The last quarter of 2016 saw the Mirai botnets bring down Dyn servers in this part of the globe. The malware used simple home based IoT devices and routers to launch DDoS attacks and within no time Dyn servers were impacted. Dyn controls much of the domain name infrastructure in North America and this impacted a host of other websites including Twitter, Netflix, Reddit amongst others. This cyber attack was one of the largest coordinated DDoS attacks in history and its repercussions were felt throughout the globe. And now 6 months down the line, the world is reeling under the effects of the WannaCry ransomware attack that has impacted several companies across the globe. This ransomware impacted machines using the Microsoft operating system and affected parties were returned access to their machines and data only after the payment was made in Bitcoin currencies.
This brings us to the most important underlying fact – Cyber security simply has to be taken seriously. As against common perception, cyber attacks are not only about credit card fraud. A majority of frauds, in fact, focus on stealing personal information. This information is then sold on the dark web just like credit card information. This is the reason information in organizations that do business with millions of people has to be kept safe. In recent times we have seen that ransomware attacks are also on the rise.
Sometimes small businesses can be lax about security measures because they think that cyber criminals will not attack them. However, this is completely incorrect. Cyber criminals, in fact, find it easier to attack small businesses. No matter how small an online business is, it needs to have serious security protocol and a meaningful cyber defense plan.
Payment processing vendors that integrate with online businesses also need to take cyber security very seriously. They need to have a solid fraud prevention policy in place as they deal with both personal data as well as sensitive payment related information. Leading payment processing platform Payza has been recognized for its security and scam prevention measures.
Payza has a dedicated security and fraud prevention team that has been setup to prevent frauds before they start. Payza has a proprietary fraud-matrix that adapts to new suspicious patterns that fraudsters use and immediately identifies and flags suspicious activity.
Payza follows a strict verification policy and every new member is verified to confirm his identity and bank account details are also validated. All merchant websites are screened through in-depth website reviews. Payza uses 128-bit SSL encryption while it is transmitting sensitive information over the wire. This is via the https protocol. This encryption keeps personal and financial data secure.
While all these measures are great, the most important part is educating users about how they can stay safe while they are online. Businesses must take the trouble to educate their users so as to prevent cyber criminals from gaining any kind of unauthorized access to their systems. Remember even if one user account is compromised it could potentially lead to greater threats.