Skip to main content

Six Key Areas of Fraud Risk for Businesses

Six areas of vulnerability threaten today’s businesses, yet steps can be taken to help mitigate risk.

Six Key Areas of Risk

Evidence of increased fraudulent activity has intensified the importance of this issue among organizations. Six areas of vulnerability threaten today’s businesses, yet steps can be taken to help mitigate risk.

1. Phishing

Phishing is the act of attempting to acquire information such as usernames, passwords and non-public personal information (NPPI) by masquerading as a trusted entity in electronic communication. Phishing attempts lure in people by creating the illusion it is necessary to respond or click on a link in order to avoid negative consequences.

Security awareness is the best defense against these pervasive and sophisticated attacks.

2. Social Media

Social media sites and public information sources have become a popular platform for attackers to extract data and build profiles of business leaders for identity theft or for cyber-attacks via account access or spear phishing.

Managing access to social media is crucial to preventing business exposure. Consider establishing policies to govern social media, collaboration tools and data loss prevention for your business.

3. Mobile Devices

Mobile devices are relatively easy, low-risk points of entry to attackers because enterprise security standards can be difficult to apply to the applications that are issued. Attackers can remotely monitor mobile devices for passwords, account numbers and personal identification data.

For protection, many businesses restrict their employees’ primary mobile devices to domestic use.

4. Cloud Computing

With cloud computing, risks vary with the type of cloud, its architecture, and whether it is a software platform, or total infrastructure cloud. In general, cloud computing provides less direct control over applications, systems and data security.

To help protect your business, be sure you know where the cloud components and your data will be housed, and who is responsible for which functions and which risks.

5. Software Vulnerabilities

With a growing number of applications being released for multiple platforms, the number of software vulnerabilities has never been greater.

Develop software procedures that facilitate damage control, system resiliency, rapid recovery, privacy protection and notification, and public relations plans.

6. Insider Threats

Unscrupulous employees with access to business information systems can cause significant damage. An insider can be an employee, a contractor or a vendor that commits a malicious, complacent or ignorant act using their trusted and verified access.

Follow this simple rule to protect your business: Trust but verify. And be sure to establish routine and random auditing of privileged functions.

Download the Greater Houston Partnership Cybersecurity Guide

Questions? We are here for you...

To ensure your safety, please do not include sensitive information in your submission.