Cybercrime: Current Trends and How to Avoid Being Caught Out in a Scam - What the BPO Industry Can Do to Ensure Client Data Safety

Every single day around the world, businesses are being strategically attacked online in more ways than one. It’s hard to avoid the growing presence of cyber-attacks online as it’s unfortunately a reflection of the digital world we live in today and the more technology evolves, so do cybercriminals and few businesses (if any) are safe from cyber-attacks with companies such as Google, Apple, and Microsoft having fallen victim through recent times.   

There are multiple tricks which cyber criminals use to make modifications and updates to bypass security measures that were especially created for them. Over the last 20 years as technology has rapidly evolved, and so our personal information has been made more publicly available than ever before which makes it easy for cyber criminals to find and use our personal information to cater to their crimes. Online attackers don’t need to know too much information in order to plan their attacks, essentially all they need is an email, phone number and a name.  

Though there is unfortunately no way to avoid cybercriminals completely, there are certain things businesses and individuals can do to assist themselves in preventing such attacks from occurring.

Here are 5 cybercrime trends to be aware of: 

1.    Phishing:

The most common method of cybercrime used is phishing which is a fraudulent practice commonly in the form of sending excessive emails containing a link with a professional appearance to multiple people pretending to be from reputable companies to induce individuals to reveal personal information, such as passwords, credit card numbers or to deploy malicious software onto a victim’s device such as ransomware or malware, this method is known as Spam Phishing. Another (if not more serious) equivalent is known as Spear Phishing in which a cybercriminal will specifically target an individual to steal sensitive data, such as account details or financial information from their targets. An attack requires significant research, which often involves acquiring personal information about the victim. This is typically done through accessing social media accounts to discover information like their name and email address, birthday, who their friends and family are, hometown location, employer, recent purchase history, and locations they visit. Attackers then disguise themselves as someone their victim trusts, usually a friend or colleague, and attempt to acquire sensitive information via email or instant messaging tools.
The best thing any business can do is inform their employees on the dangers and precautions to take in order to avoid being caught out in a scam. 

2.    AI Powered Cyber Security:

AI security refers to tools and techniques that leverage Artificial Intelligence (AI) to work autonomously without human guidance to identify or respond to potential cyber threats based on similar or previous activity. AI has been an important factor in building automated security systems, natural language processing, face detection, and automatic threat detection. This is beneficial both for large companies dealing with vast amounts of data and small or mid-sized companies whose security teams might be under-resourced. Recent studies have indicated that 2/3 of businesses believe that AI is necessary for identifying cyber security threats.  

3.    Ransomware Awareness:

Ransomware typically involves infecting devices with a virus which locks away data behind unbreakable cryptology and threatens to destroy it unless a ransom is paid (usually in the form of untraceable crypto currency). Alternatively, the virus may threaten to publicly publish the data, leaving organisations liable to face enormous fines. Typically, ransomware is employed by Phishing attacks where victims click a link which downloads the ransomware software, also known as malware.
The most effective way to tackle this issue is education, employers need to inform their employees of the dangers and risks in cybersecurity and what to be mindful of before opening a link.

4.    Internet of Things (IoT):

The expanding Internet of Things (IoT) has provided more opportunities for cybercriminals as it allows a large number of potential access points to secure digital systems. The IoT refers to physical devices other than computers, phones, and servers, which connect to the internet and share data. Examples of IoT devices include wearable fitness trackers, smart kitchen appliances (e.g., refrigerators or kettles), smartwatches, and voice assistants like Amazon Echo and Google Home, and from there, cybercriminals go on to access computers or phones in which valuable data could be stored.
The technology continues to become more sophisticated and undoubtedly, we will be seeing attacks on IoT devices increase, but the best solution to overcome these attacks is simply education and awareness when it comes to protecting your vulnerable data and devices. Cyber security strategies should include a thorough audit of every device that can be connected or given access to the network and a full understanding of any vulnerabilities it may pose.  

5.    Cloud Security:

Cloud services offer a range of benefits such as scalability, efficiency, and cost savings, but they are also a prime target for attackers. Cloud vulnerability continues to be one of the biggest cyber security industry trends. With the widespread and rapid growth of remote working since 2020 following the pandemic there has been a drastically increase in the necessity for cloud-based services and infrastructure, with security implications for organizations. Misconfigured cloud settings are a significant cause of data breaches and unauthorized access, insecure interfaces, and account hijacking so organizations must take steps to minimize cloud threats. As previously mentioned, the most common form of cyber attack on cloud is through ransomware which commonly occurs through phishing. Though there are many methods of data security that can be taken with cloud, educating all staff on how to be vigilant online is the first step in the right direction to keeping your cloud safe.  

Business Process Outsourcing Industry:

Business Process Outsourcing (BPO) is an industry that is currently booming and is considered one of the fastest growing and in demand careers in the world following the Covid 19 restrictions being put into place as of 2020. Most companies in the past would handle all their projects on their own, however, now the rising trend is outsourcing to other specialist third-party companies which ensures tasks are being worked on by more experienced workers, presenting a higher quality of the completed task at hand. It may also cost companies far less than it would by carrying out a project on their own.

With the rise of cyber security threats, the BPO industry places data security at the top of its priority for their perspective companies, and the BPO companies must achieve such an outcome before they can even look for clients willing to outsource their projects. BPO’s stay on top of contemporary data security issues for their clients by following the many guidelines to overcome data security issues, uphold compliance with user privacy, and assure their clients the safety of their data such as:

·       Strict Control Over Employees

·       Stringent Data Security Policies

·       Dedicated IT Team on Standby

·       Secure Communications

·       Control Over Tech Used in the Company

·       ISO Certifications

·       Setup Measures for Physical Security

·       Reassuring Clients About Data Security Compliance 

Your security depends on you, so reach out to the BPO industry today.