Cyber Fraud in the Cloud.

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Cyber Fraud in the Cloud.

Mon, 07/17/2017 - 16:40
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By James Azar

Cyberhub Summit

The trend towards purchasing less physical space and more virtual space is moving at break-neck speed and becoming increasingly relevant to businesses every single Nano-second.

Although it's taken a lot of convincing, both individuals and organizations feel more comfortable hosting their software and available services in the cloud, most noticeably, business owners find it hard to argue with the low cost- opportunities. Comparing a full suite of operational and tracking services where both clients and staff can log in, view and edit the process of current projects for $3-500 a month, with the cost per square foot in your office space, makes even the most techno-phobic of business owners perk up and listen.

For smaller firms, marketing and project analytics, campaign management dashboards give any company an opportunity to step up their game and get organized. For larger corporations, the ability to access data from multiple devices, smaller IT teams and home-based workers save huge costs that a traditional "bricks and mortar" big business could only have dreamed of.

 Cloud Criminals

These fresh developments for business growth will undeniably change the way we do business and also the way we handle cyber fraudsters, who are also increasingly interested in and dependent on cloud services.

Cybercriminals have dedicated hosting, explicitly designed and developed to conduct attacks. In the same manner that small business can increase their edge, Cyber-Criminals can upscale their attacks without the overheads.

The Rain-Cloud

Professionals in the Security and Privacy spheres had forecasted that cyber fraudsters will be attacking servers that store data in the cloud with the same frequency that we use these services and so they have been. From fake reviews, stolen credit cards and identity theft, attacks can cost into the millions of dollars of loss and abruptly destroy a company's reputation and client list.

Cyber fraud is highly detrimental to the image of any organization. It is going to hurt everything that you worked for and it's going to hurt any trust that your clients have for you.  Harassment, compromise of reputation, and hostile press are likely consequences post attack plus the litigation headache that may ensue.

Quite simply, cyber fraud in the cloud causes damages that extend way above your profit margin and productivity level.

Sticky Fingerprints

Not only can Cyber-criminals attack more often via the cloud, their ability to remain anonymous becomes upgraded. Anti-fraud detection which is determined by discovering black listed IP addresses through behavior patterns become far more complex when handling a less- traceable source.

Cloud-hosted attacks are on the increase and both online business services and social media are within their sights. With millions of fake accounts being set up, we query the commitment that social media tycoons put towards this growing and worrying trend.

Bottom Line

We are left as always, wondering how we can arbitrate the potential disasters and predicaments that Cyber Criminals lead us into and as always there are steps we can take to protect us on Cloud Services.

Put simply, we can't fix everything, the savings and costs of Cloud based systems are rising on both sides and an increased awareness and understanding is the only mediator we can count on.