The COVID-19 pandemic has brought a standstill to numerous sectors, forcing many businesses to shut down amid uncertain times. Stakeholders scrambled for ways to keep company operations afloat and continue serving their clients at a regular rate. But strict lockdowns and health protocols have made it difficult for many enterprises to keep up with new consumer demands.
Although the global health crisis generally caused extensive disruptions in how things work, several sectors thrived with the unprecedented situation. For example, e-commerce institutions took advantage of the increased reliance on digital platforms during the pandemic to further improve their services. But this also caused the online trading market to be a constant target of cyberattacks in recent years, leading to the need to invest in reliable e-commerce fraud prevention solutions.
Similar to the e-commerce sector, several other industries suffered at the hands of bad actors due to the need to adopt sophisticated tools. Although it helps automate operations and makes processes easier for employees and customers, digital tools made numerous businesses susceptible to attacks. The rampant attempts of hackers using traditional and tech-savvy tricks allow them to steal confidential information from their victims.
A successful hacking attack will lead to firms experiencing extensive financial and reputational damages. Their relationships with clients will be significantly affected and might lead to difficulties in customer retention. In addition, companies might also suffer financial implications that might lead to bankruptcy or debt.
As hacking attempts continue to soar, the need to invest in reliable real-time fraud prevention solutions has significantly expanded. The number of cyberattacks on corporate servers in 2021 has increased by 50%, with almost 900 weekly attempts during the last quarter of the year. One ideal way to combat fraudsters is to have anti-malware or anti-virus protections in devices used within the company. This will alert the staff of potential threats in the system to act immediately.
Another cutting-edge solution that can be deployed is using biometrics for identity authentication. Fingerprints and face recognition tools have been widely adopted for commercial use in the past decade, owing to their reliability and accuracy in verifying an individual. It is also harder to replicate, making it an ideal alternative to knowledge-based credentials like passwords.
To learn more about a company’s security measures to prevent a hack, check this infographic provided by LoginID.
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