Oct 30, 2018

Written by UnderDefense

Fraud Detection Speech at EBA

UnderDefense team has attended a Breach&Fraud.IT meeting, which was organized by the European Business Association. Our CEO Nazar Tymoshyk and PM Mykhailo Hordych have presented there a speech about Data Breach Incident and its Detection. So, we do want to share our knowledge and leave here a short review of the event.

Probably you`ve got a question: “What is EBA?”
European Business Association (EBA) is the largest premier union of businesses operating on the Ukrainian market. This initiative was actively supported by the European Commission and has grown to become one of the largest and most influential business communities in the country.

Take breaches Under control

Nowadays if you want to become a well-known and trusted company, you should take care of your reputation. You will say: “Thanks Cap. We have already known it”.

We want to emphasize it again and show the consequences in case you lost trust from your clients and partners. As technology progresses, more and more of our information has been moving to the digital world. As a result, cyber attacks have become increasingly common and costly.

How it usually happens?

Let’s imagine a situation. You are doing your daily work and have no idea that somebody is stealing your private data. Hackers seek personally identifiable information to steal money, compromise identities, intimidate or sell over the dark web.

What is a Data Breach?

A data breach occurs when the data, for which your company is responsible, suffers a security incident resulting in a breach of confidentiality, availability or integrity. Data breaches can happen for a number of reasons, including accidentally, but targeted attacks are typically carried out in these five ways

  1. weak and insecure user passwords;
  2. the lack of employees’ cybersecurity education;
  3. system vulnerabilities;
  4. accidental downloads from the internet;
  5. unprofessional employees.

As we can hear and observe it becomes a common practice in a business world to take preventative measures and keep an eye on your information. Many organizations are tightening security measures and reassessing their procedures to better protect the client data they use and store.

All companies which are dealing with the data belonging to European Union (EU) citizens in accordance with the General Data Protection Regulation (GDPR) requirements should not just inform that their systems have been breached but also pay fines. Most states require companies to send data breach notifications to consumers and take specific steps in the event of a data breach or other security incident. Still, you should never rely solely on others to keep your information secure. It’s always important to take preventative measures and keep an eye on your information.

Data breaches are likely here to stay, and the best defense against them is a good offense. Educate yourself and your employees and be diligent about monitoring your online life. There are laws, policies, tools, and procedures in place to help protect your information, but it still makes sense to stay engaged and alert about the current situation.

Data breach disclosure

How to succeed after you’ve failed:

  1. Make it easy to submit security reports.
  2. Treat security reports with urgency.
  3. You must disclose and do so as early as possible.
  4. Protect accounts immediately.
  5. Avoid misdirection and false or misleading statements.
  6. Don’t be vague and explain what actually happened.
  7. Keep customers updated and apologize to them.

To Conclude

All members of European Business Association gather together and share their knowledge, observations, and experiences. It helps to develop each kind of business and improve it. UnderDefense with unique challenges drives experts to constantly surpass themselves day after day, crafting innovative solutions to maximize your performance and your profitability. 

It may seem like stories of massive data breaches pop up in the news frequently these days.
Just this year, big names such as  Adidas, Macy’s, Bloomingdale’s, Facebook and Forever 21 have joined the ever-growing list of breach victims. Compromised data is a subject that needs the public’s full attention. Data breaches can result in the loss of millions, even billions, of private records and sensitive data.

Essentially, all companies need to move forward with an appropriate data protection system in place. To start a proactive approach to security, you need to build a mature team and do your work smart and professional. That means you need to update and optimize your approach. For such tasks as collecting and analyzing data or automating and optimizing routine tasks, consider using any log collectors like Splunk (SIEM) for prediction and continuous incident response.

We hope you learned something reading this post. If you are looking for security services to help your business, our team of security experts will be glad to assist all your needs.

Get in touch with us – we are keen to share even more.

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