Security Breaches Learning Team A Summary Essay

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Security Breaches | Team A

Preventing Security Breaches
Learning Team A
BIS/ 221
April 06, 2015
Warren Thames
Preventing Security Breaches
In today’s business world gone are the days of face-to-face interactions. Businesses of today rely on information technology and online processing. This poses a major threat to security risk and breaches due to the lack of knowledge of employees and customers who do not protect their information correctly. Our discussion will provide information on how businesses and customers can help protect their information to prevent security breaches from happening.
Types of Fraud
There are many types of fraud that will happen by using computers and other web or mobile devices. Identity fraud is a major threat to the telecommunications industry – it erodes margins, consumes network capacity and hampers customer relationships. The magnitude of damage caused by identity fraud is immense and accounts for nearly 29% of all fraud (approximately $22bn) (Ghosh, 2010). Other types of frauds that can happen are; Hacking fraud:
All frauds in the hacking fraud category generate revenue for the fraudster by breaking into insecure systems, and exploiting or selling on any available functionality. Cracking is when your software has been compromise or stolen for financial gain. In other words hacking will cause an inconvenience to your computer while hacking can cost you money because the Cracker has stolen your information to use.
Malware is malicious code (eg, Banco’s, Gator, LegMir, Qhost) used by fraudsters to gain access to, or damage, a computer system without the owner's knowledge or consent. Data-stealing malware is a common security threat that does not leave evidence of activity. The malware is generally stored in a cache, which is programmed to be routinely flushed. The malware may be installed via a drive-by-download process (Ghosh, 2010). There are many other ways to set traps without the user’s knowledge some of those include Trojans, Virus, Worm, Pharming, Phishing. All of these cause harm to your computers and can cost companies and businesses thousands of dollars to fix.
Preventing Security Breaches
In order to create a fraud free environment companies and customers should have a general awareness of fraud. Government policymakers and operators need to work hand-in-hand to protect the interest of consumers.
Internally, operators should establish a Fraud Management Organization (FMO) to safeguard against fraud attacks. The three foundational pillars of an FMO:
1. Process: a well-defined business procedure tailored to your organization with minimum or no loopholes for fraudsters to exploit.
2. Tools/Technology: a Fraud Management System (FMS) aligned to your business processes and network.
3. People: a well-equipped and trained fraud-fighting group (Ghosh M. , 2010).
People today need to constantly ensure that when they are on the Internet or doing anything with computers that they have some kind of a virus system or back up. Even taking thumb drives and loading them from computer to a next people can load…