Businesses have been affected by a range of factors during a global pandemic. Some are due to their physical consumer interfaces, others due to cyber attacks on their computers, and some simply due to limited cash flows.
Cybercrime is a business that has prospered and made more than any other. There has been an increase in compromised network sales via dark web forums since the COVID-19 crisis.
Hackers are making more than ever with ransomware attacks. They steal sensitive information and sell it online.
This blog will explore how cybercrime can be monetized and how hackers are making money today.
The era of the healthcare crisis has made it possible for people all over the globe to work remotely, shop, bank, date, and even host virtual weddings or funerals. Cybercriminals have been able to gain the information they need to launch more crimes and increase their financial advantage by using our technology.
The rate at which access to compromised networks was sold increased by 50% between 2021 and 2021. Since the days when credit card information was sold, the market has expanded in its diversity. Access to remote desktop connections, mail server access, and many other services is now available. Networks that have been compromised around the globe can now be bought and sold.
Ransomware infections and phishing attacks are the most common forms of cybercrime today. Although phishing can be used to infect a computer with malware, ransomware is the ultimate goal. Both are top concerns for cybersecurity professionals around the world.
However, the only way to combat them is to educate and train staff. To create a strong cybersecurity response plan, you can use this no-cost incident response plan template. To see how your organization is prepared for ransomware, you can also refer to this Ransomware Checklist.
Phishing refers to a method of attack where criminals send malicious emails to con people into giving out personal information and credentials. Social engineering is often used in phishing scams to encourage people to act quickly and without thinking.
Ransomware is also used to attack organizations. This encrypts files and private information and then demands ransom money in bitcoin or another cryptocurrency. It can sometimes be impossible to recover all files.
Ransomware attacks block all access to the data or threaten to expose the sensitive information online if the ransom demand has not been met.
Here are some common cyber-frauds to be aware of:
Cybercriminals can commit nearly a dozen fraud types to their advantage, making cybercrime a severe problem for civil society and a lucrative business.
- Cybercriminals have made online dating a powerful tool. Hackers set up fake social media profiles and establish a relationship online with their targets. The hackers create fake profiles and social media accounts to coerce their targets into sending money or reloading their digital wallets. Online dating is a dangerous activity. It would be best to be cautious and not fall for a “romance fraudster.”
- Another type of cybercrime that is becoming more popular is gift card fraud. You can either upload your gift card number to a malicious website that claims it will tell you how much you have left or steal all of your information. Another type of gift card fraud involves using stolen credit card credentials to purchase gift cards and then resell them.
- When threat actors trick their victims into disclosing financial and PII (personally identifiable data), they call hospitality fraud.
- Stolen identity fraud (SIRF), a type of tax fraud, is where an attacker files a tax return using compromised information from the victim and attempts to steal the tax refund.
- Bank frauds are the most prevalent type of fraud. They adapt to new trends like credit card fraud, online fraud, and fraud using wire transfer services.
How to Prevent Cybercrime?
The pandemic has made hackers more clever and their attacks more sophisticated. Hackers are always coming up with new ways to scam their victims, and most successful attacks result from user error. These simple steps can help reduce the chance of your company falling prey to cybercrime.
- Hold cybersecurity training sessions for employees to raise awareness and improve their ability to detect potential threats.
- Get threat intelligence from dark web sources and inform your security team to make sure they know current trends and active threats.
- To keep your accounts safe, use two-factor authentication.
- To prevent harmful emails from reaching your inbox, invest in multi-layered security systems.
- Regularly monitor and update software and systems.
- Invest in a password manager to make it easier to create unique passwords for each account.
- Avoid using public WiFi because the information you view or type is not encrypted and can easily be intercepted by hackers.
Prevent criminals from profiting from your business
Planning and preparing are the best ways to protect yourself against cybercrime. It is essential to create a robust cyber incident response plan. You should also test it regularly using cybersecurity tabletop exercises.
Cybercrime can be monetized in many different ways. However, all of these can be stopped if suitable systems are available. Protecting your business from cyber-attacks is as simple as educating your management team.
Everybody should be familiar with their roles and responsibilities in an attack on the organization. It is possible to stop cybercriminals from their tracks by practicing ransomware response checklists and incident response plans.
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