers robust features like continuous threat detection, risk visibility, and database security. It benefits IT and security teams by proactively preventing database breaches, exceeding compliance requirements, and providing remediation guidance. This enables organizations to fortify their data security strategies, fostering a secure and streamlined operational environment. Such a comprehensive approach to data security is pivotal for decision-makers steering their organization's journey towards digital transformation.
3. Zeroing Down: The Endgame of Data Breaches
In data security, the aim is to shield sensitive data. It's about preventing data breaches, not just reacting to them. Solid data security fosters customer trust, elevates a company's reputation, and fulfills regulatory requirements. In our digital era, data is a valuable asset that needs protection. It's essential for decision-makers to employ top-tier data security measures. The endgame of data breaches is clear: those who prioritize data security will thrive. To achieve that, top data security professionals recommend following these best practices:
Assess: Understand your data landscape. Identify what data you have and where it resides.
Prioritize: Not all data is equal. Determine what data is most critical to your operations and prioritize its protection.
Implement: Use strong encryption and robust access controls. Keep your security software up-to-date.
Educate: Train your team on data security best practices. Make them aware of common threats like phishing.
Monitor: Regularly monitor your systems for any unusual activity. Early detection prevents major breaches.
Review: Continually review and update your security policies. The threat landscape is always evolving, and so should your defenses.
As we look to the future, the landscape of data security is rapidly evolving. By 2025, it’s predicted that cybercrime costs will reach a staggering $10.5 trillion. In 2023, the average time taken to identify and contain a breach was 277 days, a timeline we must strive to reduce. The use of AI in data security is expected to save organizations up to $3.81 million per breach. As decision-makers, it’s crucial to stay ahead of these trends in data security, continually adapt suitable data security strategies and best practices for preventing data breaches, and invest in robust data security measures. Remember, in the endgame of data breaches, the best defense is a strong one.
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Data Security
Article | January 29, 2024
Understanding today's escalating data security challenges and the need to fortify defenses against breaches: why long-term security strategies are important to safeguard critical business assets.
Acknowledge the Data Security Challenge
Data usage has exploded, with massive volumes of data being generated every day. Data has emerged as one of the most valuable business assets, applicable across all industries. The safeguarding of this data, whether in the form of financial records, healthcare information, or intellectual property, holds prime importance. However, protecting corporate data and preventing data loss or breaches is not an easy task while simultaneously ensuring accessibility to authorized personnel within the organization.
Companies must also adhere to specific data protection regulations, particularly to secure sensitive information like customer data and health records. In some sectors, the demand for elevated data security is even more pronounced. Nevertheless, the risks associated with data breaches continue to escalate, as underscored by a recent report from IBM Security. The report revealed that 52% of all breaches were malicious attacks, with personally identifiable information (PII) of customers being the most frequently compromised data type, incurring the highest costs. Astonishingly, 80% of data breaches involved PII, with an average cost of $150 per lost or stolen record.
Moreover, a study by Cisco indicates that nearly two-thirds of the global population will have internet access within the next year, projecting a total of 5.3 billion internet users by 2023, encompassing 66% of the global populace. This growing internet usage intensifies the need to bolster data security across industries. To effectively tackle these challenges, businesses must formulate a comprehensive solution and strategy. As they progress, the cultivation of a positive brand image hinges on their ability to adapt. As technology advances, the imperative for enhanced security measures will only grow more urgent.
Fortifying Data Security in the Digital Age: Is There a Need for Evolution?
Organizations got a taste of remote working due to the pandemic, which resulted in an upsurge in cloud adoption. However, this did not come without challenges. As businesses increasingly rely on public and hybrid cloud services, safeguarding data privacy within the cloud becomes critical. Consequently, there is a pressing need for enhanced cloud data security to instill greater confidence in business leaders regarding the protection and confidentiality of their data in the cloud.
Data exists in three primary states: at rest, in use, and in transit. Even if organizations implement encryption measures for data at rest and data in transit over the network, the data they process remains vulnerable to unauthorized access and tampering while in use. Therefore, ensuring the protection of data in use is a critical component of comprehensive security throughout the entire data lifecycle. In today's data-centric environment, it is prudent to prioritize a method that centers on securing the data itself.
Statista reveals that as of 2023, the average damage caused by a data breach in the USA amounts to $9.4 million. These incidents, however, translate beyond the financial losses and further result in erosion of customer trust and damage to the organization's reputation. CISOs need to ensure that vulnerabilities related to data security are eliminated, particularly for data in use, and work in conjunction with business leaders to establish a robust framework for data governance.
Confidential Computing: Your Data's Fort Knox
After all is said, the central challenge remains unchanged: how to protect data and code that are actually in use in memory. Security entities have grappled with an ongoing battle against cyber threats, often yielding to breaches and the unauthorized extraction of highly valuable information. The need is to establish unaltered workload applications and data system memory capable of functioning seamlessly in any environment, free from the reach of internal and external attacks.
Confidential Computing emerges as a solution with an innovative, hardware-based architectural approach to security through secure enclaves. Confidential Computing concentrates on safeguarding data in use, specifically by securing memory to mitigate the inherent vulnerabilities of unencrypted data during processing. To better prepare for modern requirements, businesses must seek collaboration with a trusted advisor and transition toward modern solutions. Partnering with a proficient service provider can yield cost reductions, whether in terms of time, financial resources, or computing expenses, while also offering long-term strategic guidance.
It is important for organizations and decision-makers to avoid falling into the fallacy of illusory security, assuming that strategies solely focused on thwarting malicious intruders are adequate and that the time for action has not yet arrived. The security landscape is in constant flux, with the rapid advancement of technology in our daily lives reshaping the approach to security. As per Gartner, by 2025, over 75% of enterprise-generated data will be processed through edge or cloud computing. The software sourced by companies from cloud-service platforms, open repositories, and software-as-a-service providers is anticipated to surge from 23% today to nearly 50% in 2025, says McKinsey. Consequently, security leaders must grasp the trajectory their organizations are on and ensure that effective protective measures are implemented.
Fortanix as a Data Security Partner: What Does It Offer?
Execution follows comprehension; after all, mere discourse is futile without practical implementation. It is already established that an adept partner significantly contributes to the data security efforts of an organization, resulting in potential cost savings. Fortanix is such a name that has emerged as a prominent player in data security. The company is a pioneer in the confidential computing area, and this serves as a huge differentiator. Fortanix caters to a diverse array of use cases, spanning key management services, tokenization, secret management, code signing, and more.
In an insightful interview with Media7, Shashi Kiran, the Chief Marketing Officer at Fortanix, aptly remarked:
In today’s environment, when data breaches and ransomware have become the norm, it is a big deal for companies to have an elegant solution that allows them to simplistically deal with securing data in a manner that allows regulatory compliance as well.
The significance of AI-based approaches cannot be ignored either. The escalating volume of data, particularly the surge in regulated data, has brought in the need to construct automation and Artificial Intelligence–based frameworks capable of operating at scale. Fortanix has delved into this arena, recognizing the heightened utility of AI in conjunction with confidential computing principles, especially in the case of encrypted data. The company has introduced confidential AI solutions that are gaining mainstream applicability, with initial ventures into the healthcare sector.
Furthermore, Fortanix is well positioned to meet the diverse needs of customers. While the concept of a unified data security platform implies an architecture designed to accommodate diversity and address a spectrum of use cases, it also has remarkable extensibility. Customers appreciate this approach, as it enables them to leverage the platform's capabilities to tackle various challenges without the need for reassessing multiple vendors, retraining staff, or navigating operational complexities. This convergence is particularly advantageous in driving down costs.
Moreover, in the realm of Software as a Service (SaaS), a focal point for the company, the “scale as you need” model offers significant flexibility, allowing organizations to align the solution with their business growth seamlessly.
Deliberating Security Strategy: Focus on the Long Term
Strengthening security measures without compromising IT productivity poses a complex challenge, particularly exacerbated by the cloud, which underscores the issue of limited control over personnel and third-party contractors associated with IT cloud platform providers. The constant threat of overexposure of host data looms, with even a momentary lapse or a minor oversight risking compromise to the organization's security. The need is to consider a proper functional strategy that deals with it.
However, organizations must recognize that constructing a robust data-protection strategy does not necessitate starting from scratch. Established tools such as the NIST Cybersecurity Framework offer a valuable resource, aiding in the comprehension of security risks, prioritization of security efforts, and assessment of the return on investment in cybersecurity investments. The incorporation of technologies like confidential computing and Fortanix can further enhance these efforts.
What organizations truly need is a trusted advisor who can guide them away from the allure of project-based security solutions, emphasizing the importance of prioritizing long-term, comprehensive solutions. In this regard, embracing a forward-thinking approach is a promising start for a secure future.
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