Cybercrime is a real concern for business leaders because it can result in significant financial penalties, irreparable damage to brand trust, and a complete shutdown of an organization. Data analysis software companies like SpyCloud can determine if certain cyber attacks will likely impact specific business sectors and take preventive action.
Detect and Prevent Cybercrime
Cybercrime is a vast range of crimes committed through digital devices and networks. This includes hacking and phishing, identity theft, ransomware attacks, and malware. Often, these attacks can be extremely expensive for businesses, and they can damage brand image.
The best way to avoid cyberattacks is to ensure the right technologies are in place. This means deploying fundamental technologies such as firewalls, antivirus software, and intrusion detection systems. It also means implementing advanced cybersecurity protection, such as security information and event management (SIEM), to detect anomalous patterns that suggest a possible attack.
SIEM technology can identify the actions of unauthorized users by looking for abnormal patterns, such as logins during off-hours or execution of tools like psexec, that could indicate lateral movements by criminals. This allows security professionals to identify suspicious activity and respond quickly before it has a chance to cause significant damage.
In addition to preventing cyberattacks, business leaders need to educate their employees about the risks of cybercrime. They should also train them on recognizing the signs of a data breach and what to do if they think they have been victimized. Additionally, they should establish a culture of risk awareness in their company and reward staff who report suspicious activities. This will help to deter criminals and minimize the chances of a successful attack.
Reduce False Positives
When you think of cybercrime, you probably picture hooded hackers in dark suits hacking into corporate systems. However, the reality is much more complicated and nuanced. For example, it’s difficult to distinguish between malicious activity and normal network operations (like account creation or screen sharing) performed by employees with legitimate intent. This can result in many false positives that overburden security teams.
A good crime analytics platform will make this easier to avoid by providing a clear overview of all the activity taking place on your system and identifying only those anomalies that require further investigation. This can help you prevent costly attacks that damage your business reputation and cause financial loss.
The best crime analytics platforms also help you reduce the number of false positives by analyzing raw data and making it actionable. They provide detailed alerts that outline the nature and severity of a threat, along with tips to mitigate future digital threats. This can save you time and money by eliminating the need to review every alert manually.
The best crime analytics software can also make sharing information with other agencies easy. This can improve the speed and accuracy of investigations by enabling law enforcement to identify and respond to cybercrime incidents quickly. For example, the
Boost Fraud Detection
Fraud detection is essential in protecting businesses, their customers, and their bottom line. Fraud analytics software streamlines identification processes and reduces false positives when implemented properly. It also helps businesses capture more fraud cases before they become more costly.
Cybercriminals are growing in sophistication and numbers. They’re using more sophisticated malware and attack vectors to steal personal data. Infiltrating a system takes minutes or seconds, but IT departments may only discover the breach once it’s too late.
A business can boost its fraud detection capabilities by using a cybercrime analytics platform to analyze past data and identify suspicious patterns. For example, a business could see a pattern of credit card theft in the past and then use this information to prevent future attacks.
In addition, a cybercrime analytics platform can help businesses improve their risk management processes by identifying the most vulnerable areas. For example, by monitoring the controls used to mitigate risk, leading organizations can reveal where these controls are ineffective or not properly implemented, which leads them to reevaluate and refine their fraud taxonomy. It can also help them identify emerging threats by examining how criminals change their tactics and strategies. This information is then used to enhance the fraud taxonomy and bolster existing security controls.
Predict Future Events
CISOs and security teams face an uphill battle to stay ahead of cybercriminals. Many types of cyberattacks are designed to disrupt business operations and steal valuable data or customer information, leading to massive fines, lost revenue, irreparable damage to brand trust, and even the collapse of the entire business.
Cybercrime analytics tools can help combat the growing threats. These tools can monitor user accounts, endpoint devices, and the network to detect anomalous behavior, activities, or trends that could indicate a cyber attack is underway. These platforms utilize machine learning algorithms, big data, trend analysis, user behavioral analytics (UBA), and entity behavioral analysis to identify patterns indicating potential attacks.
A cybercrime analytics platform can help CISOs prioritize investigations, reduce false positives, and uncover new attack vectors. These platforms also provide actionable intelligence and a comprehensive data picture. They can be deployed in a matter of minutes and are fully customizable to meet the unique needs of each law enforcement agency.