IT Security Services: Tips for Keeping Your Workplace Safe Online

If IT security services aren’t one of the leading chapters in your budget, you’re making an enormous mistake. TechTarget aggregated some cyber security statistics that one is guaranteed to lose sleep over. For example, the predicted cost of cybercrime is estimated to reach $10.5 trillion by 2025. The number of security attacks grew by 31% in 2020-2021, and it keeps increasing. Moreover, it takes data security teams almost a year (287 days on average) to detect the breach.

Now, consider that data and imagine how much your business can lose to a serious cyber attack.

Is it too terrifying to even think about?

That’s why investing in a reliable cyber security services company is a must. However, there are also some easy steps you can take to increase information security in the workplace right now.

Build Strong Defenses Relying on Trusted IT Security Services

All personal gadgets, company laptops, or any other tech that can be an entry point for a cyber attack must have strong defenses. You can build them by setting high security standards. Remember to cover both the equipment located in the workplace and the tech used by employees to work from home.

Basic protections recommended by a cyber security services company include:

  • Protect both devices and accounts with strong passwords.
  • Use a trusted and tested password manager.
  • Ensure your employees don’t set the same password for several accounts.
  • Use two-step authentication wherever possible.
  • Keep all software, including operating systems, up to date on all devices.
  • Invest in top-grade firewalls and anti-virus software for all company-issued computers, smartphones, laptops, and tablets.
  • Use only verified secure cloud storage and collaboration tools within your company.
  • Use a high-quality VPN.
  • Make sure your networks are secure at all times.

Most importantly, you should perform a regular information security assessment to check for possible breaches. You also must develop efficient processes that monitor adherence to your security standards and protocols.

How to protect your business with IT security services.

Provide Your Employees with IT Security Services Training

At least partially compromised credentials cause about 20% of all data breaches. Therefore, even hiring the best cyber security services company cannot protect you entirely unless your workforce is well-educated.

It means training, training, and more training!

First, you have to develop security protocols that all employees must follow. Next, you must initiate regular training to educate everyone on the best practices of staying safe online. In addition, you must conduct an information security assessment regularly to ensure that all employees follow the rules.

This education is also vital to ensure that everyone in your workforce knows how to secure their personal devices. If they work from home or connect to the company’s network while in the office, their lack of personal security will be a considerable risk factor for your business.

Moreover, this training must be a compulsory part of the onboarding process. You have to make sure that everyone in your company understands the importance of keeping all devices secure. You might also consider specialized ethics training for people handling customer data.

Teach your employees everything from point one of this article. Also, add the training on things to avoid, for example:

  • Sharing sensitive information online. This includes training in how to spot a shady web page or, for instance, a suspicious signup request.
  • Clicking on links you aren’t 100% sure about. Any links and attachments in emails and messengers should be treated with suspicion. The same goes for buttons and links in popups.
  • Falling for email scams and phishing messages. One needs to always look out for things like misspellings, irrelevant text, or offers that are too good to be true.

Most importantly, you must repeat these trainings regularly.

Keep your employees educated about the best IT security services.

Utilize Multiple IT Security Measures

You must know that IT security services are not only digital. Therefore, your business’ security needs to consider more than firewalls, antiviruses, and good passwords. You also should invest in security badges and monitoring equipment. Make sure no one can access your building and important data without at least two-factor authorization.

Also, you should take careful inventory of all your hardware and software. It must be a part of your information security assessment. When you have the complete inventory, set up processes to track all hardware and software within your organization. Don’t forget to install appropriate monitoring software on devices your employees use to work from home.

Finally, never discard the importance of limited access to sensitive data and areas. Implementing a zero-trust policy in your approach to cyber security might be best.

Bottom Line: Invest in the Best IT Security Services for the Best Future

Installing the right protective software and hardware, as well as providing online security education are integral parts of keeping your business safe. You can see plenty of examples of businesses losing billions of dollars because of a seemingly minor security breach or even a disgruntled employee. So, you really can’t afford to have any weakness in your online and offline defenses.

To cover all your bases, you need to hire an experienced and certified cyber security services company. At Devtorium, we have an ISO 27001:2013 certified cyber security department that can conduct a thorough information security assessment and provide you with a comprehensive list of recommendations on how to keep your business safe. Contact us right now to set up a free consultation!

Why Data Security Services Matter: Biggest Scandals of the 21st Century

If you think that data security services shouldn’t be your business’ priority, think again. History teaches us that even giants that lead the market can topple under the power of a data breach. Moreover, even if the company makes it through the scandal, the damage to its reputation is irreparable. 

Human psyche works in such a way that negative news make the biggest impression on us. So, to understand why you should invest in top-notch cyber security services, see the damage compromised data can cause.

5 Companies That Should Have Invested in Better Data Security Services

Desjardins

In 2019, a disgruntled employee of Canada’s biggest credit union Desjardins compromised 4.2 million customer accounts. This data breach resulted in a $200.9 million settlement of a class-action lawsuit decided on by the Superior Court of Quebec. The rogue employee had been at it for 26 months before he getting caught.

It’s essential to note that the investigation of the incident uncovered that the breach also affected 1.8 million people who weren’t Desjardins’ customers. Moreover, the case cost even more to Desjardins because it offered 5-year Equifax credit monitoring as compensation to those affected.

The employee who caused the breach accessed the customers’ names, emails, social security numbers, and transaction records. Luckily, according to Desjardins’ reports, he wasn’t able to compromise actual card numbers, passwords, and PINs.

However, this situation shows that the business can incur enormous losses without losing vital information. Moreover, it’s crucial to remember that this data breach wasn’t a result of an outside cyberattack. Instead, the breach occurred from within, highlighting the need to invest in 100% comprehensive information security audits and monitoring. It’s also a reminder to employers that they must be extremely selective with privileged access to critical data. Malicious employees shouldn’t be able to access such information and go undiscovered for years.

Why you need comprehensive data security services.

Equifax

The Equifax cyber security breach is considered one of the worst in history. It was a true disaster, and the settlement alone cost Equifax $425 million. However, the actual cost of this breach was much higher. This incident compromised the personal information of 147 million people. Quite a few of them suffered severe consequences from this identity theft.

The biggest issue with this breach was that it exposed inadequate cybersecurity practices of Equifax. As a result of poor data security services, there were several significant flaws that could exploit.

  • Equifax failed to fix a well-known vulnerability, CVE-2017-5638, although the patch was available.
  • The company didn’t segment its ecosystem. As a result, the hackers only needed to gain access once through a breach of the Equifax web portal. From there, they could access multiple servers stealing valuable data.
  • The attackers could easily escalate their access because they found passwords and usernames saved in plain text.
  • As Equifax didn’t bother renewing one of their encryption certificates, the hackers could exfiltrate the data easily. Moreover, they’ve been doing it for several months completely undetected.

In addition, the company executives chose to hide the breach and announced it only a month later. During that time, they sold off their stock, which triggered a case of insider trading. Final investigations indicate that this data breach could potentially impact about 40% of the entire US population.

All in all, this case is the best example of why you must keep your data security services up-to-date.

Yahoo!

Yahoo suffered two disastrous data breaches in 2013 and 2014. However, the company went public about this only in 2016. A total of 3.5 billion accounts were compromised in those incidents. Verizon was in the middle of buying Yahoo, when it finally shared information about the breach. The deal went through, and Verizon’s spokesperson highlighted that they would help the Yahoo team improve their security.

Eventually, the Yahoo database was discovered for sale on the black market. Compromised information included users’ names, dates of birth, phone numbers, emails, and hashed passwords. But, according to Yahoo, hackers didn’t steal credit card numbers and other payment details.

The class action lawsuit took years, but in 2020 the Northern District of California approved a settlement of $117.5 million. However, it’s only a fraction of what such poor data security services will cost.  The bigger consequence for Yahoo is that Verizon bought it for a much lower price.

How big companies lose money because of poor data security services.

Mariott International (Starwood)

Over 500 million accounts were compromised in a massive data breach of the Starwood hotels, purchased by Mariott in 2016. Marriott carried out an investigation that revealed that the Starwood network was breached in 2014. From there, the breach spread to other hotels owned by Mariott, including Sheraton, St. Regis, Westin, and W Hotels.

A wide range of hotel guests’ personal information was stolen in that data breach. Currently, the class action lawsuit includes 133 million plaintiffs and is still underway. The UK Information Commissioner’s Office fined Marriott about £18.4 million. However, this story of disastrous data security services isn’t over yet.

The example of Marriott indicated how crucial it is to carry out regular and in-depth information security audits. It’s highly troubling that the breach has gone unnoticed for four years. During this time, hackers managed to exploit system vulnerabilities to compromise additional databases.

Adobe

In 2013, Adobe reported that it suffered a cybersecurity breach that compromised 153 million user accounts. In addition, 38 million active users lost their IDs and encrypted passwords. Investigations show that users’ names and credit card information were stolen as well.

Adobe paid $1.1 million in legal fees and supposedly $1 million as an undisclosed settlement with its customers.

The true tragedy of this story is that the company didn’t learn from the incident. As a result, Adobe suffered several more debilitating breaches over recent years. For example, in 2022, an unsecured server became the cause of compromising 7.5 million Creative Cloud accounts.

How to Choose Data Security Services Company

These are only five examples of how much a security breach can cost a business. But there are thousands of other cases like this. Cumulative losses caused by cybercriminals are going into trillions already.

So, if there is one thing a business can’t afford to be cheap about, it’s information security. The road to making your business as safe as can be starts with a comprehensive audit.

Apply for one now!

How AI Can Be Used in Fraud Detection Software

It’s a well-known fact that the cost of data breaches is going into trillions by now, and fraud detection software can be the thing that saves your specific business from being a part of that dreadful statistic. That alone is sure to be an excellent motivation for investing in this type of cyber security solution.

However, as a company with ample expertise in fraud detection software development, we advise taking your plans a step further. Adding AI technology to these solutions can make a huge difference. Already, AI-powered tools are used at the highest level, including monitoring government fraud in the US. Therefore, businesses that will implement this technology sooner have a higher chance of becoming leaders of their niches tomorrow.

How AI Is Used in Fraud Detection Software

Artificial intelligence has far greater analytical and processing capabilities compared to humans. Of course, it’s not to say that AI is ‘smarter’ than a human. However, it can process large amounts of data much faster.

Implementing these capabilities of AI in fraud detection software development allows businesses to get solutions that can:

  • Detect anomalies.
    AI can effectively identify anomalies caused by fraudulent behaviors. Moreover, it can learn to detect patterns that do not yet exist. It means that AI protections of this kind can adapt to future threats.
  • Predict behaviors.
    Furthermore, AI can analyze current behaviors to predict patterns. Then, a breach of such a pattern will trigger an alert of possible fraud. For example, a change in password or logging in from a different location can be causes for concern. Finally, note that AI-powered fraud detection software will learn and therefore improve with each case.
  • Create fraud scores.
    Analyzing the data from fraudulent cases enables the AI to create scores that it can use to flag, approve, or reject future transactions. In addition, the scores will be updated automatically, so machine learning will continue making the software more accurate.
  • Identify customers fast.
    KYC (know your customer) technology powered by AI makes customer identification both faster and more secure. It’s particularly effective when applied in facial recognition tech due to AI-driven computer vision.

Particular applications of AI in fraud detection software can vary depending on customer requirements. However, as a rule, this technology is used to detect, flag, and investigate inconsistencies and potentially fraudulent actions. Then, the quality of your custom software development team’s skills will determine how well your business responds to these threats.

Remember that this software is also used to reduce false-positive alerts, which helps you save money further.

Benefits of AI in fraud detection software development.

Benefits of Using AI in Fraud Detection Software

Implementing AI technology in fraud monitoring software development does not only increase opportunities of what the solution can do. Depending on how the developers use AI, they can grow your business’s benefits.

  • Faster detection.
    Detecting threats earlier allows you to minimize losses associated with the fraud. Note that AI-powered software also identifies these dangers more efficiently. So, in the end, you are able to save the maximum amount of money. Moreover, you can build a reputation as a reliable and trustworthy business.
  • Increased accuracy.
    Accurate identification of threats does not only help you neutralize them effectively. Most importantly for business, it allows you to avoid complaints and issues caused by false-positive calls. So, your customers won’t get frustrated for their accounts being blocked and reported by mistake.
  • Better prediction.
    Nothing does predictive analytics better than AI today. Therefore, even if you have a team of outstanding analysts working for your company, augmenting their work with AI will improve results. Also, using fraud detection software for this enables you to work faster. It means that your experts can spend more time on high-priority tasks that require human intervention.
  • Cost-efficiency.
    It’s true that custom AI-powered fraud monitoring software development is a significant investment. However, considering the money you can save through fraud prevention, this investment is sure to be worth it. In addition, your business is guaranteed to increase revenue due to offering customers a higher level of protection.
  • Better classification.
    Classifying threats is incredibly important to ensure accuracy and overall efficiency in fighting fraud.
  • Easier scalability.
    Fraud detection software developed by an outstanding team can grow with your business organically. Therefore, you won’t waste time or incur a loss because it can’t keep up with your growing demands.

Bottom Line: Should You Invest in Fraud Monitoring Software Development?

Contrary to popular belief, it’s not only financial businesses that will benefit from using fraud detection software. Of course, businesses that specialize in security need to create such solutions. They often do this by outsourcing such tasks to Devtorium, an ISO-certified company. Also, any enterprise-level business selling paid services to customers can offer this extra level of protection. Finally, government and non-profit organizations that work with personal data require such cyberdefenses.

Simply put, if frauds can get to your customers, it’s your duty to protect them. Therefore, creating a custom solution is an investment that will surely pay off in the long run. To find out what AI-powered fraud detection software can do for your business in particular, contact us today! Our expert team will analyze your business and come up with a plan that will fit any budget.

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