October is known for its ghosts, ghouls and goblins, which may be why the month has been recognized as Cybersecurity Awareness Month since 2004. According to the Cybersecurity & Infrastructure Security Agency (CISA), this year’s theme of “Secure Our World” recognizes the importance of taking daily action to reduce risks when online and connected to devices.
For more than 20 years, Paymentus has also dedicated itself to helping our clients tame a host of monsters, including Stinger, who loves the looming security risks that can leave billers stung and vulnerable. In this time, the stakes have only gotten higher. More people than ever rely on digital services to pay their bills and move money–resulting in growing opportunities for criminals.
What's At Stake
A few eye-popping numbers from the World Economic Forum showcase how prevalent and costly cybercrime can be:
Annual global cyberattacks
Estimated global cost of online criminal acts by 2027
To bring it closer to home, the recent Change Healthcare data breach carried with it an estimated price tag of more than $2 Billion. This astonishing figure highlights the ongoing need for hypervigilance against cyber threats.
3 Simple Ways to Promote Security
Security is both the responsibility of organizations and customers alike. Here are three ways your organization can promote security.
Education – More than three billion phishing emails are sent daily. Facing this, it’s important that organizations inform customers on what legitimate communications will ask for, what they look like and what they will never require (e.g., we will never ask for payment information through email). Email campaigns and a dedicated landing page can provide ample space for this messaging.
Ongoing Training – Routine staff training sessions should be a staple of every organization. Given the dynamic nature of today’s threat landscape, highlighting recent or highly visible attacks ensures all employees will be up-to-date on your company’s security policies.
Multi-factor Authentication – While “longer passwords” may be seen as a cureall, it’s important to note that the longer, more complex a password is, the likelier it will be written down or saved onto a device. Multi-factor authentication removes the inherent risks associated with logging passwords by requiring multiple confirmation points to ensure a user or login attempt is legitimate. For example, before you can log into your Google account, you must input a password. You might then be sent a confirmation code by text or email. This added step confirms that you are the rightful owner of the account.
Phishing Emails Are Sent Each Day
