Booming Businesses, Looming Threats- Secrets of Security Threats

by Rajat Sahoo Active Blogger

We cannot imagine leaving our PC, laptop or mobile phone operating system unprotected from potential security threats in the current era. Similarly, do not leave your business unguarded and vulnerable to security threats. Internal and external threats act like parasites, latching onto growing businesses. Security threats can compromise the framework of any business internally and externally. Some of the most common security threats to any establishment are spyware, malware, ransomware, trojan horses, etc. Apart from these, any establishment may face other security threats as well.

Possible internal threats are often overlooked as trivial issues, but these issues can be morally and financially damaging to any establishment. A begrudged worker or an unauthorised visitor can easily cause data leaks internally without being detected. Using unauthorised devices can increase network breaches' risks, causing the establishment of operating systems to be targeted by phishing attacks, ransomware attacks, viruses, spyware attacks, and much more. Theft of data and unapproved data sharing are internal security threats that can make any establishment vulnerable. To pick out these threats can be comparable to picking out a needle from a haystack.

Security Threat Assessment

External threats may appear in the form of project mismanagement, frauds or any form of a cyber-attack on the establishment's mainframe. Security from such external threats is necessary for the growth of any establishment. A security risk assessment agency is required to be brought on to the scene to assess all possible threats that may go unnoticed by personnel of any establishment. Such agencies employ in-depth assessments to locate the vulnerable sections and minimise the effects of any threat posing harm to any establishment's growth. Hence most establishments employ internal security or external security agencies to monitor any security lapses occurring over time.

Fraud Risk Assessment

Misappropriation of assets, corruption within organisations, fraudulent reporting can profoundly impact any establishment's future. Fraudulent activities as such are rooted deep and cannot be detected easily without a professional fraud risk assessment agency. These agencies perform audits to detect possible diversion of profits, personnel misconducts, fraudulent schemes, etc. The agencies detect fraud risks and formulate countermeasures to combat fraudulent activities, and offer elaborate strategic plans to secure the establishment from future fraudulent threats.

A Risk without Discrimination

It is a common misconception that small level establishments are not subjected to security threats. Instead, the small and mid-level growing establishments are more prone to security lapses causing data leaks. However, high-level establishments are not immune to data leaks either. Over time large scale data leaks have occurred from highly reputed companies due to security breaches. In the year 2013, one such large scale data leak occurred from a well-established company resulting in 38 million user accounts being breached with their data stolen. Several parts of the necessary source code were reported as stolen as well by the establishment. The data leak incident resulted in a hefty penalty on the establishment for its lapse of security which left its clients vulnerable.

It is very common to wonder what happens to the data leaked from an establishment. Stolen data can help perpetrators spy on their victims' actions and use their data for gains suitable for their purpose. Data thieves use the stolen data to access accounts and often use debit and credit card data to siphon money out of the victims account without any alerts. They may also use the data to target the victim with specific Ponzi schemes to cause much higher financial losses. The data thieves may also carry out an elaborate coercive strategy to cause establishments severe financial losses and reputational risk, which can leave a long-lasting impact on the establishment's future growth.