The presence of technology in our everyday life for both business and personal use has caused the frequency of cyber fraud attempts to rise and is a significant threat as noted by the Department of Justice (DOJ). In fact, the DOJ states that “Cybercrime is one of the greatest threats facing our country, and has enormous implications for our national security, economic prosperity, and public safety.”
Cybercrime is an intended act in which one uses a computer or another technology to perpetrate a fraud intentionally. The crime includes the following three elements:
According to the American Institute of CPAs (AICPA), the top five cyber crimes that can impact corporations are:
Other types of cybercrime that you and your company should be aware of are included in the list of items below. Since the list of items is always increasing, we suggest that your company provides frequent security training reinforced by security and data protection policies.
Information about your company’s security policies should also be refreshed with the latest examples of cybercrime with applicable case studies. Unfortunately, cybercriminals become more creative and savvy in their attempts to commit cyber fraud as cloud technology becomes more ubiquitous.
Many companies have established secure portals to protect their critical data when employees access email or other applications from a mobile device. Devices without effective security tools are susceptible to malicious code and attempts to break into your company's critical data.
The awareness of cybercrime and how it can impact your company is the first step in fraud prevention. Updating your security policies and providing training is the second step. Lastly, ensuring that your employees understand the types of cybercrime with case studies enforce the understanding of the real damage.