Link: https://securityboulevard.com/2024/02/what-will-the-future-of-cybersecurity-bring/?utm_source=pocket_saves

Source: https://securityboulevard.com

The post What will the future of Cybersecurity bring? appeared first on Fintech News.

Alejandro Dall’Ava, Country Manager in Argentina, says: “We are proud to announce our official recognition as a Payment Service Provider (PSP – Aggregator) in Argentina. This distinction reflects our ongoing commitment to excellence and security in the financial services industry. With this certification, we are poised to deliver advanced and reliable payment solutions that will drive growth and innovation in our market.”

This recognition enables PayRetailers to continue providing exceptional service to clients and partners alike, creating an environment for businesses across various sectors to thrive.

About PayRetailers

Founded in 2017, PayRetailers has established itself as a leading global provider of online payment services with a focus on Latin America & Africa. The company’s mission is to offer comprehensive payment solutions for e-commerce, covering the entire process of cross-border transactions without the need for a local entity. Through a direct API, an advanced technological platform, and commercial agreements, PayRetailers provides global merchants with access to over 250 local payment methods in Latin America & Africa. Their proprietary technological architecture is highly flexible and scalable, allowing them to innovate rapidly to meet the ever-evolving market demand.

Based in Spain, with strategically located regional offices in Argentina, Brazil, Chile, Colombia, Mexico, Costa Rica, Peru, Bulgaria, and the Isle of Man, PayRetailers positions itself as a trusted partner for businesses looking to expand into Latin America, Africa, and beyond, while maximizing their growth potential.

For media inquiries:

María José Naya

mariajose.naya@payretailers.com

The post PayRetailers Arg S.R.L. Recognized as a Payment Service Provider (PSP) Aggregator by Central Bank of the Argentine Republic appeared first on Fintech News.

Web3 is an exciting space that’s brimming with innovative concepts around decentralization and giving users back control of their online identities and data. It’s the driving force of new technologies like cryptocurrency, non-fungible tokens and the metaverse, and once fully developed it promises to radically alter the way people interact and work online.

But for all of the promises of Web3, many dangers lurk. In 2022, hackers and scammers managed to steal more than $3.9 billion worth of crypto assets, according to Immunefi. Malicious actors in Web3 are numerous and extremely creative, using sophisticated fraud techniques to catch people off guard and relieve them of their digital assets. Some of the most common dangers faced by Web3 users include smart contract vulnerabilities, phishing attacks, copymints and poisoning attacks. To avoid them, Web3 users need to know how these methods work.

Common Web3 Attacks

One of the easiest ways to fall victim to a Web3 hacker is to end up at a malicious “phishing” website that looks and feels like a legitimate one. Criminals make copies of genuine websites using a slightly different URL, such as Openseea.io instead of Opensea.io and hope to catch users unawares. They use a number of creative methods to direct users to these fake websites, such as sending an official-looking email or using a spoofed celebrity social media account to send messages. As soon as someone enters their credentials into the fake site, the attacker can gain control of their account on the official website and steal whatever assets they’re holding.

Another threat is malicious smart contracts that integrate dangerous logic, such as an ability to restrict a transaction, burn tokens, delegate calls to other smart contracts, or give the contract creator access to the user’s wallet. Scammers can either create their own, malicious dApps with dodgy smart contracts, or use a vulnerability in a legitimate smart contract to adapt its code.

Copymints refer to fake or plagiarized NFTs that violate the rights of the author. For instance, someone may try to fake a popular NFT collection such as the Bored Ape Yacht club and sell it for bargain prices. Only later will the buyer realize that it has no value.

Finally, poisoning attacks occur when a scammer creates a wallet address where the first and last characters are the same as the user’s own wallet. The idea is that the user may mistakenly believe they are sending funds to their own wallet address, when in fact they’re sending their assets directly to the scammer.

Web3 Security Innovations

The good news is that the Web3 space has developed a number of innovative tools that aim to counter these kinds of crypto scams. 

One of the best in the business is Blockfence, which has created a browser extension that acts as a protective layer that guards against suspect transactions. Blockfence combines complex analysis with machine learning algorithms and data on hackers and vulnerabilities gathered by the Web3 community to safeguard user’s transactions. It can prevent many kinds of attacks, including phishing attacks and malicious smart contracts.

When a user installs Blockfence in their browser, they will receive automated alerts each time they attempt to approve a transaction using a linked wallet such as MetaMask. Blockfence will warn them anytime the address they’re sending funds to is listed as suspicious, enabling that user to back out if they’re uncertain. Blockfence’s knowledge of vulnerabilities and suspect addresses is enhanced by a strong network of security partners. In addition, it offers a transaction interpreter powered by generative artificial intelligence, similar to ChatGPT, that helps users to understand by explaining in plain English what will happen with each transaction.

A similar offering comes from TrustCheck, which aims to safeguard Web3 transactions by verifying crypto wallet addresses, token collections, smart contracts and URLs before the user interacts with them. It will highlight potential problems such as risky transaction approvals, fake websites, dangerous signing requests and more.

Before each transaction is approved, TrustCheck provides the user with a visualization of what will happen, with token metadata such as names and addresses presented in human readable data.

Immunefi aims to secure Web3 in a different way through its bug bounty platform, which provides rewards to benevolent hackers who can find vulnerabilities in smart contracts or dApps and warn the community. This kind of auditing is critical to the safety of Web3 and especially the DeFi ecosystem, which uses very complex smart contracts to facilitate multi-swap transactions. Immunefi claims to have saved more than $25 billion worth of digital assets from being hacked.

Proactive Prevention Is Best

While the above tools are recommended and will certainly help to prevent most Web3 attacks, users should always follow best practices to minimize their chances of falling victim to scammers. 

The single worst mistake anyone can make is to share their private key or seed phrase. There is no reason to do this ever, and no reputable company will ever ask for it. The best way to store this information is to write it down somewhere on a piece of paper and keep it hidden in a safe place. Storing it on a computer or mobile device is not advised, as these can also be hacked.

Moreover, users should always store their funds in a non-custodial wallet rather than a custodial one. While custodial wallets are simpler to recover in the event of getting locked out, they also mean trusting someone else to store your funds for you. As FTX users found out to their horror, that really isn’t a good idea, no matter how reputable the company might seem. 

In addition, users should always stay very focused whenever they’re about to approve a transaction or sign a message. Care should be taken to double-check the recipient’s address and the amount being sent. Never respond to messages received on social media, and always enter URLs of crypto-related websites manually to avoid being spoofed.

Security Is Your Problem

The decentralized nature of Web3 means there’s no fallback in the event you’re scammed, so security is solely your responsibility. Beware that even the most sophisticated crypto users have fallen victim to hacks and scams before, so always take great care and take advantage of Web3 security tools that can double check the safety of your crypto transactions.

Link: https://www.analyticsinsight.net/web3-security-innovations-to-protect-against-crypto-scams/?utm_source=pocket_saves

Source: https://www.analyticsinsight.net

The post Web3 security innovations to protect against Crypto scams appeared first on Fintech News.

Most companies big and small tackle identity fraud daily and have come to rely on a fleet of tools, including multifactor authentication and CAPTCHA (completely automated public Turing test to tell computers and humans apart) codes, to help identify potential identity fraud. While these tools help to some extent, they don’t catch everything. According to research from Ekata, a Mastercard company, “It’s not foolproof. Good customers get declined, and bad actors sneak through. It’s tough to know who to trust.”

We dive into these challenges, and explore how sophisticated machine learning models can give companies a better understanding of the data they’re processing, as well as help them with identity verification and fraud protection.

Synthetic Identity Fraud

Synthetic identity fraud involves combining real identity information — such as name and addresses — with fake information. As a result, a new identity may be fabricated and used to bypass fraud detection systems. Over time, as simpler forms of fraud have become easier to detect, synthetic identity fraud has become a dominant approach for fraudsters.

According to Tim Sloane, Vice President of Payments Innovation at Mercator Advisory Group, synthetic identities are built up like a house of cards. “A fraudster might use the Social Security numbers of people who died, change the name, change the age, create a background for that individual, and then create accounts,” he said.

And the more accounts fraudsters create, the more credible that identity becomes.

“Fraudsters might start out by going to a merchant; identifying themselves with name, street address, telephone number; creating an account; [and] then do some shopping,” he said. “From there they get a credit card that matches that identity and start building that identity up.”

Machine Learning Tools Help Address Identity Fraud

According to Ekata, businesses trying to prevent fraud should focus on two important questions, “Is the customer real?” and “Is the customer who they claim to be?”

That requires establishing a link between customers and their digital identities. This also provides “an analysis of how they are interacting and behaving online,” per Ekata.

Modern fraud systems can typically accomplish this by leveraging machine learning. Essentially, they’re looking at the various components of the identity and using third-party data to validate what’s true and what’s not.

What’s more, a fraud system uses information about where the person is logging in from. “A fraud system will question why a resident of New York’s personal information is coming in from an IP [internet protocol] address in China,” said Sloane. In essence, modern fraud systems fingerprint the device to see if it matches the customer’s claimed identity.

Machine Learning Systems in Practice

As previously mentioned, one way to better optimize fraud detection is making sure you have a comprehensive view  of an individual user, including their IP address  and digital habits.

A fraud prevention tool can help companies easily spot red flags.. For example, the Ekata Identity Engine can help identify good customers vs bad actors by answering the following questions:

• Does this email belong to the person?

• Is this address valid? Is it residential?

• What type of phone number is this?

• When was the email address first/last seen?

• Is the IP address risky?

• Are there any anomalies in the use of identity elements?

Link: https://www.paymentsjournal.com/how-machine-learning-tools-are-helping-prevent-identity-fraud/

Source: https://www.paymentsjournal.com

The post How Machine Learning tools are helping prevent identity fraud appeared first on Fintech News.

The breach highlights how easy it is for customer information to get into the wrong hands, and it will undoubtedly raise questions about “Know Your Customer” (KYC) initiatives. The utilization of Know Your Customer spans two primary applications:

In Financial Regulation, KYC establishes standards for banks and financial institutions to verify customer identities and assess potential risks. Its objective is to thwart money laundering, terrorist financing, and other financial crimes. KYC aids institutions in comprehending their customers’ identities, income sources, and typical transaction patterns. The process involves Customer Identification Program (CIP), Customer Due Diligence (CDD), and Ongoing Monitoring.

In General Business, KYC broadens its scope to encompass any business practice aimed at understanding customers better. This involves delving into demographics, interests, and purchasing behaviors. 

The latest breach at American Express highlights why consumers are turning away from their trust in Know Your Customer regulations. By far the biggest arena where no-KYC is most common is the casino industry. A large number of online gamblers are actively seeking out online casinos, such as those on this exhaustive review here, where there are no Know Your Customer requirements in order to sign up. This means that customers’ personal details aren’t held by the company; which often includes bank details because cryptocurrency is routinely used by online casinos. 

Instead, many decentralized cryptocurrencies and DeFi platforms heavily prioritize user privacy and anonymity. 

American Express has officially acknowledged a potential exposure of sensitive data for certain cardholders, as confirmed by the company. In a notification letter addressing those affected, the major credit card entity clarified that the breach did not compromise its own infrastructure. Instead, the breach targeted systems owned by a third-party service provider collaborating with a multitude of merchants.

The pilfered data encompasses crucial details such as customer names, card numbers, and expiration dates. This trove of information poses a significant risk, providing ample material for potential wire fraud or, at the very least, facilitating identity theft and impersonation.

Upon discovering the breach, American Express took swift action to mitigate potential risks. Affected customers were promptly notified, relevant regulatory authorities were informed, and continuous monitoring of accounts for potential fraudulent activity was initiated. American Express also provided reassurance to customers, stating that they would not be held liable for any unauthorized charges resulting from the breach.

Despite these measures, the exact scope of the breach, including the number of affected customers and specific details regarding the method of the hack, remains unclear. 

In response to the incident, American Express offers recommendations for cardholders to protect themselves in the aftermath. They advise users to remain vigilant about account activity, regularly reviewing statements and monitoring for suspicious or unauthorized charges. Additionally, American Express suggests enabling account notifications to receive real-time alerts for any unusual activity on their cards. Cardholders are also encouraged to update their contact information to ensure effective communication with the company in case of any developments.

How To Stay Safe

In the wake of the American Express data breach, it is crucial to adopt a comprehensive approach to safeguard your financial information. Here are additional recommendations to bolster your security measures:

Enhance Transaction Monitoring: Strengthen your vigilance by routinely scrutinizing your American Express account for any irregular activities. Frequent checks through the online portal or mobile app will help you swiftly identify and address suspicious charges or transactions that may have arisen from the breach.

Expand Notification Settings: Broaden your protective net by enrolling in a wider range of account alerts provided by American Express. Timely notifications can be instrumental in promptly detecting and mitigating potential threats, ensuring that you stay informed about any suspicious activities on your account.

Diversify Phishing Defense: Recognize the potential for phishing attempts to capitalize on the aftermath of the data breach. Exercise caution when encountering emails or calls soliciting personal information. It’s imperative to remember that American Express will never initiate unsolicited requests for sensitive data through email or phone calls. Be particularly vigilant during this period to avoid falling victim to phishing scams.

Card Number Renewal: If anxiety persists regarding the security of your card information, take proactive steps by reaching out to American Express to request a new card number. This measure can serve as an additional layer of defense, reducing the risk of unauthorized use of your compromised card details.

Holistic Account Security Review: Seize this opportunity to fortify the security protocols across all your accounts, extending beyond American Express. Strengthen your digital fortifications by employing robust, unique passwords for each account. Guard against potential breaches by avoiding password reuse across multiple platforms. Consider implementing two-factor authentication wherever available to fortify your defenses against unauthorized access.

By being proactive and incorporating these additional security measures into your routine, you can increase your overall protection against potential threats stemming from the American Express data breach. Stay proactive, stay vigilant, and fortify your digital defenses to safeguard your financial well-being. As investigations into the breach continue, American Express underscores its commitment to customer security and encourages ongoing vigilance. The company has stated that further updates will be provided as the situation unfolds.

The post American Express Claims Customer Data Exposed After Data Breach appeared first on Fintech News.

Link: https://securityboulevard.com/2024/02/top-trends-in-cybersecurity-ransomware-and-ai-in-2024/?utm_source=pocket_saves

Source: https://securityboulevard.com

The post Top trends in Cybersecurity, Ransomware and AI in 2024 appeared first on Fintech News.

Blue-chip institutions including Goldman Sachs and J.P. Morgan are trialing digital asset offerings, seeking cost savings and efficiencies.

By Peter Gaffney

The asset tokenization and real-world asset (RWA) space caught the eye of retail and institutional capital investors in 2023 for its favorable blend of professionally-managed products and digital asset mechanics. Having advised 40-plus clients on tokenization strategies and issuances to date,we see the following key themes emerging in these markets in Q3 2023.

You’re reading Crypto Long & Short, our weekly newsletter featuring insights, news and analysis for the professional investor. Sign up here to get it in your inbox every Wednesday.

Blockchain Savings and Bottom-Line Improvements

For investors entering this space, the greatest efficiencies will come through end-to-end digital systems – meaning an on-chain lifecycle. That means savings in dollars or manual labor time relative to traditional processes. For example:

• Goldman Sachs Digital Asset Platform (GS DAP) achieved 15 basis points in savings for its €100M digital bond issuance, resulting in €150K of added return passed onto Union Investment as the sole buyer.

• J.P. Morgan’s Onyx Digital Assets (ODA) is projecting $20 million in savings on an expected $1 trillion in tokenized repo volume by the end of 2023.

• Broadridge’s Distributed Ledger Repo (DLR) is saving sell-side clients like Societe Generale $1 million per 100,000 repo transactions.

• Equilend launched 1Source as a distributed ledger-based securities lending solution to save the securities lending industry an estimated $100 million in collective costs.

• Structured finance servicing platform Intain reports 100 basis points in savings by reducing SME loan lifecycle fees from 150 bps to 50 bps through Hyperledger and Avalanche blockchain solutions.

• Vanguard is leveraging R3’s Corda through Grow Inc. to achieve straight-through processing saving 100 hours a week in labor.

• Liquid Mortgage has reduced Mortgage-Backed Securities (MBS) reporting from 55 days to 30 minutes on the Stellar blockchain.

Money Markets and Treasuries as the Low-Hanging Fruit

Asset managers and issuers are familiarizing themselves with tokenization workflows by trialing money market and treasury products. These tokenized assets generate a yield that can be passed on to clients, fully on-chain.

While alternative product strategies, like Hamilton Lane’s digitally-native private equity share classes, are in the works, money markets yield ~5% annually in low risk segments. This asset class accumulated almost $700 million in on-chain capital by the end of Q3 2023, up almost 520% YTD.

Tokenized Product Distribution through Institutional Client Bases

One of the weak points in the tokenization industry to date is actual product distribution and capital syndication. Institutions are beginning to move beyond just tokenizing assets for operational uses and savings (repo, collateral management) and are now placing tokenized products with their own client bases as buyers.

Citi is one name leading the charge here, offering digital corporate bonds through Singapore’s BondbloX to its Southeast Asia private banking and wealth management clients. UBS built upon its previous $400+ million digital bond issue to high-net-worth clients with an Ethereum-based money market fund, also in Singapore.

As blue-chips like JP Morgan and Goldman Sachs continue to develop their digital suites, expect their private banking, wealth & asset management, and alternatives teams to act as distribution channels unlocking serious capital that retail broker-dealers struggle to access.

Link: https://www.coindesk.com/business/2023/11/22/tokenization-and-real-world-assets-take-center-stage/?utm_source=pocket_saves

Source: https://www.coindesk.com

The post Tokenization and real-world assets take center stage appeared first on Fintech News.

Web3 gaming has come a long way since CryptoKitties exploded onto the scene and almost crippled Ethereum back in 2017. And yet for all the advances in scalability and gameplay since that first major bull run, most native crypto game tokens still lack utility, their value deriving purely from market speculation.

This is something gaming firms must tackle to make the most of opportunities in today’s bull cycle.

Web3 Games Need Greater Token Utility

Precious few games, web3 or otherwise, have stood the test of time, a consequence of gamer fatigue, the constant conveyor belt of new releases, and the failure of developers to keep concepts fresh.

Single-game tokens that have no utility beyond one release, therefore, face an uphill battle for relevance, their popularity (and that of the game) oscillating according to the whims of traders/players and the ability of devs to deliver value.

What is the solution to this lack of sustainability? In simple terms, increased utility. Gaming tokens must be imbued with greater powers, sufficient to ensure their health even if the buzz generated by a single-hit game dies down. This can mean that they do more within a game, but also that they do more outside of it.

Imagine, for example, that a series of games were released under the Marvel Cinematic Universe (MCU) franchise, and its corresponding $CMU token could be used by players in Captain America, Iron Man, The Avengers, Black Panther, Spider-Man, Ant-Man and Black Widow. Even if one or two of these games bombed, the token would maintain its worth due to the success of the other titles and the value conferred by its multitudinous use cases.

A decline in the fortunes of game tokens more generally, meanwhile, would not dent the popularity of the MCU gaming world itself, ensuring continued interest in the utility token.

The web3 gaming landscape does not have its own version of the Marvel Cinematic Universe, of course. But the idea of a multi-utility ‘studio token’ is certainly coming to the fore.

The antithesis of the unsustainable, volatile and sometimes useless game token, examples of which aren’t difficult to find, studio tokens have practical applications beyond the confines of a single game, making them more equipped to store long-term value.

Studio Tokens in the Wild

Perhaps the best example of a studio token is $OAS, the native token of eco-friendly gaming blockchain Oasys. The $OAS token plays a vital role in the ecosystem: gas fees are denominated in it, game developers must deposit $OAS when creating their own Verse (a Layer-2 blockchain anchored to the Oasys mainnet or Hub Layer), and micropayments in all Oasys-based games are paid in $OAS.

As well as functioning as the core currency of the Oasys ecosystem, $OAS also grants holders governance powers as the platform transitions into a DAO, meaning they can have a say on key proposals and treasury allocations. Moreover, $OAS tokens generate staking rewards as an incentive for long-term holding and ecosystem support.

$OAS, it should be said, isn’t the only token in the Oasys ecosystem. Individual Verses can have their own, and some will undoubtedly prove more successful than others. These assets (vFT/vNFTs) can only be minted and used on Verse-Layers, though. While there are interoperable tokens that can also be minted on the Hub-Layer and used throughout the Verse-Layer (oFT/oNFTs), they have less utility than $OAS.

The $OAS token has been climbing in value since last October and its price recently hit an all-time high (ATH) amid a number of major developments. These included partnerships with leading South Korean video game giants Kakao Games and Com2uS, as well as Pacific Meta, a company that delivers marketing services to web3 ventures in the Japanese and East Asian markets. Indeed, Oasys’ focus on Asia nourishes confidence in the project more generally given the size of the market in gaming terms.

Azarus is another example of a web3 platform that follows the studio token approach. A browser extension that enables users to play games during livestreams and spend their winnings in its integrated store, Azarus’ token, AzaCoin ($AZA), is not tied to the fortunes of any one game.

AzaCoin holders also get various perks, such as the ability to vote on-stream, stake, receive early access to livestreams and make governance decisions. Brands, meanwhile, can drop $AZA directly to viewers as a reward, sponsor games to gain visibility, and earn the token by listing items (such as NFTs) in the marketplace.

With a recent report suggesting the blockchain gaming market could be worth $614 billion by the end of the decade, projects like Oasys and Azarus favoring a multi-utility token model seem to be in a better position than publishers who pin all their hopes on that one moonshot game. While the market will continue attracting degens hellbent on finding said moonshot token, the stability of studio tokens ensure their success regardless of market conditions.

Link: https://www.analyticsinsight.net/token-utility-will-determine-success-of-web3-gaming-companies-in-cryptos-latest-bull-cycle/?utm_source=pocket_saves

Source: https://www.analyticsinsight.net

The post Token utility will determine success of Web3 gaming companies appeared first on Fintech News.

If we don’t standardize tokenization, we risk merely recreating the old system

Link: https://blockworks.co/news/tokenization-standards-finance-crypto?utm_source=pocket_saves

Source: https://blockworks.co

The post We’re thinking about tokenization all wrong appeared first on Fintech News.

1. Phishing Attacks: A Persistent Menace

Phishing attacks continue to pose a serious threat to businesses today. These attacks involve cybercriminals impersonating entities such as banks or known companies, tricking unsuspecting employees into divulging sensitive information, like login credentials or financial details.

To combat phishing attacks through data security management effectively, it is crucial for businesses to educate their employees on how to detect emails or websites. Implementing multi-factor authentication (MFA) and regularly updating antivirus software can also provide an additional layer of security.

2. Malware Infections: Silent Perils

Malware infections represent another threat that organizations encounter on a regular basis. Malicious software, commonly known as malware, is created to disrupt, damage, or gain access to computer networks or systems.

These infections can occur through methods like email attachments or compromised websites. To safeguard against malware infections, it is crucial for businesses to install antivirus and anti-malware software on all devices within their network. Regularly updating software and educating employees about browsing practices are also strategies for combating the threats posed by malware.

3. The Enemy Within: Insider Threats

While external threats like phishing attacks and malware infections often make headlines, it’s equally important not to underestimate the risks posed by insiders – employees who may knowingly or unknowingly leak information.

Human error plays an essential role in data breaches, which emphasizes the need for businesses to invest in training and awareness programs. Implementing access controls and monitoring systems can also help identify activities carried out by insiders and reduce risks.

4. Data Breaches: A Costly Nightmare

Data breaches have far-reaching consequences for businesses, including damage to reputation, financial losses, and potential legal repercussions. Cybercriminals are constantly searching for vulnerabilities in networks and systems that they can exploit to gain access to information.

Implementing security measures, such as encryption, regularly monitoring network traffic, and enforcing password policies can significantly reduce the risk of experiencing a data breach. It is also essential to back up data and have a plan in place to respond effectively if a breach were to occur.

5. Ransomware Attacks: Holding Data Hostage

Ransomware attacks have gained notoriety in recent years due to their ability to cripple organizations by encrypting data and demanding ransom for its release.

To safeguard against ransomware attacks, businesses should ensure backups of their data on secure servers that are isolated from the main network. Additionally, implementing network segmentation can help contain the spread of ransomware if one part of the network gets infected. Furthermore, keeping all software and operating systems up to date is crucial in addressing any vulnerabilities that cybercriminals might exploit.

6. Social Engineering. Manipulating the Human Element

While technological safeguards play an essential role in data protection, it is equally important to consider the aspect of cybersecurity. Social engineering is a tactic commonly employed by cybercriminals to exploit psychology and manipulate individuals into divulging information or granting unauthorized access.

Phishing attacks fall under the umbrella of social engineering. There are other techniques as well, like pretexting (crafting a false story to gain trust), baiting (enticing individuals with something desirable), or tailgating (gaining physical access by following authorized personnel).

To combat social engineering attacks, businesses should prioritize employee training that raises awareness about these tactics and equips employees with strategies to identify and respond appropriately. It is also important to establish protocols for accessing areas and regularly review and update security policies to minimize potential risks associated with social engineering attacks.

Conclusion 

These common data risks and threats serve as a reminder for businesses to remain vigilant in safeguarding their assets. By staying informed about these risks, educating employees on cybersecurity practices, implementing security measures, and regularly updating software, organizations can effectively reduce the chances of falling victim to cyberattacks or data breaches.

Remember, prevention is always preferable when it comes to protecting your business’s information from actors in cyberspace. Stay proactive. Take measures to ensure that your success remains uncompromised by avoidable data threats.

The post Data Security Risks and Threats Every Business Should Be Aware Of appeared first on Fintech News.