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With Hacking and Phishing, All is Not Well; We Can Lose More Than We Can Imagine!

When Adam Draper of Boost VC talked about how he lost $50,000 on January 14th, 2015, he could not take rage out of those who took his cash. Reason? He did not know who did it. Of course, that was a lot of Money, and that was his lesson!

The rising abuse of computers and increasing threat to personal privacy has stimulated much interest in the technical safeguards for data. Losing crucial data and money online can be pretty stressing. Hackers utilise your trivial behaviours which to you, are normal and okay. Saving passwords on search engines, replying to illegitimate email and following uncouth links have made online business transactions a nightmare. 

Boost, which runs an accelerator for Bitcoin start-ups, had 13 interviews set up for January 14th as a part of their interview week. Little did Adam know that the “thief” had picked his busiest day of the year, to design his mess. Adam’s partner, Brayton complained on the excessive amount of furniture Adam had bought. In reality, Adam had only purchased a rug, which he wasn’t sure whether it could be furniture. Little did Adam know that the “thief” was concurrently operating his account with him, and had changed the email settings to make all emails from Boost accountant, to go directly into his email trash. The act made it so that even if Adam was working in his Inbox, he could not see replies from the accountant. “Thief” was made a fake invoice and changed the filters in his email.

Adam called his bank to get them to red-flag the wire, but all the wires had been released and could not be reversed. The money had been wired out of his account.

Databases and email accounts and drive various online business transactions. Hackers have upped their game and are now increasingly accessing email accounts and controlling business operations. They correspond with your trading partners and make away with money, or harm your company reputation.

Traditional secure data rooms kept hard copies of corporate documents for confidential review. The buyers had to travel to the room and spend long hours, and often days, sifting through loads of records. If there were more than one buyer, then each buyer had to schedule certain days for data room access.

In the modern world, virtual data rooms are used for the sale of a business. Prospective buyers schedule time in the data rooms to do thorough due diligence on the business they want to potentially buy. 

A survey on the state of information security globally done by PwC on cyber safety and privacy in 2017, indicates that organisations have become innovative in privacy safeguards to keep threats on the check and achieve competitive advantages. Their conclusion was, both cyber security and privacy protection enable businesses and customers.

Ensure Safety of your Data Room

Data theft, threats and computer trespass crimes can befall online workers be on the look before thence. Every day you don’t secure your data, the more likely it is you will interact with hackers. Threats entail Virus, Unauthorised access, Computer errors and accidents and Theft. Computer crimes cover; Trespass, Hacking, Piracy, Fraud, Sabotage and Alteration.

Defend Yourself from the Hacker Onslaught 

Use ACCESS CONTROLS to regulate which users may enter the system, and also which data sets an active user may read, write, change or delete. Have proper user identification mechanism, ownership, strong passwords and anti-virus software.

Use INFERENCE CONTROLS to protect the statistical databases by prevention of questioners from deducing confidential information through posing carefully written sequences of statistical queries and correlating the responses. Make the cost of obtaining confidential information unacceptably high!

Use FLOW CONTROLS to regulate the dissemination of values among the data sets accessible to a user. The transfer of information from a sender to a receiver should be allowed only if the receiver’s security class is at least as privileged as the sender’s. Quite simple!

ENCRYPT YOUR DATA. This attempts to prevent unauthorised disclosure of confidential documents and information in transit or storage. Encryption can be done using either the asymmetric or symmetric method.

DATA BACK-UP will do you justice when your main data room holds no more!

Internal security controls; access, flow, inference, and data encryption, complement each other. No one of them can actually solve the problems handled by the other three.

Watch Out

“The Importance of Data Security cannot be underrated; it is what drives business, it is what preserve company’s privacy and ensure they deliver services with a mission and vision based brand behind them. From this report on Data Security, it’s pretty clear how to; Good Luck.”

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