The pandemic has resulted in various criminals factors that have combined and are responsible for creating a storm of cyber infections in the digital environment supply chain. The pandemic crisis for online businesses create opportunities for the fraudsters to exploit vulnerabilities in digital platforms. Other than this, there are several other political as well as economical factors that are breaking down the global e-commerce marketplace.
People have started understanding the coronavirus dynamics. However, there are some other aspects that are necessary and should not be overlooked. The hackers and cybercriminals are all active and banging in the grim era of crisis to perform malevolent activities. From e-commerce to the medical industry and gaming platforms to digital banking services providers, all are under threat of cyberattacks and financial crimes. Amid COVID-19 outbreak, a wide array of digital frauds and high-scale data breaches have started attacking various healthcare databases. The “US Health and Human Services Department” has recently experienced a cyberattack. Although no data from this breach was accessed and there was no significant success.
The storm is not going to end soon. The increasing number of transactions and digital activities during COVID-19 have become golden opportunities for bad actors to undergo their malicious purposes. The digital security measures need to be vigilant in their nature such that they could help fight against the infectious viruses that have already come into the surface with the name of Wuhan coronavirus. The digital world is getting contaminated which calls out for the advanced solutions that could align well when it comes to fighting with the malicious actions of bad actors.
Malicious Email Phishing Attacks
To maintain social distancing, as per the World Health Organization (WHO), businesses have started operating in an online environment unless the pandemic is settled entirely. During this, customers and organizations all rely on email communication. A report says that about 21% of the emails include malicious links and attachments and have more advanced capabilities that redirect individuals to malicious websites. Email phishing attacks impersonate the individuals and redirect to websites that seem legitimate to the users.
Account Takeover (ATO) Frauds
All the user personal, as well as financial information, is stored by the platforms in the digital world. This highly confidential data needs to be protected by all means as it is a regulatory requirement. However, the innovative fraudsters roaming in the digital world misuse the system and perform a variety of malevolent activities by employing innovative hacking methods. By running credential stuffing techniques over the weka PIN and password authentication methods, the username and passwords with different combinations to get access over user accounts. In this way, ATO fraud is conducted. All the online platforms that lack advanced authentication measures and hack to cope with fraudulent access are required to stay a step ahead of the hacking techniques of the fraudsters.
Controlled Access for Information Security
Information security is the composition of a triad that correspond to three major attributes. It is CIA i.e. Confidentiality, Integrity, and Availability. Confidentiality refers to the protection of highly sensitive data from any unauthorized access. Integrity means to keep the data in a consistent form without any changes or edits. Availability ensures that data is always present when it is required for access. All these attributes should be taken into account to secure the information in the digital environment.
Controlled access is the solution to combat a variety o cybersecurity threats that are sky rising amid COVID-19 time span. Controlled access refers to the Strong Customer Authentication or SCA in which by employing innovative methods, the online user accounts are secured from any third-party access. The root of the high number of cyberattacks is uncontrolled access over the sensitive databases. High-scale data breaches, buffer overflow attacks, malicious executable injections, and scripts all get the path for initiation due to a lack of controlled measures. Now instead of traditional password security mechanisms, the need is to protect the accounts through biometric authentication systems. Facial recognition is already praised worldwide. Many digital payments services use biometric authentication methods for user verification. The method is advanced, smart, secure, and enhances customer experience.
The coronavirus crisis will continue to amplify cyber risks. The bad actors will continue to look for the loopholes that could help them undergo their malevolent purposes. It is the responsibility of each online merchant to be vigilant with respect to their customer data and leave no stone unturned to protect it from cyberattacks. Controlled access is always a solution to cyberattacks, however it demands the integration of innovative security measures that could help align with the security requirements of the digital world and fight against increasing cyber threats.