Fraud Prevention Month: Prevention & Protection

Cybercrimes are evolving, resulting in billions of dollars in losses in the cyber world. Fraud Prevention Month is an annual awareness program aimed at arming Canadians with the information they need to recognize, reject, and report fraud. Scammers are continuing to take advantage of Canadians as a result of the COVID-19 outbreak. Fraud Prevention Month is celebrated every March. During these uncertain times, you should be careful. Individuals, as well as corporations, are vulnerable to cyber-attacks, often because they save personal information on their mobile phones and use insecure public networks.

To improve cyber security, it’s crucial to keep track of how cyber assaults are expanding and growing. Every citizen in Canada needs to acquire fraud prevention techniques as cyber security specialists try to enhance their awareness of dangers and cyber security information. Here is all you need to know about cybersecurity.

What is cyber security?

Cyber security is the use of technology, processes, and policies to prevent cyber assaults on systems, networks, programs, devices, and data. Its goal is to limit the risk of cyber threats and secure systems, networks, and technology from unauthorized use. The theft of intellectual property, theft of personal and financial data, embezzlement, fraud, post-attack disruption to the regular running of the business, forensic investigation, restoration and deletion of hacked data and systems, and reputational damage are all costs associated with cybercrime. Here are some common cyber threats:

• Back doors: Backdoors allow remote access to computers or systems without users’ knowledge.
• DDoS (distributed denial-of-service): DDoS attacks try to interrupt normal web traffic and take targeted websites down by flooding systems, servers, or networks with more requests than they can manage, leading them to fail.
• Formjacking:  Formjacking is the practice of putting malicious JavaScript code into online payment forms to collect credit card information from customers.
• Cryptojacking: The malicious installation of cryptocurrency mining – or ‘crypto mining’ – software is known as cryptojacking. This program stealthily mines cryptocurrency using the victim’s computing power.
• Malware: Malware is a general term for any file or program that is designed to harm or disturb a computer. This includes the following: botnet software, ransomware attack, RATs, spyware, Trojan, Viruses, and worms.
• Phishing:  Cyber criminals send phishing emails that appear to be from reputable sources. The victim is then duped into clicking on the malicious link in the email, which results in the installation of malware or the revealing of sensitive information such as credit card numbers and login credentials. 

Cybersafety tips

Protect yourself and your business against cyber threats. Multi-layer defenses are essential because hackers utilize a variety of tactics to attack computer devices and data. Anti-malware solutions that combine signature-based detection, heuristic analysis, and cloud-assisted technologies can protect your devices and data more effectively from emerging, sophisticated threats. Here are some of the safety tips to guard you:

1. Create an insider threat program

To prevent employees from exploiting their access privileges to steal or destroy corporate data, firms must implement an insider threat program. The IT security staff should not wait to have upper management’s approval before implementing policies across departments.

2. Update your software and operating system

It’s vital to keep your operating system and programs up to date. Always make sure your devices have the most recent security updates:

• Set your operating system’s automatic updates to on.
• Use web browsers that receive frequent, automated security upgrades, such as Chrome or Firefox.
• Make sure your browser’s plug-ins (Flash, Java, and so on) are up to date.

3. Do not open email attachments from unknown senders

Phishing scams are a persistent concern; cybercriminals will try to deceive you into giving personal information such as your login ID and password, banking or credit card information, using various social engineering ploys. Phishing scams can be carried out via phone, text, or social networking sites, but email is the most typical method. Any official-looking email or phone call requesting personal or financial information should be avoided.

4. Use strong passwords

The value of strong passwords cannot be overstated. They keep your sensitive personal information private by protecting your electronic accounts and gadgets from illegal access. Your information will be better protected from cyber threats and hackers if your password is more complicated.

5. Avoid using unsecured WiFi networks in public areas

Use a Virtual Private Network (VPN) when connecting to public Wi-Fi. The traffic between your device and the VPN server is encrypted when you use VPN software. This makes gaining access to your data on your device considerably more difficult for a cybercriminal. When security is a concern, use your cell network if you don’t have a VPN.

6. Make regular backups of your data

Regularly backing up your data is an often-overlooked aspect of personal online security. The 3-2-1 backup guideline is followed by the top IT and security executives. In essence, you’ll retain three copies of your data on two separate types of media (local and external hard drives), as well as one duplicate off-site (cloud storage). If you’ve been infected with ransomware or malware, the only method to get your data back is to wipe your systems and restore from a recent backup.

 How to report a cyber-incident in Canada?

In case you experience fraud, it is important to report it to the relevant authorities. To report a fraud, go to the Canadian Anti-Fraud Centre’s Fraud Reporting System or call 1-888-495-8501 toll-free. Reporting cyber-events aids the  Cyber Centre’s efforts to keep Canada and its citizens safe online. The information you provide will be used to deliver cybersecurity advice, assistance, and services. 

Cyber-attacks have become too sophisticated as our reliance on digital technologies grows. As a result, firms that rely on outdated cybersecurity techniques expose themselves to the risk of a cyberattack. Organizations must improve their cybersecurity programs to avoid these risks. An effective cybersecurity program can assist firms in preventing attacks, reducing recovery time, and containing future risks.

 Why choose us?

Contego Inc. is a consultancy firm specializing in cyber security and risk management. Cotengo works as an extension of your IT team, assisting you in identifying IT security concerns so that you can protect your company from cyber threats and security risks at all times. Our Cyber Security Consulting Services Portfolio assists organizations with IT Governance, Risk Management, and Compliance. In addition, we provide managed services. Contact us to learn more about the benefits of consulting experts to prevent cyberattacks, or what to do after one occurs. You can also arrange a free cyber threat assessment for you or your business.