Cybersecurity technologies are constantly evolving. Technologies and features like artificial intelligence, machine learning, or device fingerprinting can make a real difference in staying ahead of cybercriminals and fraudsters. Device fingerprinting, explained by Seon, shows how implementing these technologies can help you recognize fraud attempts and stop them before they can cause any damage. The struggle between cybersecurity and cybercrime is real, and it is time to take the necessary steps to put an end to it.
Why do We Need New Technologies?
While it is true that cybersecurity is evolving daily, the same goes for cybercrime also. Cybercrime has existed since the first computers that had access to the internet were created. But, that was on a much smaller scale that can’t even be compared with the damage cyberattacks do today. According to Cybersecurity Ventures, the global cost of cybercrime in 2015 was $3 trillion, which increased 100%, reaching $6 trillion in 2021. This is a result of adaptations the cybercrime industry went through over the years:
New targets: Hackers are now targeting just about anyone they can make a profit off, posing a risk also for critical infrastructure and risking the lives of innocent victims in the process. With the attacking hospitals, airports, nuclear power plants, or even utility services, it is just a matter of time before they will cause irreversible damage. According to CBS News, 43% of healthcare organizations have been victims of ransomware attacks, with 22% admitting that their patient mortality rate increased after the attack.
Advanced attacks: We are not the only ones benefiting from technological advancements, as cybercriminals and hackers are exploiting it for their benefit. With their attacks becoming more advanced, they are also becoming harder to trace and prevent.
Grander consequences: Loss of money is not the only consequence that a cyberattack can have. They can range from lost revenue, penalties, inconvenience for customers and the general public, reputational damage, economic and political issues, and also expenses connected with restoring standard business operations.
The truth is that it is no longer possible to stay indifferent regarding these treats as nobody is safe any longer. It is time we become more proactive in our fight. Luckily, we have the solutions that can help with that.
Latest Technologies and Features That can Help us Fight Hackers
Traditional and standard technologies are no longer enough to protect from the growing threats. Especially since cybercriminals and fraudsters are constantly creating new sophisticated and hard-to-trace attacks so they would stay ahead of cybersecurity solutions while exploiting more people.
While the statistics can be frightening, this doesn’t mean we should give up on our fight against cyber threats. Instead, we should focus our efforts on developing and implementing new technologies and features that can help us improve our odds of defeating the hackers while also helping to improve your business operations.
Artificial Intelligence & Machine Learning
Artificial Intelligence is becoming one of the most beneficial technological marvels these days. While most people still believe it is reserved only for high-tech companies and that it doesn’t have any impact on our everyday life, the truth is quite different. Forbes lists the 10 most common uses of AI in our daily lives and includes the simplest features like spell check and word suggestion in your emails to smart home devices. This means that its use is not as futuristic as we might believe. It can also make a significant difference in running your business, with its role in fraud prevention being one of the main benefits. AI fraud solutions such as browser device fingerprinting and IP analysis are used to analyze user behavior and identify any discrepancies in standard behavior that might indicate suspicious actions. This way, they can prevent fraud before it even happens.
Multi-factor Authentication.
This additional level of protection can prevent different types of cybercrime, such as identity theft or account takeover. They are used to confirm a user’s identity by using 2-3 different parameters, making it harder for hackers to breach the account.
While hackers might gain access to your username and password, it would be close to impossible for them to get their hands on other authentication methods, such as a one-time passcode.
Behavioral Analysis
While behavior analysis is most commonly used in advertising, its role in cybersecurity is indisputable. It is used to analyze patterns in network activities to determine any potential cyber threats, such as a sudden increase in data transmission from a specific device. This can help to prevent any cyber dangers in real time.
Cloud technology
With the increased popularity of cloud services, more and more people are becoming aware of the benefits data backup offers.
Not only does having the backup in place help mitigate the damage caused by ransomware or similar attacks, but it reduces the expenses connected with restoring standard business operations.
Password protection
Most websites have started to implement better password hygiene, using steps such as the ones suggested in the Digitalcerts guide for strong passwords, which in addition to an increase in popularity of password managers, can make a big difference for cybersecurity. Passwords are the key to your account, which is why we need to spend more effort on them than we currently use.
Most people still have simple and easy-to-guess passwords that they use for various accounts putting themselves in even greater danger. With the increased password protection, it will be more challenging and time-consuming for hackers to crack the passwords, which means your accounts will stay protected.
Conclusion
While having a cybersecurity strategy in place is important, that won’t be enough if you don’t stay on top of it. Technology is constantly advancing, but that doesn’t matter at all if you don’t know how to use it.
Unfortunately, hackers know how to use it. Cybercriminals are constantly coming up with new techniques and updating their accounts so they can reach more people, cause bigger damage and make more profit. This is why it is imperative you are informed about new technological trends and features that can be used to counter those cyberattacks. Use those technological advancements to stay ahead of cybercriminals and protect yourself and your business from growing threats.
