To help business leaders understand the nature of cybercrime more effectively, security firm ThreatMatrix recently released an infographic that illustrated how hackers and other cybercriminals typically leverage their illegally acquired information following a breach.
Business owners, executives and managers can no longer afford to ignore the dangers presented by data breaches. These incidents are simply too prevalent and too damaging to write off. Firms in every industry need to invest in high-end secure managed file transfer (MFT) solutions and other data protection programs to ward off attacks and inadvertent leaks.
Such measures are especially needed because cybercriminals are becoming both more common and savvier, due largely to the significant profits that they can reap following successful attacks.
To help business leaders understand the nature of cybercrime more effectively, security firm ThreatMatrix recently released an infographic, published by TechRepublic, that illustrated how hackers and other cybercriminals typically leverage their illegally acquired information following a breach.
A four step process
The first and most obvious step, as ThreatMatrix highlighted, is the theft of sensitive customer data, such as credit card numbers and identifying information. ThreatMatrix emphasized that cybercriminals utilize a wide range of strategies to get ahold of this information, ranging from malware to spear phishing and beyond. This diversity of threats is a large part of the reason why robust defenses are required for businesses in every field.
Once the cybercriminals have acquired the desired data, they will then sell this personal information, ThreatMatrix explained. The source noted that there are hundreds of fraud rings on the Internet, all of which are comprised of individuals and groups eager to purchase illegally acquired customer data.
Next, those who have purchased the stolen information will leverage that data for fraudulent purposes. According to ThreatMatrix, this most commonly occurs on eCommerce and online banking websites.
Finally, the fraud ring's last endeavor is to convert their illicit gains into cash, ThreatMatrix explained. Specifically, fraud rings will often use classified ads as a means of converting illegally acquired physical items into cash, which will not be recoverable.
The best defense
As this play-by-play demonstrated, cybercriminals are not pursuing corporate data in a haphazard way. On the contrary, they are organized, strategic and effective. And once a data breach has occurred, it is almost impossible to put a stop to these processes.
That is why the best defense against the effects of a data breach is to stop the data theft in the first place. And while there is no guaranteed strategy for achieving this result, robust, high-quality secure MFT offerings can play a key role in reducing risk.