How Cybercrime Gets Monetized

As individuals and businesses have integrated their workflow with technology, the desire to obtain personal information and monetize stealing has become a business of its own. The impact of a successful attack is crucial to a company, making it critical that you understand the threats you face and how to combat them. ?This has created the goal of cybersecurity; to protect and ensure the safety of an organization's data. Although this has been an ongoing effort for decades, within the last year over $13 billion has been spent combating cybercrime with the number of active data breaches rising from 11% to 15%. This article will explore how cybercrime is monetized, and the measures you can take to avoid being a victim.

Economic Drivers of Cybercrime

Cybercrimes are reaching all-time high percentages as the types of attacks are evolving as they get snuffed. The future of cybersecurity is a constant evolution of attack and defense. There are other reasons for cybercriminals to attack, but the one constant motive seems to be economic value.?

If a threat actor does acquire a name or email address, this information alone is not worth much. If the attacks continue and more information is stolen, the malicious hacker can piece together information such as a full name, email, home address and financial information, and the web begins to spin. Then there's an entire profile a cybercriminal can use to perfect their phishing email or malware attack. This is not an individual-only concern, but also a business. Compiling stolen data on employees or consumers can create a gap in safety in a company which may result in a larger attack, causing many setbacks. If the threat actor does not have the means to launch a successful attack, they can sell the data and information to someone else to profit from. This creates an endless cycle perpetuating profit by confirming that at least someone will benefit.?

There are a lot of ways that money is made from these attacks. Online retail fraud uses stolen information to cause refund and gift card fraud. The SIM card in a phone can be swapped, allowing the cybercriminal to access mobile accounts. Tax returns and bank fraud are also common tactics that utilize stolen information for financial gain. Lastly is the sale of personal information, a very common tactic in which stolen personal information from compromised networks is sold to the highest bidder, often in the black market, or used to trigger attacks like ransomware.?

Tips & Best Practices to Protect Against Cyberattacks & Data Breaches

To avoid potential attacks and stay on top of security, there are a few key best practices that users and companies should engage in. Most of these attacks revolve around the pitfalls of email and human error, as over 90% of cyberattacks begin with a phishing email, so ensuring proper email security is a must. Outsourcing email security adds a middleman, slowing down potential threats. The tougher it is to break through will deter malicious hackers quicker, as it is not worth the effort. Once proper email security is established, a business can begin to invest in proper employee education and general digital security practices. Some other best practices include:

• Use strong passwords: Implement strong password policies that require users to use unique, complex passwords and update them regularly. Encourage the use of multi-factor authentication to add an extra layer of security to email accounts.
• Keep software up-to-date: Regularly update the operating system, installed applications, and email security software to fix vulnerabilities and prevent exploits. Ensure that anti-malware software is enabled and up-to-date.
• Use firewalls: Enable the built-in firewall or install a third-party firewall to block unauthorized network access and prevent malware from spreading.
• Practice safe browsing: Educate employees about the dangers of phishing scams, malware, and other email-borne threats and encourage them to be cautious when opening attachments or clicking on links in emails. Use browser extensions, such as uBlock Origin or NoScript, to block unwanted scripts and advertisements that could be malicious.
• Back up data regularly: Regularly back up important data, including email data, to prevent data loss in case of an attack. Store backups off-site, or use cloud-based backup solutions, to ensure that data is protected even if the primary location is compromised.
• Monitor and respond to security incidents: Monitor email security logs and other security-related data to identify potential threats. Develop an incident response plan that outlines steps to be taken in the event of a security incident, such as a data breach.

These best practices, along with appropriate cloud email security software, can help to reduce the risk of cyberattacks and data breaches, protect sensitive data, and ensure the confidentiality and privacy of email communications.

Final Thoughts

The digital age is continuing to grow, and with every advancement and change is a new tactic for cyber criminals to steal personal information. This data can be stolen in numerous different ways such as phishing, BEC, malware or ransomware, and the common virus. The main reason someone would want to steal this information is for monetary gain, either benefiting from the information themselves via frauds and scams or selling this information off to someone else and still reaping some reward. Not only is an individual at risk, but a company too. If a company were to go down even for a bit, it can smudge its reputation and put work on hold, thus affecting an employee's pay. There are many tactics for staying safe, from outsourcing email security to educating employees. Keeping up with current trends and staying aware of the changing landscape will go a long way to ensuring stability and safety.?