Cybersecurity Vulnerability: Meaning and Types

The internet is a boon for thriving businesses. However, criminals who are always looking for ways to loot individuals can also use the internet for unethical gains. Companies have private information that they keep secure from the public. Cybercriminals usually make use of such information to extort money from corporations. This type of criminal activity is known as cyber extortion. This article explains what cyber extortion is, its ill effects on businesses, and ways to deal with this critical situation. Read on to know more:

What is Cyber Extortion?

Cyber extortion, also known as cyber blackmailing, is an internet–based crime wherein cybercriminals threaten to expose the sensitive data of a company or an individual. The attackers usually demand money in return for not disclosing sensitive financial information. Hackers may also demand a ransom for not breaching the systems. Smaller businesses may give in to the fear and pay the ransom, which can lead to massive financial losses.

During cybercrime blackmail, hackers typically target weaknesses and flaws in the company systems and demand ransom. They can steal confidential information that can cause an uproar in the public if exposed.

Example of Cyber Extortion

Let’s say an email exchange between a company’s higher authorities contains information that can benefit their business rivals. A hacker may threaten to leak this information to the rivals. This leaves the company vulnerable to cyber extortion, i.e., they may have to pay a significant ransom to stop the hacker from releasing sensitive information.

Cyber blackmailing may start with infectious software distributed via spam emails or unverified websites. If a company executive accesses such emails or websites, they may unwittingly expose sensitive data, giving hackers a way into their systems.

Types of Cyber Extortion

• Blackmail: Criminals steal personal information from individuals. These individuals are then told to pay a ransom. If they deny the payment, the criminals blackmail them by threatening to leak sensitive data to social media, friends, acquaintances, etc.

• Ransomware: During ransomware extortion, cybercriminals infect the victims’ devices with malware, thus preventing them from accessing their devices. They force victims to pay a ransom to regain control of their devices. Ransomware can be a result of malware being downloaded by opening infected emails or clicking on a pop–up ad on a compromised website.

• Denial–of–Service (DoS): In a DoS attack, the attacker shuts down the machine or network by sending information across a network and triggering a system crash. The attacker may also create situations where the company’s server receives significant traffic, causing it to slow down.

What are the Risks Associated with Cyber Extortion?

Companies that fall victim to cybercrime blackmail often suffer from financial and reputational losses. If a data breach occurs, criminals can access a vast customer database.

For instance, if you run a successful online apparel store, you may be accepting payments online via debit, credit cards, digital wallets, etc. These payment details are stored in the company’s database for reconciliation and tracking purposes. If a hacker gets access to customers’ card data, they can easily track down the bank details and steal their money. This means you have lost your potential regular customers and, in turn, lost money.

During a DoS attack, if the customer is unable to access your website, they may turn to competitor sites. This situation also leads to financial losses for your business.

Cyber extortion and cyber bullying are closely associated. A hacker may threaten to expose your sensitive information unless you pay a ransom or fulfil other demands laid down by them, which could be both monetary and non–monetary.

How to Secure Your Business from Cyber Extortion?

Here are ways you can protect your business from financial and reputation loss due to extortion.

• Employee training: Provide adequate training to employees so they can identify and avoid phishing and spoofing emails.
• Creating back–up: Maintain a data back-up, encrypt your sensitive information and implement a data recovery strategy.
• Get cyber insurance: Cyber insurance protects your businesses from financial losses arising from cyber extortion and other cybercrimes.

How to Deal with Cyber Blackmail in India?

As an online business, you are susceptible to cyberattacks. Therefore, you must take all the preventive measures to stop hackers from probing your systems. However, if you are a victim, you must prioritise reporting cyber extortion to the National Cyber Crime Reporting Portal.

The next step is to inform your insurance provider. With a cyber insurance policy, the insurer can cover you against the financial losses caused by the cyber blackmailing, up to a specific sum insured. The insurance policy reimburses you for funds paid as ransom to the extortionist. The policy also helps you pay the legal fees and the funds required to restore the critical data. Protect your business from cybercriminals by getting a cyber insurance policy today!

Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.

Debit card fraud is a growing concern as the world moves toward cashless transactions. Whether you're shopping online, withdrawing money from an ATM, or making a quick payment at a store, your debit card is vulnerable to misuse if you're not careful. In this guide, we’ll explore debit card fraud, how to detect it, and, most importantly, how to protect yourself from becoming a victim. We'll also cover what steps to take if you fall victim to fraud and answer some frequently asked questions.

What is Debit Card Fraud?

Debit card fraud occurs when someone illegally uses your debit card or card details to make unauthorized transactions, withdraw money, or commit fraud. Unlike credit card fraud, where the bank or credit card company bears much risk, debit card fraud can directly affect your account balance, leading to immediate financial loss.

In most cases, fraudsters either steal your card, skim your card information, or trick you into giving them your PIN or other sensitive details. Since the money comes directly from your bank account, it’s crucial to act quickly if you notice any suspicious transactions.

Types of Debit Card Fraud

There are several types of debit card fraud, and awareness of them is the first step toward protecting yourself.

1. Card Skimming: Fraudsters install devices on ATMs or payment terminals that capture your card’s magnetic strip information and PIN. They then clone your card to withdraw funds or make purchases.
2. Phishing Scams: This involves fraudsters sending fake emails or messages pretending to be from your bank or a legitimate business. They trick you into providing your card details, login credentials, or PIN.

Also Read: What You Need to Know About Phishing?

3. Card Theft: Physical theft of your debit card is one of the most straightforward ways fraud occurs. If your card is stolen and you haven't reported it immediately, the thief can use it to make unauthorized transactions.
4. Online Fraud: Fraudsters use your card information for unauthorized online transactions. They often obtain your details through phishing websites or data breaches.
5. Card Not Present (CNP) Fraud: In CNP fraud, your card is not physically used, but the fraudster uses the card number and security details (like CVV) to make purchases online or over the phone.

How to detect Debit Card Fraud

Detecting debit card fraud early can help you minimize your financial loss. Here’s how you can spot it:

1. Unfamiliar Transactions: Keep a close eye on your bank statements and online banking accounts. If you see any unfamiliar transactions, especially from places you’ve never visited or websites you haven’t used, it’s a red flag.
2. Multiple Small Transactions: Fraudsters sometimes test the waters with small transactions before making larger withdrawals. A series of small debits might be an early sign of fraud.
3. SMS or Email Alerts: Many banks offer real-time notifications for every transaction. If you receive alerts for transactions you didn’t authorize, immediately contact your bank.
4. ATM Notifications: Some ATMs now notify you if your card has been used at multiple machines within a short period. This could indicate debit card fraud through skimming or card cloning.

Actions to take after Debit Card Fraud

If you suspect or confirm debit card fraud, act quickly to limit your losses. Here’s what you should do:

1. Report the Fraud: Contact your bank immediately and report the unauthorized transactions. Filing a debit card fraud complaint as soon as possible will increase your chances of recovering your money.
2. Block the Card: Your bank will block your debit card to prevent further fraud. They may then issue you a new card and PIN.
3. Check Your Transactions: Review your recent transactions and identify any other unauthorized activities. Make sure to highlight these when you file your complaint.
4. File a Police Report: Your bank may require a police report as part of the investigation process for certain types of fraud.
5. Monitor Your Account: Even after reporting the fraud, keep an eye on your bank account. Sometimes, additional fraudulent charges can occur even after your card is blocked.
6. Cyber Insurance: If you have cyber insurance, contact your insurer to see if your policy covers any financial loss from debit card fraud. Cyber insurance policies increasingly offer protection against digital crimes like phishing and online fraud.

Tips to save yourself from Debit Card Scams

1. Use Secure Websites: When shopping online, ensure the website URL starts with "https://" and has a secure padlock symbol. Avoid entering card details on dubious websites.
2. Avoid Public Wi-Fi for Transactions: Public Wi-Fi is often insecure, and fraudsters can intercept your card information. Always use a secure network when making payments or accessing your bank account.
3. Enable Two-Factor Authentication: If your bank has two-factor authentication, enable it. This adds an extra layer of security, as you'll need to verify your identity with a code and your password or PIN.
4. Use Virtual Cards for Online Purchases: Some banks offer virtual cards specifically for online purchases. These cards can be used temporarily and expire after a set period, limiting your exposure to fraud.
5. Regularly Monitor Your Accounts: Make it a habit to check your account frequently. This will help you catch unauthorized transactions before they become larger problems.
6. Set Transaction Limits: Many banks allow you to set transaction limits or daily spending caps. Setting a lower limit can prevent large unauthorized transactions if your card is compromised.

FAQs

How do I recover my debit card fraud?

Contact your bank when you discover fraudulent transactions to recover your money from debit card fraud. Report the issue, file a debit card fraud complaint, and follow the bank's procedures for investigating the scam. While the bank investigates, it may refund the stolen amount, depending on its policy.

Do banks refund scammed money?

In most cases, banks will refund the stolen amount if you report the fraud promptly and weren't negligent with your card information. However, the bank may not provide a refund if the fraud was due to your actions (like sharing your PIN).

Can someone use my debit card without my PIN?

Someone can use your debit card without your PIN, especially for online purchases or contactless payments. That’s why it's crucial to keep your card details secure and monitor your account for unauthorized transactions.

Can I track who used my debit card online?

While you can't directly track who used your debit card, your bank may have security measures to trace the fraudulent activity. They can check IP addresses or locations where the card was used and work with authorities to investigate.

Conclusion

Debit card fraud is an unfortunate reality of modern banking, but being vigilant and proactive can significantly reduce risk. Understand the types of debit card fraud, detect suspicious activity early, and take the right actions if you fall victim. Following the tips outlined above and considering added protection like cyber insurance, you can safeguard your financial information and hard-earned money. Stay informed, stay secure!

Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.

For businesses to cultivate a long–term relationship with their customers, they must have the means to protect their customers’ data from a breach. Any company that runs its business operations online is vulnerable to external threats as well as internal flaws known as cybersecurity vulnerabilities. This article explains what vulnerability in cybersecurity means and its different types. Keep reading to learn more about this cybersecurity vulnerabilities.

What is Cybersecurity Vulnerability?

Cybersecurity vulnerabilities are flaws in an organisation’s internal systems that cybercriminals can exploit. Through weak internal controls, hackers can gain access to your customer database with ease. You must not mistake vulnerabilities with cybersecurity threats. Threats are external factors, while vulnerability in cybersecurity exists from the time the systems are developed. Cybersecurity vulnerabilities are inherent and are a result of misconfigurations in the operating systems, which make your data open to threats.

Cyber Vulnerability Explained with an Example

Let’s say you run an e–commerce business. While building the website, you notice one or more minor flaws in the payment systems. You have also built a substantial customer database since commencing business operations. A cybercriminal looking for a way to get card details may find that flaw and hack into your system, stealing your customers’ card information.

As a business owner and, by extension, a data collecting entity, you must constantly monitor your security systems. Failure to do so can lead to dire consequences, including exposing your business to cyber vulnerability and data breaches on a large scale.

Types of Vulnerabilities in Cybersecurity

To be able to tackle the vulnerabilities, you must be aware of the possible cyber vulnerability types your organisation may face. Below are some examples.

• Security misconfigurations

  These vulnerabilities take place when a component in an application is vulnerable to attacks due to a weak or unsecured configuration. Cybercriminals typically scan networks to sniff out system misconfigurations they can exploit. The number of security misconfigurations is on the rise as more and more businesses are adopting digitalisation. To prevent such vulnerabilities, you must work with experts when starting your business or implementing new systems.

• Unpatched software

  Another type of vulnerability in cyber security is known as unpatched software. Unpatched software refers to a computer code weakness that IT experts know and detect during the coding process. Instead of fixing the existing code, experts write a new code or a ‘patch’. Cybercriminals are always looking for unpatched systems to hack your database before you can patch the software. They may run malicious codes and exploit the security bug. To prevent harm caused due to unpatched software vulnerabilities, you must implement the new patches at the earliest.

• Unsecured APIs

  API stands for Application Programming Interfaces. APIs are responsible for providing an interface that allows computer systems to communicate with one another via the internet. They are systems that function on a public Internet Protocol (IP) address. Cybercriminals can easily target public addresses. Instead of relying on standard security protocols alone, IT experts must be aware of all possible security risks that can accompany APIs.

• Poor data encryption

  Encryption is the process of translating data. For instance, let’s consider a credit card. When customers make a credit card payment towards your business, their sensitive financial information is deciphered by the rightful authorities using a decryption key. The same goes for businesses. If the encryption–to–decryption system is not appropriately secured, attackers can hack into the systems and get hold of sensitive information, including customer databases, employee details, and so on. Cybercriminals can also inject false information into your systems.

• Zero–day vulnerabilities

  Sometimes, cybercriminals detect system flaws before experts and software providers have had a chance to detect these errors. These security misconfigurations are known as zero–day vulnerabilities. This vulnerability in cybersecurity essentially means that the software provider has had zero days to work on a patch or fix the issue, hence the term ‘zero–day’. Here, criminals are already aware of the flaw and are waiting for the right opportunity to breach the system. These attacks can be detrimental as they can be incredibly challenging to detect with your regular systems. As a business owner, you can make sure that you take measures to prevent zero–day attacks. To curb damages in the worst cases, you should have a solid response plan ready.

• Weak or stolen authorisation credentials

  Cybercriminals can also access your systems by simply guessing or stealing employee credentials. This type of vulnerability in cyber security is the easiest way for hackers to enter the databases, as authorised access would hardly be suspicious. Hence, it is imperative that you train your employees and educate them about the harms that vulnerability in cybersecurity can cause to your organisation. Employees must be careful and not share their user IDs and passwords on the internet.

What is Vulnerability Management?

Vulnerability management is a security practise wherein organisations can access and identify cyber vulnerabilities. It is a continuous process that involves finding, managing and rectifying vulnerabilities from time to time. Experts deploy a vulnerability management tool that allows them to detect various vulnerabilities that cybercriminals can exploit. This way, organisations can immediately recognise and patch the system flaws.

Your organisation’s IT teams can locate vulnerabilities via search engines. They can utilise advanced software to search for hard–to–find data that could potentially expose the business to a cyber vulnerability. Penetration testing is another IT tool that allows experts to test cybersecurity awareness amongst employees, identify security breaches, etc.

Once you detect the vulnerabilities in your organisation, the next step is to remedy them. Organisations must map out a timeline to fix the weaknesses and flaws in a manner that prevents cybercriminals from attacking the systems.

How Cyber Insurance Can Help Organisations?

As a business owner, it is imperative that you protect yourself from financial losses caused by cybercrimes. Cybersecurity vulnerabilities associated with your business could only lead to data breaches, malware and cyberextortion. If your organisation falls victim to a cybercrime, the financial losses could be immense. Therefore, you must get it insured with cyber insurance.

Cyber insurance is a contract between the insurance company (insurer) and the policyholder, wherein the insurer promises a sum insured to indemnify you for your financial losses. Cybercrimes include theft of funds, identity theft, malware, cyberbullying, ransomware, social media crimes, network security, data breach, etc. The policy also covers you against any legal costs involved with cyberattacks. Essentially, your cyber insurance policy pays for any expenses related to restoring the data. Click here get started.

Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.

As the world continues to become more and more digitised, security has become an unavoidable component of data protection. This is where encryption and cybersecurity applications come into play.

Cryptography is considered to be one of the oldest, most trustworthy, and extensively utilised methods of protecting IT assets. Almost every company uses encryption to protect critical data and IT infrastructure. So, then, what is cryptography in the cybersecurity domain? It involves the use of various algorithms to encrypt and decrypt data at rest and in transit. So, let's go into detail on what cryptography in cyber security is, its importance, its different types, and the various ways it is used to make your lives simpler.

What is Cryptography?

Cryptography is the process of hiding data and information in an unreadable manner to make sure only the intended recipients can understand and access it. It is the study of secure communication in which only the message sender and intended recipient have access to and understanding of the message's contents.

Although cryptography has been used since ancient Egyptian times, the science of coding has advanced greatly with time. Modern cryptography is a blend of various disciplines, including advanced digital technology, engineering, and arithmetic. It helps create highly secure and advanced cyphers and algorithms to protect sensitive data in the digital age.

In the context of cyber security, it refers to the application of decryption and encryption algorithms to protect sensitive information from unauthorised access and exploitation. It is widely used for digital signatures, secure communication, cryptographic key generation, and data verification.

The Importance of Cryptography

To see cryptography through the lens of cyber security, it would be channelled by the importance of cryptography in security. So, let’s find out!

The process of cryptography ensures that sensitive information remains confidential by changing plaintext data into ciphertext. This makes it unreadable to unauthorised individuals. Thus, data privacy is one of the essential features of cryptography. Moreover, this mechanism maintains the integrity of the data during storage or transmission, thereby delivering unaltered and tamper-proof data.

They also contain digital signatures. So, the sender of the message cannot deny their intentions or actions while sending the information.

Types of Cryptography

In cyber security, you can apply cryptographic techniques in a number of ways. So, different uses of techniques result in different kinds of cryptography. Mainly, there are three important types of cryptography:

• Symmetric Cryptography

In symmetric cryptography, both the sender and the receiver use a single common key to encrypt and decrypt messages. This method is efficient and fast. The only challenge lies in exchanging the key between the sender and the receiver in a secure manner.

Popular symmetric key encryption systems include data encryption standard (DES) and advanced encryption standard (AES).

• Asymmetric Cryptography

This type of cryptography is also known as public key encryption. It involves using a set of mathematically related pairs of keys: a public key for encryption and a private key for decryption. The public key for encryption can be widely distributed, allowing anyone to encrypt messages. However, only the holder of the corresponding private key can decrypt them. This method allows both parties to communicate over public channels without sharing any secret keys.

It is commonly used in secure protocols such as hypertext transfer protocol secure (HTTPS), secure sockets layer (SSL) and secure shell or secure socket shell (SSH).

• Hash Function

These are the types of cryptographic algorithms that do not require any keys. Instead, they encrypt the data using a hash value, which is a number with predetermined lengths that serves as a unique data identifier and is calculated according to the plaintext length information. This approach is widely utilised to safeguard passwords across a variety of operating systems.

Uses of Cryptography in Cyber Security

Be it secure communication, data integrity, or privacy protection in the world of cyber security, cryptography can do it all.

Cryptography verifies the identity of both the sender and the receiver of the information. This can be done with key exchanges such as usernames, passwords, digital certificates, and biometrics. All these mechanisms authenticate all the parties involved. It also can be used to access and retrieve data in a reliable manner.

Examples of Cryptography

One of the most fundamental aspects of cryptography is encryption. Symmetric and asymmetric encryption algorithms like advanced encryption standard (AES), Rivest, Shamir, and Adleman (RSA), and data encryption standard (DES) are used to protect sensitive information.

Cryptographic hash functions can make hashes from input data. This makes them useful for data integrity. They can also be used for secure sockets layer (SSL) and transport layer security (TLS) protocols.

Apart from these, public key infrastructure (PKI) handles digital certificates and public-private key pairs for secure communication. Other examples include virtual private networks (VPNs) that use cryptographic tunnelling protocols like IPSec to create secure and encrypted connections over public networks.

Messaging apps such as WhatsApp use end-to-end encryption to protect user conversations. Furthermore, blockchain technology also uses cryptographic techniques to secure their blockchain networks.

Conclusion

In the cyber space, cryptography provides a foundation for secure digital interactions across parties worldwide. With Artificial Intelligence (AI) taking over the world, cyber threats are on the rise. Various types of cyber crimes pose a potential risk to individuals, businesses, and organisations. Hence, cyber insurance is an important part of mitigating the financial impact of cybercrimes. This would provide insurance coverage for losses and expenses incurred due to data breaches, cyber extortion, and other malicious activities in the cyber world. Therefore, it is obvious that the importance of cyber insurance cannot be ignored in our constantly evolving technology.

FAQs

Why is cryptography important in cyber security?

Cryptography in cyber security is important because it protects sensitive data during transmission and storage. This assures secrecy, data integrity, and authenticity. It also protects your data from illegal access and impersonation. This strengthens the digital security of our country.

What are the different cryptographic techniques used in cyber security?

Cryptographic techniques are commonly used in cyber security in forms such as encryption, digital signatures, hash functions, and public key infrastructure (PKI). These methods are critical for protecting communications, ensuring data integrity, and authenticating the identities of all communicating parties.

How can we benefit from cryptography?

Cryptography not only protects data privacy and integrity, but it also improves data availability. This allows authorised users to access systems and retrieve data in a reliable and timely way. It also ensures non-repudiation by holding senders and receivers responsible for the communications they exchange. This forbids the denial of the origin of the message or the receipt.

Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.