How Hackers Make Money From Your Personal Data - Blog Example

How Hackers Make Money from Your Data

By Nicole Beaver

With the rise of compromised networks being accessed and personal data available to steal, computer hackers are making more money than ever. There are ways, however, to fight back and protect your business and employees from these attacks. In this blog, we will discuss the different types of hacking attacks you may be susceptible to, and how to combat them.

Types of Hacking Attacks

During the last two years, businesses have had to adjust to online marketing and remote work due to the ongoing global pandemic. Due to this, they have suffered from numerous challenges due to the increased number of cyber attacks on their computer systems. Cybercrime is now a lucrative operation thanks to the COVID-19 crisis. Because of this new necessity for online marketing, there are more chances for hackers to access remote desktop connections, mail servers, and more. This means that networks that are already compromised no matter their location could potentially be a target.

Attackers may use different methods to access a system, ranging from exploiting security vulnerabilities to using passwords or social engineering techniques. These techniques include ransomware, phishing and spear phishing attacks, credit card fraud and retail fraud. 

Ransomware

A ransomware attack is a type of cyberattack in which hackers encrypt a computer user's files and demand a ransom payment to restore access. The hacker typically demands the payment be made via cryptocurrency or another anonymous payment method. Victims have no guaranteed way of regaining access to their data and may need to pay the ransom to get back control over their systems.

Spear Phishing

Spear phishing is a type of cyberattack in which attackers send deceptive emails or messages to specific targets. The emails appear to come from someone the victim knows, adding a layer of social engineering that makes the attack more plausible. The emails contain malicious attachments or links, which can be used to infect the target's system with malware or steal sensitive data. Attackers may also use spear phishing as a way of gathering information about their targets — such as usernames, passwords, and credit card details — to perform larger-scale attacks or identity theft.

Credit Card Fraud

One of the most common methods for hackers to make money is through credit card fraud. By stealing someone’s credit card information, criminals can make purchases or withdraw funds without their victim’s knowledge. In many cases, these fraudulent charges may remain undetected until it’s too late.

Data Sale/Rental

In addition to direct financial gain, hackers may also make money by selling or renting stolen data. This includes databases filled with information such as Social Security numbers and other sensitive details. These can be used by identity thieves and other malicious actors to perform a wide range of cybercrimes.

How To Prevent Hackers from Attacking Your Business

You can reduce the risk of your business falling victim to cybercrime by practicing these simple steps:

• Hold cybersecurity training sessions for employees, using training programs to get them accustomed to dealing with cybersecurity threats. 
• Invest in a reliable data storage and backup provider who can guarantee that your data is never at risk of being stolen.
• Implement two-factor authentication to help keep accounts secure.
• Monitor and update systems and software regularly.
• Avoid using public Wi-Fi as it is unencrypted and therefore an easy place for hackers to gain access to private information.
• Make sure that all employees are aware of and understand what their responsibilities are during a cyber attack from hackers.

Cybercrime can be thwarted if you have the right systems in place. Through training and following steps to ensure that you and your employees are prepared, hackers can be stopped in their tracks.