In today’s digital age, business cybersecurity has become a critical concern for companies (regardless of size or industry). In a business environment marked by constantly evolving cyber threats, best practices and security preservation are essential.
Cyber threats are multiple and sophisticated, from phishing attacks to advanced malware deployments. Without a doubt, there are many risks facing businesses in the digital world.
And to mitigate these threats, safeguard important data and ensure business continuity in an interconnected environment, it is an essential requirement to continuously invest in cybersecurity.
Therefore, in this blog we will not only highlight the relevance of cybersecurity business environment. We also tell you how identity verification solutions and technologies work as a practical approach to strengthen businesses in the digital environment.
Business Cybersecurity Overview
Today, business cybersecurity is crucial to the survival and stability of companies in the digital age. Because of this, the increasing reliance on technology in day-to-day operations has heightened concerns about digital security.
“As statistics indicate 83% of small and medium-sized businesses are not prepared to recover financially from a cyberattack, as revealed by Cybersecurity Magazine. In addition, only 14% of small businesses consider their cybersecurity investment to be very effective.”
Cyber attack threats are increasing across all industries, making business cybersecurity a strategic priority. Recent events have shown that any company can be a victim of cyber-attacks, which emphasizes the need to be prepared.
Famous Cases of Business Cyberattacks in the World
No organization is free from the dangers of the virtual world. Below, we list some cases of cyber-attacks that have affected companies in a variety of sectors globally.
eBay, United States, 2014
In May 2014, eBay, a leader in e-commerce, faced a cyber-attack that compromised the data of 145 million users. Hackers gained unauthorized access through employee passwords. They obtained valuable information, including names, encrypted passwords, emails and personal data. This exposed the need to strengthen user authentication within organizations to prevent corporate cyber-attacks.
JPMorgan Chase, United States, 2014
In 2014, JPMorgan Chase, the multinational financial services company, experienced a cyberattack that compromised the data of 76 million users and 7 million small businesses. The lack of effective identity validation allowed attackers to access sensitive information. This fraud could have been prevented with the integration of biometric technologies. Such as facial recognition, which could have significantly improved the security of the multinational and its customers.
Yahoo, Several Incidents:
Repeated cyberattacks on Yahoo highlight the vulnerability of online accounts. The absence of strong authentication processes allowed massive breaches. The implementation of OTP (One-Time Password) technologies in this company have improved its security significantly in recent years. Making unauthorized access more difficult and thus preventing fraud and reputational losses.
Health industry in Colombia, 2022
Colombia experienced a drastic increase in cyber-attacks, ranking third in Latin America with 6.3 billion in the first half of the year. With 54,121 reports of cybercrime up to October 2022, large companies such as EPM and Sanitas were also affected. Fortinet reported 137,000 attempted cyberattacks in the region, highlighting the urgency of proactive cybersecurity measures.
Today’s Business Cybersecurity Challenges
- Increasing Cyber Threats: The constant evolution of cyber-attacks, from ransomware to sophisticated attacks, poses a growing risk to enterprise security.
- Lack of Awareness and Education: Poor cybersecurity awareness and education among enterprises can result in insecure practices and increase internal vulnerabilities.
- Sophistication of Attack Methods: Cybercriminals are employing increasingly advanced methods such as social engineering, artificial intelligence and more modalities to breach traditional defenses and compromise security.
Early fraud detection: Early fraud detection becomes crucial, but many companies face difficulties in identifying patterns and signs of potential attacks.
- Lack of investment in technology and cybersecurity: Lack of innovative technology resources can expose companies to vulnerabilities. Urgently, overcoming this problem requires a change in business mindset, recognizing cybersecurity as a vital investment rather than an expense.
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Business Cybersecurity Solutions and Best Practices
There are several practices that safeguard or help drive business cybersecurity.
Such as continuous staff training, focused on awareness and secure practices, contributes to forging a culture of security.
Also, conducting regular cyber risk assessments becomes a proactive mechanism to identify vulnerabilities. However, the most effective strategy to elevate business cybersecurity. It is the adoption of identity verification technologies. For these are presented as an effective defense against fraud, identity theft, and cyberattacks in general.
Importance of Identity Verification and User Authentication Technologies
In today’s business cybersecurity context, identity verification and user authentication technologies stand out as vital solutions. User authentication with data validation technologies, OTP, or even facial biometrics.
These technologies have been effective barriers against unauthorized access, but also address the critical need to protect digital identity. These tools act as unbreakable gatekeepers. Thus ensuring that only authorized and real individuals can access sensitive systems and data.
And Verifik has become the ideal solution for protecting businesses in the digital world. With its identity verification toolkit, it has helped hundreds of customers verify, authenticate and manage their interactions with end users.
Achieving internal benefits such as preventing fraud, optimizing time and reducing operating costs. So, here are some of the tools Verifik has to increase your company’s cybersecurity:
Database Search (DB): Avoid fraud by reviewing global databases. Access key information to make secure and well-informed decisions.
OTP Login: Forget about passwords and opt for OTP codes to log in quickly and securely.
Biometrics: Confirm identities with biometrics. Ensure that who you say you are, really is that person.
Document Scanning: Automates the extraction of important data from documents, eliminating manual processes and improving accuracy.
Did you already know about our identity verification toolkit? Learn more about Verifik here or contact us to give you the best solution for your company, creating secure digital ecosystems is possible with Verifik.co !
