The BFIS (Banking, Finance, Insurance, Securities) is a critical infrastructure sector that greatly depends on IT systems, which makes it especially vulnerable to cybercrime. While analyzing security incidents within the domain in 2018-2021, Costella identified 6,472 breaches and data leakages, with more than 3.3 million records exfiltrated from 20 companies of Fortune 500. The amount of leaked data has increased six-fold over the last two years, pushing financial businesses to intensify the protections. Currently, the finserv sector spends $18,5 annually per company to combat cybercrime, which is 40% higher than in any other industry, says the Ninth Annual Cost of Cybercrime Study by Accenture.
In 2022, businesses in all sectors face a changed working environment. The Covid-19 pandemic has altered how organisations and people view work. Perhaps the most visible example of this comes in the number of employees who now consider remote working to be a big part of their normal and preferred working schedule.
70% of the general public now believe that full-time office working is a thing of the past and, perhaps more surprising, was the fact that an even greater number (79%) of business leaders believed that this was the case. This shows that the expectation from businesses is that remote working is likely to become even more normalised in line with the 91% of workers who prefer having the option to work from home. Of course, while it is a popular idea that appears to be generally supported by businesses, this isn’t to say there are no downsides. Indeed, increasingly, businesses are concerned about the issue of cybersecurity.
Cyber security and IT services must work together for business continuity, security, and profitability. Your organization’s IT staff must constantly identify, troubleshoot and deploy new technology to improve business communications and help your organization meet its goals and avoid downtime. IT teams main concerns include cost, performance, usability, and availability.
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As businesses look to recover from the worst of the pandemic in 2022, they need to be mindful of the things that can still trip them up. As a company recovers, the last thing it needs is to suffer a cyberattack, taking on a further financial blow and potentially losing its reputation.
It’s clear that cybercrime is a growing problem. In 2020, more than $3.3 billion was lost to cyber fraud – a number that has nearly doubled since 2010.
There can be no doubt that businesses of all sizes and across all industries need to take cybersecurity seriously in 2022. In this article, we take a look at the industries that look set to be the most vulnerable to cybercrime this year, and what organisations in those sectors need to do to keep themselves protected.
Modern technologies are evolving, and the number of ways hackers use to hack users’ accounts is increasing. Reliable companies ensure their community members’ security and use encryption systems. For example, when you try online slots at Bizzo casino or pay for your Netflix subscription, you are protected by platform founders. However, using some less trustworthy websites, you should ensure extra protection by creating stronger passwords. In this case, you can use the following password managers.
Most software developers believe that their software testing techniques do not give them exactly what they want. They know the effect of having bugs in their software applications and end up investing so much in quality testing. However, they still lack the kind of results that they need.
This does not happen because they lack the right skills or do not know what they are doing. Most of the time, it is caused by the technologies that they employ when testing their applications – technologies that cannot handle the pressure of modern applications.
The important thing to note is that an application will never be successful if it is released without thorough and proper testing. Even though testing can consume a considerable amount of time and resources, developers need to do everything that it takes to ensure that their applications meet all their expectations.
Automation, fueled by artificial intelligence and machine learning, has changed almost every other industry today, including the software development industry. Software testing is changing, and the future of testing is being shaped by automation.
A cyber attack or cyber breach happens when malicious people try to hack a computer system or network to destroy it or get sensitive information. These attacks have become commonplace and are getting more sophisticated and devastating by the day. Unfortunately, cyber threat is expected to increase as business operations and transactions become digitized.
The attack may not be noticed immediately it happens – it may take a few days. Once it is noticeable, people panic and may not know what to do. The impact of the attack is usually adverse, including reputation damage and a reduction of operational abilities and revenue.
That an organization can recover from a cyber attack is a crucial aspect that needs to be considered as part of the strategy in place for cyber security and risk management. In case of an attack, organizations from Baltimore and other nearby cities can engage IT support services in Baltimore to help in the recovery process. Here are critical steps to take towards recovery.
Have you imagined your personal information being exposed? Or are your company’s financial records being scattered everywhere? With almost everything being done online nowadays, there is a chance that your or your company can experience a cybersecurity breach.
A cybersecurity breach occurs when your data gets exposed or stolen by a cybercriminal. Common cyberattacks are:
- Ransomware: As the name suggests, you have to pay the cybercriminal a ransom to give you the encryption key to retrieve all your data.
- Phishing: A widely used social networking scam that attempts to obtain sensitive information through email.
- Baiting: Another widely used scam where people are tricked into clicking some offers like free downloadable movies or content, infecting your system with malware.
In the age of the internet, more organizations are slowly transferring their data to the cloud. It was not long ago when an employee had to carry a flash drive around in case they’d have to present a report. Although some employees still use a flash drive, it was more a backup solution than a necessity.
Some offices have become clutter-free since management can approve requests and reports with a push of a button. However, seamless collaboration between colleagues can be a challenge due to slow adoption and a lack of technical know-how.
Communication can also be a factor in making collaboration challenging to organizations. Messages are ‘left on read’ because some employees don’t know how to reply. They may also be overwhelmed by the number of messages they receive every day. You won’t know if they’ve acknowledged it unless they respond or react to the message you sent.