Cyber security decoded: 5 tips by experts to protect your bank, social media accounts and more

Technology is both boon and curse for the world. While businesses across the globe are taking stringent methods to ensure safety of financial credentials and identity, the cyber criminals are posing new challenges. It is quite true, technology advancement has definitely given a gateway to companies in strengthening their database. However, yet there is always a backdoor available for fraudsters. And by the time you realize what was the cause, the damage has already been done. There have been various reports in past, where bank accounts are being hacked or mobile apps have leaked data of individuals or even hackers selling millions of people's identity on dark web.  Hence,  it is of utmost important to stay vigilant and alert. In fact, experts have shed a new light on the cause of cyber criminals and what can be done to prevent it. Let’s find out!

Neelesh Kriplani, Sr. VP and Head – Center of Excellence (CoE), Clover Infotech:

“In today’s dynamic business environment, the biggest challenge for businesses isn’t becoming “digital” – it’s providing real value to the customers at competitive cost. What we are witnessing in the market is businesses across the globe realigning and rearranging themselves around the customer. In such a scenario, technology is playing the role of an enabler to help businesses achieve this objective in the most relevant, productive and creative way. With new-age technologies disrupting almost all industries, it is extremely important that we train and reskill the IT talent to stay competitive and relevant.”

Gauri Bajaj, Director, Cybersecurity (APAC), Tata Communications:

From an overall organisation perspective, new age technologies that are boosting defence against attackers are also facilitating cybercriminals with sophisticated methods. The common misconception that security hinders innovation and limits organisations’ digital transformation capabilities is untrue. The reality is that failing to factor in security at the onset of a digital transformation journey increases potential risks from outside threats. The way to address this is by adopting an integrated security framework that can simplify cyber security complexities across the digital estate with specialised threat management, bolstered by global network intelligence and the powerful platforms.

It is imperative that employees are sensitised to the risk of security breaches and  trained to respond in such a scenario. It is equally important to make  collaborative efforts from government, academicians and businesses to bridge the significant skill gap in this industry.

Vishal Gondal, CEO and founder, GOQii:

The future of wearable tech in the world of AI and predictive technology will be highly individualized, data driven and analytics intensive. One of the bigger applications of this will continue to be in the healthcare and fitness sector. 

AI and data is already being used to customize health plans for users and help them make a shift from a curative to preventive lifestyle. A good example of this is how users’ data is enabling insurance companies to lower premiums for healthy individuals as well as encouraging others to follow. There is little doubt that the correct use of data will be a game-changer in healthcare. However, what is key to make this happen is also building a holistic ecosystem that tracks, guides and designs individualized plans for each individual, at a low cost.

Here's how you can protect yourself:

Sophos Senior Security Advisor John Shier says, "Organizations are continuing to struggle with phishing and other user focused attacks. Most people don't believe that computer-based training (CBT) is effective and are looking for ways to improve their defenses against users being tricked into inviting malicious attackers into their network. Companies need to embrace data security across the entire company. It isn't enough to have a security team, everyone plays a role and having a strong culture around security is the next step in maturity for security awareness programs."

These include the top 5 best security practices:

Passwords: Use a unique, complex password for banking and other financial online accounts. For others, use a password manager to keep them organized and readily available.

2FA: Use Two- Factor Authentication (2FA) when available to provide an extra layer of security on accounts.

Phishing: Be wary of clicking on emails from unknown sources or deals that look too good to be true. Cybercriminals use look-alike spam to lure in victims with links to bogus websites. Businesses should train employees on how to “spot a phish.”

Cybersecurity protection: Use a layered business security strategy to provide protection at multiple levels to avoid attacks from different angles. Home users should consider Sophos Home.

IoT devices: Be wary of IoT devices on any network. Change factory default passwords immediately out of the box.