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phishing
AI Deepfakes CERT Cyber Security Fraud phishing

How to Protect Your Small Business from Cyber Attacks

 


It so coincided that October was international cybersecurity awareness month, during which most small businesses throughout Australia were getting ready once again to defend themselves against such malicious campaigns. While all cyber crimes are growing both here and all around the world, one area remains to be targeted more often in these cases: the smaller ones. Below is some basic information any small businessman or woman should know before it can indeed fortify your position.

Protect yourself from Phishing and Scamming.

One of the most dangerous threats that small businesses are exposed to today is phishing. Here, attackers pose as trusted sources to dupe people into clicking on malicious links or sharing sensitive information. According to Mark Knowles, General Manager of Security Assurance at Xero, cyber criminals have different forms of phishing, including "vishing," which refers to voice calls, and "smishing," which refers to text messages. The tactics of deception encourage users to respond to these malicious messages, which brings about massive financial losses.

Counter-phishing may be achieved by taking some time to think before answering any unfamiliar message or link. Delaying and judging if the message appears suspicious would have averted the main negative outcome. Knowles further warns that just extra seconds to verify could have spared a business from an expensive error.

Prepare for Emerging AI-driven Threats Like Deepfakes

The emergence of AI has provided new complications to cybersecurity. Deepfakes, the fake audio and video produced using AI, make it increasingly difficult for people to distinguish between what is real and what is manipulated. It can cause critical problems as attackers can masquerade as trusted persons or even executives to get employees to transfer money.

Knowles shares a case, where the technology was implemented in Hong Kong to cheat a finance employee of $25 million. This case highlights the need to verify identities in this high-pressure situation; even dialling a phone can save one from becoming a victim of this highly sophisticated fraud.

Develop a Culture of Cybersecurity

Even a small team is a security-aware culture and an excellent line of defence. Small business owners will often hold regular sessions with teams to analyse examples of attempted phishing and discuss awareness about recognising threats. Such collective confidence and knowledge make everyone more alert and watchful.

Knowles further recommends that you network with other small business owners within your region and share your understanding of cyber threats. Having regular discussions on common attack patterns will help businesses learn from each other's experiences and build collective resilience against cybercrime.

Develop an Incident Response Plan for Cyber

Small businesses typically don't have dedicated IT departments. However, that does not mean they can't prepare for cyber incidents. A simple incident-response plan is crucial. This should include the contact details of support: trusted IT advisors or local authorities such as CERT Australia. If an attack locks down your systems, immediate access to these contacts can speed up recovery.

Besides, a "safe word" that will be used for communication purposes can help employees confirm each other's identities in such crucial moments where even digital impersonation may come into play.

Don't Let Shyness Get in Your Way

The embarrassment of such an ordeal by cyber crooks results in the likelihood that organisations are not revealing an attack as it can lead the cyber criminals again and again. Knowles encourages any organisation affected to report suspicions of the scam immediately to bankers, government, or experienced advisors in time to avoid possible future ramifications to the firm. Communicating the threat is very beneficial for mitigating damages, but if nothing was said, chances are slim to stop that firm further from getting another blow at that point of time in question.

Making use of the local networks is beneficial. Open communication adds differences in acting speedily and staying well-informed to build more resilient proactive approaches toward cybersecurity.


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Technology
AI Deepfakes Artificial Intelligence CyberCrime Cyberscams Cybersecurity Cyberthreats Finalcial Loss Technology

AI-Driven Deepfake Scams Cost Americans Billions in Losses

 


As artificial intelligence (AI) technology advances, cybercriminals are now capable of creating sophisticated "deepfake" scams, which result in significant financial losses for the companies that are targeted. On a video call with her chief financial officer, in which other members of the firm also took part, an employee of a Hong Kong-based firm was instructed to send US$25 million to fraudsters in January 2024, after offering instruction to her chief financial officer in the same video call. 

Fraudsters, however, used deepfakes to fool her into sending the money by creating one that replicated these likenesses of the people she was supposed to be on a call with: they created an imitation that mimicked her likeness on the phone. The number of scammers continues to rise, and artificial intelligence, as well as other sophisticated tools, are raising the risk that victims potentially being scammed. It is estimated that over $12.5 billion in American citizens were swindled online in the past year, which is up from $10.3 billion in 2022, according to the FBI's Internet Crime Complaint Center. 

A much higher figure may be possible, but the actual price could be much higher. During the investigation of a particular case, the FBI found out that only 20% of the victims had reported these crimes to the authorities. It appears that scammers are continuing to erect hurdles with new ruses, techniques, and policies, and artificial intelligence is playing an increasingly prominent role. 

Based on a recent FBI analysis, 39% of victims last year were swindled using manipulated or doctored videos that were used to manipulate what a victim did or said, thereby misrepresenting what they said or did. Currently, video scams have been used to perpetrate investment frauds, as well as romance swindles, as well as other types of scams. The number of scammers continues to rise, and artificial intelligence, as well as other sophisticated tools, are raising the risk that victims potentially being scammed.

It is estimated that Americans were scammed out of $12.5 billion online last year, which is an increase from $10.3 billion in 2022, according to the FBI's Internet Crime Complaint Center, but the totals could be much higher due to increased awareness. An FBI official recently broke an interesting case in which only 20% of the victims had reported these crimes to the authorities. Today, scammers perpetrate many different scams, and AI is becoming more prominent in that threat. 

According to the FBI's assessment last year, 39% of victims were swindled based on fake or doctored videos altered with artificial intelligence technology to manipulate or misrepresent what someone did or said during the initial interaction. In investment scams and other ways, the videos are being used to deceive people into believing they are in love, for example. It appears that in several recent instances, fraudsters have modified publicly available videos and other footage using deepfake technology in an attempt to cheat people out of their money, a case that has been widely documented in the news.

In his response, Romero indicated that artificial intelligence could allow scammers to process much larger quantities of data and, as a result, try more combinations of passwords in their attempts to hack into victims' accounts. For this reason, it is extremely important that users implement strong passwords, change them frequently, and use two-factor authentication when they are using a computer. The Internet Crime Complaint Center of the FBI received more than 880,000 complaint forms last year from Americans who were victims of online fraud. 

In fact, according to Social Catfish, 96% of all money lost in scams is never recouped, mainly because most scammers live overseas and cannot return the money. The increasing prevalence of cryptocurrency in criminal activities has made it a favoured medium for illicit transactions, particularly investment-related crimes. Fraudsters often exploit the anonymity and decentralized nature of digital currencies to orchestrate schemes that demand payment in cryptocurrency. A notable tactic includes enticing victims into fraudulent recovery programs, where perpetrators claim to assist in recouping funds lost in prior cryptocurrency scams, only to exploit the victims further. 

The surge in such deceptive practices complicates efforts to differentiate between legitimate and fraudulent communications. Falling victim to sophisticated scams, such as those involving deepfake technology, can result in severe consequences. The repercussions may extend beyond significant financial losses to include legal penalties for divulging sensitive information and potential harm to a company’s reputation and brand integrity. 

In light of these escalating threats, organizations are being advised to proactively assess their vulnerabilities and implement comprehensive risk management strategies. This entails adopting a multi-faceted approach to enhance security measures, which includes educating employees on the importance of maintaining a sceptical attitude toward unsolicited requests for financial or sensitive information. Verifying the legitimacy of such requests can be achieved by employing code words to authenticate transactions. 

Furthermore, companies should consider implementing advanced security protocols, and tools such as multi-factor authentication, and encryption technologies. Establishing and enforcing stringent policies and procedures governing financial transactions are also essential steps in mitigating exposure to fraud. Such measures can help fortify defenses against the evolving landscape of cybercrime, ensuring that organizations remain resilient in the face of emerging threats.
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