Enterprise Security Magazine has once again recognized Guard Well Identity Theft Solutions as a Top 10 Identity and Access Management (IAM) Solutions Provider. The magazine first featured Guard Well’s Founder and CEO, E. Allan Hilsinger, in 2019. Their article, “An Intelligent Way to Protect Your Employees,” can be found HERE.
Did you know that the first documented ransomware attack was more than 30 years ago in 1989? That was around the time when a mobile phone was called a bag phone because it sat in a big black bag in your passenger seat … and that curly cord was wound so tight it hardly let it extend to your ear. If you were lucky, you could store about 30 numbers in it. But back then, that was pretty amazing storage. Then flip phones started to make our lives easier in later years. It was pretty simple but the fact that it could actually fit in your pocket made it truly mobile. There was rarely a thought that anyone was listening in on your conversations or tracking your locations (which they probably were but the average person didn’t think doing so was devious). Boy, have times changed.
Attacks involving ransomware, which were originally designed to target individuals, are occurring every 14 seconds now. Shocking isn’t it. After you read this sentence, focus on how long it takes you to breathe … inhale and exhale. Your full circle breathing process is likely anywhere from six to eight seconds, which is how long hackers are trying to increase the speed of ransomware attacks by this time next year.
Dave Wallen discussed some of the expected 2020 cybersecurity trends in a blog last week for Security Boulevard so we all can be “better prepared against the ever-evolving nature of cyber threats.” He wrote, “With today’s pervasive use of the internet, a modern surge in cyberattacks and the benefit of hindsight, it’s easy to see how ignoring security decades ago was a massive flaw.” It’s not just the speed of the attacks that is alarming, it is the variety of them that are going to keep things interesting for 2020.
So what are some of the trends we will be seeing in 2020?
– Fear will drive spending. Gartner forecasts that worldwide spending on cybersecurity is going to reach $133.7 billion in 2022. The General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) have pushed businesses and government agencies to a more sophisticated cybersecurity infrastructure than ever. Wallen noted that 76% of organizations plan to increase their cybersecurity budgets this year.
– The cybersecurity labor market will continue to experience labor shortages. There are many reasons for this skills gap. Not only are there more cybercriminals, but there are also more places for scammers to hide with our ever-expanding reliance on technology. Also, there still needs to be a balance of expanding skills in a very specific area with teaching broad skills that can be useful across many sectors. Think of those with titles such as chief information officer (CIO) and chief information security officer (CISO) – they are currently undervalued.
– Cloud security will require a more pragmatic approach. The assumption that our data is secure on ‘the cloud’ in applications such as Microsoft and Google will be a thing of the past. In 2019, we saw massive attacks against Office 365 and G Suite that can bypass two-factor authentification making shared accounts exceptionally vulnerable.
– Mobile devices will become even a greater target. As the number of mobile users increases, so will the amount of business data stored in them. Wallen wrote, “It’s a compelling reason why mobiles are seen as the primary cyberattack vector in 2020.”
– Election security will be off the charts. With over 70 elections globally planned in 2020, there will be an intense focus on the spreading of disinformation.
– 5G, the fifth-generation wireless technology, will cause an increase in loT-based (Internet of Things) attacks. There will need to be a higher level of security which many current vendors are not able to provide yet. Hackers will take advantage of this gap to “sneak in malware and steal large volumes of your SaaS data at breakneck speed.”
– AI (Artificial Intelligence) will become even more two-faced. While the benefits of AI are countless and help to protect our security, defakes (fake videos) that can spread misinformation will become more prominent and new types of cyberattacks will result because of them.
– Organizations will continue to see their biggest asset, their employees, become their biggest threat. As reported in Governing.com, “The problem is that now our most important information, whether it’s sales prospects or customer lists or source code … is spread across the organization and is highly portable on a thumb drive or e-mail … information is less ‘siloed.'” Their study shows that “63 percent of people admit that they took data from their last job and brought it to their current job.”
We will also continue to see more fake apps and shopping cart viruses, new account fraud, apps that share our data along with phishing scams (and whaling scams if you’re a high-ranking executive or banker). Identity theft will also be rampant through social media. Lastly, child identity theft will continue to rise. It is suggested that every child have a credit freeze on their file. If you would like more information about how to do so, please reach out to our Member Services team at email@example.com or call 1.888.966.4827. We are here to help 24/7/365.
On December 5, 2019, Guard Well Identity Theft Solutions Founder and CEO, E. Allan Hilsinger, was interviewed by Rocky and Rachel on Cincinnati’s News Radio 700WLW. Topics discussed during the ten-minute segment (51:50 to 60:52) include the risk of living in a technologically advanced society, what a digital footprint is and how to reduce the risk of your data being collected and sold online.
Hilsinger remarked, “We all have a social security number. We are all at risk. If you haven’t already been victimized by identity theft or identity fraud, it’s going to happen. It’s a sad reality…” He stated that there are 3.5 million Google searches every minute and 4.3 billion Facebook posts every day “…all of that information is being collected and sold.”
What can be done to help reduce this risk? Hilsinger suggested the following in the podcast:
– Be careful about what information you put on social media. For example, remove your birthdate from your Facebook account.
– When you search online, do it privately. Don’t allow cookies if possible when looking at websites.
– Try not to share your location with Google Maps.
– Inactivate and delete any old email accounts.
– Search for your own name on Google and see what pops up. If your name is listed on People Search or People Finder, you can submit a request for them to pull your information down.
Hilsinger also discussed a service site called DeleteMe.Com that will facilitate users in deleting their presence on other sites and will provide information on privacy laws in multiple countries to better educate the users on their rights in relation to data privacy.
Did you know that there are at least 48 different types of identity theft and the number of scams involved in each is growing daily? Romance scams, residence scams, utility scams, employment scams, telephone scams, email scams, charity scams, Apple care scams, AirBNB scams, PayPal scams, census scams, ticket scams, government scams, medical scams, insurance scams, real estate scams, investment scams, lottery and sweepstakes scams … there really isn’t one facet of our lives that isn’t ‘scam-able.’ As the weather turns colder, it kind of makes you want to curl up under an electric blanket and hibernate for a bit doesn’t it!
Although everyone with a social security number is at risk for identity theft, there are two groups that are targeted more often: children and seniors. The U.S. Department of Health & Human Services has studied why. They explain, “Children are targeted to establish a ‘clean slate.’ Seniors are targeted over the telephone and through phishing scams. Some studies suggest that people become more trusting as they age, which helps to explain why it’s more difficult for older adults to detect fraudsters.”
The next high-risk group that follows children and seniors are the military mostly due to deployment, which impacts their ability to respond to a threat in a timely manner. According to the Federal Trade Commission, military consumers are most affected by credit card and bank fraud. Another high-risk group is identity theft repeat victims. As reported in Consumer Affairs, “people who have previously been affected by identity theft are at a greater risk for future identity theft and fraud.” According to the Center for Victim Research, “7-10% of the U.S. population are victims of identity fraud each year and 21% of those experience multiple incidents of identity theft.”
Lastly, the deceased are targeted. Stealing a dead person’s identity, commonly known as “ghosting,” will often go unnoticed by surviving family for months or years. A report dating from 2012 stated that 2.5 million deceased American identities are stolen each year. Of those 2.5 million stolen identities, 800,000 were used to open lines of credit or get a mobile phone plan.
Fraudsters oftentimes repeat their favorite most lucrative scams, which are driven by major financial life moments, such as taxes and holiday shopping. Yes, it’s getting to be that time of year, and, guess what … the world’s largest online retailer, Amazon, is seeing a huge increase in fake Amazon.com order cancellation scams. If you receive an email about an order cancellation from Amazon, there’s a good chance it’s a scam. Click on links in the email and you could unintentionally download malware onto your device. Or you might be sent to a site that aims to collect your Amazon account information, like your username and password. If you receive such an email and recently placed an order, go to Amazon.com directly to check your order status.
Most of our blogs offer tips to help protect yourself and your family from identity theft. There is one tip in this blog: Remain aware of scams and that they can touch every facet of your life. By staying in-the-know, you can help every month be National Cybersecurity Awareness month … not just October.
If you suspect that you or a loved one has suffered identity theft, please reach out to us as soon as possible. Our Guard Well member services team is available around the clock, every day of the year. Email firstname.lastname@example.org or call 888.966.GUARD (4827) for help.
Individuals aren’t the only targets for identity theft. Corporate, also known as commercial identity theft, saw a 46% increase last year according to the National Cybersecurity Society (NCSS). Although businesses of all sizes are at risk, small businesses are particularly vulnerable. “Small business identity theft—stealing a business’ identity to commit fraud—is big business for identity thieves,” remarks Mary Ellen Seale, CEO of NCSS.
She explains, “Unlike larger corporations, small businesses don’t always have the required security controls in place to detect and deter fraudulent activity, which can make them easier targets. There is also a general unawareness, among large and small businesses alike, of the magnitude of the threat and the devastating effects that business identity theft can have.”
Stealing an organization’s identity takes a lot less work than one might think. State laws require the public disclosure of proprietary business information in annual reports, names and addresses of key company personnel as well as the employee identification number (EIN). All of this information can be used by thieves to apply for a line of credit or loan as well as intercept business credit card information.
What can business owners do to help mitigate their risk?
– Educate your employees about phishing scams. Phishers aren’t just targeting your business … they are grabbing your customers, employees, partners and vendors. Make sure your employees know what red flags to look for when they receive an email that is asking for an action from them. Examples include bad grammar, misspelled words, links to unfamiliar websites and attachments.
– Don’t post sensitive company information on your website.
– Stay on top of computer security updates.
– Check your credit reports regularly.
– Follow the IRS new procedures to protect businesses. Visit https://www.irs.gov/individuals/identity-theft-guide-for-business-partnerships-and-estate-and-trusts for detailed information.
– File your company’s annual report on time and regularly check the secretary of state’s website. Keep in mind that if you operate your business in more than one state, each state may have their own due date.
Unfortunately, identity theft is here to stay. With the number of incidents growing each year, and financial losses piling up, it’s more important than ever for businesses to be vigilant. Do you have an anti-phishing plan for your business? Please contact us if you need assistance developing one or educating your employees about the topic.