It is an arduous task for financial firms to keep pace with emerging cyber security threats and tackle them effectively on an ongoing basis. Irrespective of motives, it is the threat that needs careful attention. Personalities and motives of hackers are quite varied, right from the technology freak who wishes to prove his proficiency and disgruntled ex-employees venting their anguish to the more malicious and serious hackers focused on financial rewards. Hackers may use valuable insider details in a timely manner to trade stocks and shares or tip off the markets at the right time to cause a devastating impact. Any details of fraudulent activities, violation of regulations, or unfair practices on the part of the firm itself can be used to either mar the image of the firm or exhort money. Hackers with access to financial information of the firm, its customers and/or employees may try to siphon off funds from their bank accounts quite innovatively. Potential business prospects and business continuity take a heavy blow when sensitive business data gets stolen. Even a list of email IDs sold to a marketing firm can fetch money.Ĭustomer, contract, sales forecasts, marketing strategies and other business details are quite valuable when sold to competitors. Monetary rewards, however, are bound to vary based on the significance/importance of data that they get their hands on. Most hackers are out there to cash in on this demand for data. There is a lucrative market for information where people are willing to pay for that piece(s) of relevant information that prove game-changers. Information continues to be a valuable commodity throughout ages as it offers a distinct competitive edge to those who possess it. Hacked Data – Valuable Pieces of Information Similarly, financial records of the firm, details of business contracts and deals, partnerships, mergers, acquisitions, intellectual property, personnel details, and just about any data held in the digital format are freely accessible. Hacking into the IT system, cybercriminals can easily skim customer-related data, including their personal details. In fact, they can silently move through the mail network of the entire firm, gathering details at every step.īusiness firms are responsible and morally bound to safeguard customer information that they use for regular operations. Getting into the mailbox of an employee in higher ranks or those in charge of financial transactions enable hackers to monitor, control and impersonate communications to extract more details or even effect a fund transfer to a specific account. Re-use of same password for several systems makes their task even easier. As they continue to pose as authorised users, they will be able to literally mine unlimited data as long as the passwords and login details remain unchanged. Business firms, especially those offering financial services, must first carefully assess the potential security risks in their IT infrastructure and do the needful to suitably address them.Īrmed with login credentials and passwords, hackers can easily access proprietary business data without getting noticed. Most often, email IDs and login credentials in the wrong hands serve as a starting point for such hacks. Except for ethical hackers, confidential data in the hands of a hacker most likely will result in costly damages affecting business operations, integrity and brand image as well, apart from direct financial losses. What hackers can do with your firm’s data depends on their motive or reason for breaching system security.
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