Cybercrime On The Rise – Is Your Business Protected? Megan Cox June 28, 2022

Cybercrime On The Rise – Is Your Business Protected?

Cybercrime On The Rise – Is Your Business Protected?

The Rapid Growth Of Cloud Technology

Technology is rapidly growing in today’s culture in a variety of ways. We see a wide range of technical trends in each of its areas, allowing for new technological developments. Cloud technology is a new addition to the digital industry, allowing organizations to store their information and data with ease. When talking about the cloud, you should think of the servers that are accessible over the internet, as well as the software and databases that run those servers. Individuals can save files to a remote database and retrieve them on demand using cloud-based storage.

Why You Need to Protect the Cloud

Businesses must assess their cloud and properly safeguard it to ensure the security of their information on the cloud is not accessible, while also protecting the data and information so that only those who are supposed to see and have access to it may. All technologies are vulnerable in some way. To ensure the security of our data and information, we must protect technologies. The cloud is a vulnerability, and it is currently one of the most important trends in the cybersecurity industry.

Because the cloud is so important and influential in the technological industry, as well as large businesses and corporations. It is critical to have a strong security platform in place to protect information and data. While ensuring the security of data stored in the cloud, having easy access through authentication ensures that only authorized users have access to data and applications from anywhere. Securing the cloud in any business creates a variety of new opportunities.

In addition, by combining cloud service providers with native accelerators, businesses can operate in a challenging environment where security capabilities and controls can be deployed in minutes rather than months. Furthermore, cloud security ensures a frictionless and scalable security process because security is embedded in real-world solutions, allowing for processing and operation. This allows processes to be broken down and manual steps to be reduced, allowing organizations to scale more easily. Finally, the cloud is both proactive and cost effective. Counteractive controls are in place to prevent accidental or suspicious incidents from occurring.

Use of The Cloud

Cloud computing is extremely useful and effective for any business, especially when it comes to cost. Cloud security has its own built-in security, allowing businesses to avoid additional costs. When discussing ways to improve technology security, multi-factor authentication is one option because it simply authenticates specific individuals and grants them access to data and information. It simply keeps your data from being lost, stolen, or compromised.

Rise of Cybercrime & Cloud Technologies Being a Target

Within the cybersecurity industry, they have seen approximately 60% of major businesses, corporations, and firms in the United States be hacked and compromised in the cloud, and this is due to hackers penetrating cloud computing networks, creating identities where 15 million unauthorized users attempted to login to these companies’ cloud, and 400,000 were successful. The cloud is a target that can be hacked and breached just like any other existing technology.

Capital One Security Breach

Several companies’ clouds have recently been compromised, with one incident affecting Capital One on July 30th, 2019. Capital One and their customers suffered as a result of this security breach because their cloud was vulnerable due to a lack of security and sluggish development processes when attempting to adopt cloud computing. Allowing hackers to breach their system and gain access to their customers’ bank accounts and information. Over 106 million credit card users’ information was compromised. Capital One took a significant hit in trying to recover from this breach, spending over $150 million to recover and improve security to ensure their cloud was properly adopting adequate safeguards to their cloud technologies.

How AuthX Multi-Factor Could Be Used

As we can see, cloud computing and cloud technologies are a target for hackers, and if businesses want to transition to the cloud, they must have security strategies in place to ensure a proper transformation that operates and runs smoothly, making them less vulnerable. AuthX, a multifactor authentication system, is one solution to the problem of cloud breaches. AuthX enables businesses to protect their devices, data, and workforce from being breached or hacked by using a variety of methods to authenticate and verify the identity of users, granting them access to the information and data they are looking for.

Data Breach Insights

One data breach in the capital exposed over 140,000 social security numbers and 80,000 bank accounts. If they used a multifactor authentication system like AuthX, they would ensure the security of Capital One and its clients by allowing only bank personnel and customers access to their accounts. There are numerous ways to verify a user’s identity through AuthX, including biometrics, the mobile app, RFID, and Hardware Tokens. This platform is easy to use and effective for any business to use when wanting to secure their systems. The point of this system is to ensure that authorized users are the only ones gaining access to the data and information. If Capital One was to use this authentication method it would have rejected unauthorized users and prevented them from entering the cloud.