Why the Risk of Identity Theft is Increasing Day by Day

identity theft why

Being an entrepreneur or putting the basis for a startup is challenging enough without having to think about all the risks and threats lurking around in the shadows of the internet. After all, why would a hacker or someone trying to score big bucks even bother with such small companies?

As it turns out, ill-intended actors have no qualms attacking small businesses and even startups. In fact, these are the easiest targets for them since, due to budget limitations, the owners tend to cut down the costs with cybersecurity and protection.

Unfortunately, in the backdrop of the COVID-19 pandemic and the general atmosphere of economic instability that’s present in many developed countries, the world is under attack from cybercriminals. Statistics and reports show an alarming increase in cyberattacks starting with 2020, which also increases the chance your company or your employees will be under attack at some point in the near future. 

However, the attacks are not always successful and they tend to be focused on specific groups or areas. Therefore, in order to protect your assets, it’s a good idea to stay informed and learn how cybercriminals choose their targets. Let’s take Identity theft as an example and see the elements that put you or your company at risk.

Lack of Proper Cyber-Protection

While companies nowadays are a lot more aware of the cyber threats that put their data at risk, there is still a lack of proper protection devices and systems.

The best way to keep your data safe from prying eyes is to implement a multi-layered security protocol that covers all the bases. This is even more crucial during the pandemic when more people work from home and may be using their personal devices.

Starting with the devices used by the employees and ending with the network they use to remotely connect to the database, your company need to have antivirus systems, two-factor authentication, encrypted connections, and more.

You should also ask your employees to use a service like Identity theft protection by Identity Guard to keep everything under observation. This way, if any of the employees is a victim of ID fraud, your company and their data will be safe.

Lack of Knowledge & Training

Identity thieves, and cybercriminals in general, target their attacks. They use different schemes on different types of people, to increase their rate of success. For instance, they used the fear and insecurities caused by the beginning of the COVID-19 pandemic as a point of entry. People (even those who normally don’t fall for this type of attack) were easily tricked into accessing malicious links because the messages they received had an official aspect and promised to provide information about the pandemic.

However, if the same people had the necessary knowledge to check the source of these messages and pay attention to the content, the rate of success would have been lower. Plus, companies don’t invest enough in cybersecurity training for their employees.

Training is a crucial step if you want to minimize the risks to your company and make sure all your other security measures are efficient. The human factor is often the weakest link in this scenario, and cybercriminals are getting trickier every day.

Key Takeaways

We can no longer stay ignorant of the threats of the cyber world! Attacks are getting smarter as hackers use advanced technologies to create conflict and benefit from it. Things like fake news and ransomware attacks are just the beginning. If we want to live in a world that’s dependent on technology and online communication both individuals and companies must take a stand.