Upgrade in Cybersecurity Scam Prevention

Yesterday, Clearwater Management head of cybersecurity informed the press of an upgrade to their cybersecurity scam prevention capabilities.

As leaders in the field of portfolio management and wealth preservation, Clearwater Management take a proactive approach in ensuring the safety of all client transactions and securities. Utilizing the latest in technological innovation to safeguard their clients from potential cybersecurity attacks, it is a matter of public interest for them to make available all details regarding recent upgrades in these cybersecurity scam prevention measures.

Some of the major threats both individuals and businesses need to be concerned about consist of attacks designed not only for financial gain, but also to collect personal data. Major recent potential threats to cybersecurity have been classified as follows:

Phishing Scams

Phishing scams can be executed via a host of platforms, including via email, phone, SMS, or any other instant messaging services. A usual form for a phishing scam to be introduced would be for the cybercriminal to adopt the guise of a company or entity that you recognize through branding or do regular business with. Often, they are able to utilize sophisticated tools to disguise the origins of the email or other form of message – so it appears to be a genuine communication from the known company or entity.

Examples could be emails or text messages that look as though they have been sent from your bank, a government service agency, or a legitimate service provider. Usually there will be an incentive for the recipient of the phishing email to click on a link that unleashes a virus, or to provide login details or other personal data via a portal that looks as though it belongs to the genuine host.

Never click on a link from an unknown source or download any attachments without ensuring you have active virus-ware installed on your system.

Ransomware

Ransomware is becoming more prevalent in its use, extending to corporations and individuals. Most often ransomware will be used in the act of retrieving and locking systems and data to make them unusable – until a ransom is paid.

Ransomware attacks can target small to large businesses and can range in scope. Inevitably, the victim/s of a ransomware attack will lose valuable resources on recovering their data and decrypting their systems to make them usable again.

Never pay ransomware. No matter how incriminating or sensitive the stolen or frozen material or content is, please always report the activity to your local law enforcement authority.

Billing/Invoice Fraud

Cyber criminals have become adept at intercepting legitimate emails that contain bills or payment notifications and modifying the bank details to reflect the bank account details of the offender. Often unsuspecting recipients will pay the bill before the fraud is detected. Then the money will have been transferred elsewhere, leaving authorities little hope of recovering the funds. Some cyber fraud incidences have been for large amounts of money that have never been able to be reclaimed.

With the threat of cybersecurity breaches growing more sophisticated and targeted, it’s important to stay up to date on recent trends and remain a vigilant stance in all online transactions. At the same time, you don’t want a fear of cybercrime to prevent you from engaging with the online world as much as you need.

To make life a little easier, here are 3 key things you can do to protect yourself and your business from potential cybersecurity attacks

Routine cybersecurity checks

The key to strong cybersecurity is to keep up daily or routine cybersecurity checks. This includes doing regular backups. Make sure all your apps are kept updated, and that all your virus protection software is up to date. Update all software across all devices regularly. If possible, change your settings to automatic updates.

Multi-factor authentication

Use multi-factor authentication across all secure platforms, especially banking and transactional applications that you may use to transfer money across. Multi-factor authentication can take the form of an online password backed up by a text message passcode sent to your phone. Or you could invest in a physical security keycode that randomly generates new passcodes for all transactions above a certain amount.

Back ups

Back up everything. Create a separate backup file of all data and make sure that this backup is stored offline. If possible, also arrange for updated backup files to be stored physically offsite, too.

Always be cautious about exchanging any personal information or data online. This includes via social media or messenger apps.

Clearwater Management would like to remind its clients never to share passwords online or by phone. Also, they would never contact potential clients in an unsolicited way. If you do receive contact from someone purporting to be a representative of the company, please terminate the call and contact us immediately.