Cybersecurity Threats In Asset Tracking And Strategies To Mitigate

20 November 2024

The security implications of an expanding sprawl of devices, software, SaaS applications, users, and cloud services are important.

However, poor cybersecurity creates a critical risk for the overall business. Chief among them is a higher risk of business disruptions.

A breach might make essential data or systems unavailable, preventing the business from functioning. Therefore, the rate of change makes the manual work of managing, finding, and securing all these assets not tedious but error-prone and wasteful of valuable resources.

To mitigate cybersecurity threats, business firms must adopt strategies to resolve the breach issue.

This article will emphasize cybersecurity threats faced in asset tracking and strategies that will help resolve the issues.

Common Cybersecurity Threats In Asset Tracking

Below-mentioned are common cybersecurity threats in asset tracking.

1. CEO Fraud

CEO fraud and business email compromise (BEC) pose significant challenges to asset tracking for business owners.

Therefore, this type of cyberattack can lead to financial losses and disruption of operations. Similarly, it occurs when an attacker impersonates a high-ranking executive, typically through email, to trick employees into transferring money or confidential information.

Furthermore, asset tracking could mean convincing your business to approve a large purchase. It might also be a transfer that diverts funds intended for legitimate tracking systems or physical assets.

This threat might cause your business to lose money. This can result in inventory discrepancies, misallocation of resources, and difficulties in auditing.

2. Ransomware

Ransomware significantly threatens asset tracking systems, impacting businesses across various industries. These systems often rely on connected devices and networks to monitor and manage assets, making them prone to cyberattacks.

Sensitive asset information, such as ownership, location, and financial details, can be compromised. If cybercriminals steal this data alongside encryption, they may leverage it for further extortion or sell it on the dark web.

So, when a ransomware attack occurs, a malicious breach can encrypt critical data related to asset tracking.

This can lead to:

Disruptions in operations.
Loss of visibility over inventory.
Need to work on managing assets effectively.

However, you may find your business still looking for items. This often leads to delays in production or logistics, which can ultimately affect the firm’s goodwill.

3. Payment Fraud

Payment fraud poses a significant threat to asset tracking systems, as it can undermine the precision and reliability of financial transfers related to asset management.

Fraudulent activities, such as chargebacks or using stolen payment information, can lead to financial losses and disruption in inventory control.

So, when payments are initiated deceptively, assets may be acquired without legal transactions, complicating the tracking of ownership and inventory levels.

Furthermore, asset tracking systems rely on data integrity to function effectively. If fraud is present, it can lead to discrepancies in reported data, making it challenging to assess the actual status of assets.

4. Data Breaches

Due to its cloud-based nature, Access Control as a Service (ACaaS) can indeed experience data breaches.

When access control systems are hosted in the cloud, they may face various security challenges, such as:

Unauthorized access.
Data interception.
Potential misconfigurations.

One of the primary risks is the reliance on internet connectivity, which can expose sensitive data to interception during transmission.

Moreover, user authentication is important. Weak passwords or insufficient multifactor authentication can allow unauthorized users to gain access to the system.

Compliance and ensuring that data is handled according to regulations also pose risks, especially if the service provider stores data across different regions.

5. Automated Methods

Criminals often leverage automated methods to launch large-scale attacks on various businesses, using customized malware to ruin specific susceptibilities.

Similarly, this approach will permit the ransoms to efficiently target multiple systems simultaneously. It will further increase your business’s chance of success while reducing the time and effort required for each attack.

On the other hand, automated tools also enable attackers to refine their techniques continuously based on real-time feedback.

This is because as the tools gather data from previous attacks, they can adjust their malware to improve its effectiveness against specific targets. It is even more challenging for organizations to defend against such threats.

Strategies To Mitigate Cybersecurity Risk

Below-mentioned are strategies to resolve cybersecurity risks faced within the business.

1. Conduct Risk Assessment

Perform a cybersecurity risk assessment to identify the issues your business faces or might face in the coming years.

Similarly, the risk assessment results will anticipate your organization’s readiness to respond to security events and uncover your infrastructure’s vulnerabilities to common attacks, such as malware, ransomware, brute-force attacks, and more.

Install asset tracking software in your business to conduct risk assessments efficiently. This will help you track location, save fleet costs, and improve asset management.

In addition, you can also include the following steps:

List down all physical and digital assets and their potential threats.
Create a risk register listing risks and mitigate steps.
Analyze each threat’s likelihood and impact on the organization.

2. Continuous Monitoring

When prioritizing vulnerabilities based on the challenges to business assets, it is essential to evaluate both the likelihood of exploitation and the potential impact on the organization.

Here is a structured approach to help with this task:

Identify assets.
Determine potential impacts.
Analyze the likelihood of each vulnerability being exploited.
Use a risk scoring system to combine impact and probability into a single score.
For high-priority vulnerabilities, devise appropriate remediation plans.

3. Include Asset Lifecycle Management

To successfully manage each asset throughout its lifecycle, it is vital to incorporate a structured approach that includes the following critical practices:

Maintain an up-to-date inventory of all assets, including hardware, software, and licenses.
Establish a schedule for routine updates to ensure that all assets are running the latest software versions.
Implement a patch management strategy to check for and apply security patches regularly.
Use monitoring tools to track asset performance and health.

By incorporating these practices, you can ensure that each asset is effectively managed, enhancing security, performance, and longevity throughout its lifecycle.

Wrapping Up

Thus, asset-tracking software can be implemented within the business for multiple uses. The business needs to identify, address, and assess the security risk posed by devices and assets of all types.

However, it is best to create essential security awareness for the staff to assist them in spotting warning signs and trigger alerts.

The systematic monitoring of security log files can give the security team early warnings of possible attacks.

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Soumava Goswami

A passionate writer and an avid reader, Soumava is academically inclined and loves writing on topics requiring deep research. Having 3+ years of experience, Soumava also loves writing blogs in other domains, including digital marketing, business, technology, travel, and sports.

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LPG Safety Tips And Precautions For Your Home

LPG is the need of every household as it is used as the primary fuel for cooking. Some people also use LPG for heating purposes. It is a highly flammable gas, so it is essential for users to use it cautiously. Households and food businesses must take extreme care while using LPG for cooking and heating. You can do many things to use LPG safely in your home. This post shares some best tips and precautions to use LPG in your home. Buy from an authorized distributor: Many people buy gas equipment from retail stores, but it is better to buy from an authorized distributor. The gas equipment available at the authorized franchisee is authorized by the gas company and compatible with the LPG cylinder of that company. So, when you buy gas equipment from an authorized company distributor, the chances of malfunctioning are very low. Transporting Gas Cylinders: Many accidents happen during the transportation of gas cylinders. The most common reason for these accidents is the improper handling of cylinders. Many delivery boys put the cylinder on the ground with a jerk and roll it on the ground while carrying it from their vehicle to home. This causes the collision of gas molecules inside the cylinder, which produces heat and can be dangerous. Therefore, LPG cylinders need to be handled very carefully. Always Check the seal and gasket: Sometimes, the seal or gasket of the cylinder is damaged, causing the gas to leak. Always check the company seal and gasket while taking the delivery of the cylinder. Ask the delivery boy to open the seal in front of you, and then you can put some water in the valve. If you see bubbles rising from the water, the gasket is worn, causing leakage. In such a case, ask the delivery boy to replace the cylinder immediately. Inspect Regularly: As LPG can leak from every tiny hole or crack in the gas equipment or accessories, it is essential to check it regularly. Check your gas equipment every week to ensure there are no cuts or cracks in any part of the equipment, including accessories. In case of any problem with the gas stove, call a professional for its repair. If the accessories like a gas hose or regulator are malfunctioning, replace them immediately to prevent leakage. Also, don’t use the gas until the problem is fixed by a gas engineer. Check the expiry date of the cylinder: All gas cylinders are required to be retested and replaced every ten years. The expiry date is usually stamped or written on the neck of the cylinder. If the stamped expiry date is passed, the cylinder cannot be refilled. If you get a cylinder with an expiry date passed, you should immediately return and get it replaced as it can be dangerous. Ventilation is important: LPG users should always place the gas equipment in a ventilated area. It means your kitchen should be well-ventilated to expel the gas in case of a leakage. If your kitchen is not well-ventilated, you can install an exhaust fan in your ventilator or window to expel the smoke. It also expels any gas leaked from your gas equipment. Place the spare cylinder carefully: Many people have a spare cylinder in their house, and they place it in a place other than the kitchen. Some homeowners place the spare cylinder in the storeroom, while others place it in any room. However, a cylinder should only be placed in the kitchen or an open area such as a patio. Plus is one of the best LPG gas suppliers in Queensland, Australia. They claim to offer same-day delivery or next-day delivery in Brisbane, Gold Coast, Ipswich, and Toowoomba. If you are located in any of these regions, you can choose them for LPG supplies. Related: Pros and Cons of Oil and Gas Investment Don’ts: Things to Avoid for LPG Safety & Precautions Aside from following all the above-mentioned tips, remember not to forget the following tips – Don’t Keep the Cylinder in a Horizontal Position When you have an LPG cylinder at home, don’t keep it in a flipped position. Always keep it in an upright position to avoid accidents like gas leakage, explosion, and fire. When you keep the cylinder laid down, gravity makes the liquid set at the bottom of the cylinder, thereby leaving no space for the vapor to form. This is something that leads to gas leakage. Complications can also arise when the cylinder is withdrawn in a horizontal position. This makes the liquid phase evaporate inside the pipe system. It can also happen in the consumer’s equipment. This causes the pressure to increase, and start icing off the fitting, making the safety device respond to prevent overpressure. Keep Away from Heat Keep your LPG cylinder in a position where it doesn’t catch much heat. Also, it shouldn’t be heated under any condition. When you heat the cylinder it will cause the gas to leak at rapid speed and create a flammable vapor. This vapor is highly flammable and can catch fire at any moment. If your LPG cylinder is constantly getting heated, it can cause the entire cylinder to weaken over time. It’s easy for a weakened cylinder to easily fail under high pressure. Don’t Leave the Safety Valve Unchecked All the mistakes regarding the mishandling of LPG cylinders lead to leakage and explosions. If you leave the safety valve unchecked for a long time, it’ll lead to gas leaks leading to fires, asphyxiation, and explosions. LPG gas is highly flammable, which is why you deal with all these complications if you leave the cylinder valve unchecked. Don’t Smoke Around The Cylinder There’s no need to point out that the cylinder has flammable gas, and there can be a leakage at any point in time. So, build a habit of not smoking close to the place where you keep the gas cylinder. Final Words: These are some gas safety tips for households. Using reliable gas equipment and getting supplies from an authorized distributor can enhance the safety of your house. Following the tips in this post can help homeowners to use the LPG safely and conveniently. Also, if you notice any case of gas leakage, instantly evacuate the area. If it’s due to the cylinder knob left open, close it instantly. Also, call people who are authorized to handle such delicate situations for help. Read Also: How to Handle the Move-Out Cleaning 5 Safety Awareness Ideas to Maintain a Safe Workplace Top Home Cleaning Tips

4 Ways To Address Privacy Concerns Around Customer Data

A single data breach can expose tens of millions of customers to spam, scams, identity theft, fraud, and more. It’s also a quick, easy way to destroy your brand reputation and lose a massive chunk of your customer base. In the worst-case scenario, you could end up paying millions of dollars in fines. If serious enough, your team members or executives could even face some jail time. But customer data still needs to be kept safe and private, even when the risks are far less grand in scale. Simply leaking your customers’ email addresses and exposing them to junk mail can erode their trust in you. To protect your customers and assuage any customer concerns, always handle their data with care. Here are a few important ways to protect data, limit the risks, and put your customers at ease. 1. Use Zero Party Data Perhaps the best way to put customers at ease about their data is to give them more control over what you know. Letting them decide what they share with you — and don’t — can protect their privacy and boost your brand reputation. Giving customers a chance to consent or opt out of sharing first-party data when they visit your site or app is a nice touch. But if you really want to put your customers in the data driver's seat, zero party data is the way to go. With zero-party data, your customers and prospects respond to surveys, polls, questionnaires, and more. These inputs can be used to personalize their experience, or anonymized and aggregated to help your brand make data-driven decisions. Either way, when customers provide this data, they usually expect some kind of user benefit. A personalized product recommendation, useful content, or a customized landing page are all ways to deliver that small reward. 2. Be Transparent Ideally, you should tell all of your customers exactly what you collect, what you use it for, and why. As long as you’re not up to anything nefarious (you aren’t, right?) transparency should be as simple as a brief pop-up disclaimer. In fact, transparency could help improve your credibility and customer trust in your brand. And that trust can in turn have a direct impact on your business growth and performance. It’s particularly important not to collect any extra bits of customer data you don’t need and they haven’t agreed to share. Gathering and storing extraneous data heightens the risk to your customers if there’s a breach. In some countries, regions, or industries, it could even be illegal. Besides all this, it can take up unnecessary room on servers, cloud storage, etc. To be on the safe side, always get permission from customers before collecting any kind of data. 3. Anonymize and Encrypt Some of the worst data breaches on record have also turned out to be some of the most ridiculous. Companies have accidentally leaked massive spreadsheets with customer names, addresses, passwords, and credit card data all linked together. But even anonymizing data doesn’t necessarily give customers any real protection or privacy. It’s all too easy to put two-and-two together and figure out someone’s identity. To ensure that data is truly safe, your company should always use the latest encryption methods and data protection protocols. Consult with experts about the best practices, software programs, and other tools to suit your company’s needs. Data security is not the place to cut corners, so be willing to dedicate a significant portion of your budget to protecting customers. Otherwise, you risk putting them in danger of identity theft, financial loss, reputational damage, and more. 4. Train Employees and Vet Vendors Customer data should be kept strictly confidential and only shared with employees and vendors on a need-to-know basis. Your employees need to understand how crucial it is to protect sensitive data and how exactly they need to do it. Before handling potentially sensitive data, employees should undergo appropriate screenings and training. Train them not to share details like passwords or door codes, and limit access to sensitive cabinets, rooms, or computers. Third-party vendors and contractors can be a potential cause of concern for data privacy. That’s why it’s important to carefully vet them, just as you would employees. The more you share data, the higher the risk of a breach or exposure along the way. If a vendor has access to your data, and its systems are compromised, your data could be leaked. Or, bad actors at the company you shared with could use the data in unsafe or inappropriate ways. Worst-Case Scenarios In the event that a data leak or cybersecurity event does occur, your company should have an emergency plan in place. Know what you’ll do in the event of a breach — how you’ll stop it from progressing and contain the damage. The plan should clearly indicate roles and responsibilities and include considerations for various scenarios. Many companies, universities, and government agencies have their plans publicly available online, as a resource. Whatever you do, never attempt to conceal a data breach from the media, your customers, or the public. You could end up facing fines, lawsuits, sanctions, jail time, and irrevocably brand-damaging press. Instead, own up to the breach immediately and let your customers know how you plan to handle it. In order to earn back their trust, you’ll have to prove you know how to do the right thing. Read Also: Data Security In The Cloud: Strategies For A Safe Migration Process Mining and Data Privacy – Key Points to Remember 5 Ways To Prevent Cyber Attacks

Hybrid Work Age: Best Firmware Protection

As the world steps on a fast-paced transformation into digital, it's vital to understand and keep up with its benefits as well as the dangers that come with it. In the same way, you have learned to secure your physical house from being too vulnerable to being attacked, you must now also protect your digital devices from attackers. Living more and more in the frame of hybrid work models, the risks of firmware attacks have increased, making it a priority to take the necessary precautions to keep your devices and sensitive and valuable information secure. Especially in the age of hybrid work, it's more important than ever to be vigilant against potential firmware attacks. Since the digital world is blooming fast and at the same time it has matured from a naif use to an all life online, we must upgrade our understanding of it, to a whole other level. It is therefore imperative to be aware that dangers are real, in order to empower yourself to take proactive steps. Well done, you are doing the first step, to research and educate yourself. An enduring strategy amidst the changing nature of existence is to constantly acquire knowledge. Secondly, to assume liability for our collective contribution, towards establishing a secure online environment that can positively influence our physical reality. No different than in the real world, if your business gets attacked, you will suffer consequences. So, in all that we can control, we must act. Let’s get to know more about firmware attacks and ways to prevent them, for an easy and more relaxed life. Firmware attacks: What Are They? Firmware attacks are specific types of cyberattacks that target the software embedded in the computer's hardware. These attacks exploit security breaks in the firmware, much like thieves can find ways to break into a house. By doing so, criminals can then obtain unauthorized access to your device and take control of it. Firmware acts like a bridge between the computer's hardware and software. It controls the basic operations of the device and enables the communication between these two. If a malicious code is injected into the firmware, it is possible to have complete control of the device. This allows the hacker to perform a multitude of harmful activities, such as stealing sensitive information, modifying the device's behavior, or using the device as a launching pad for further attacks. Just to give an example, attackers can exploit the firmware in a router in order to redirect traffic to an infected website, leading to further compromise of the entire network. Dangers and consequences are real The impact of firmware attacks can be devastating for any business. Once the hackers find a way to get inside a device, it becomes possible to steal sensitive information or install malware on the network. Depending on their agenda, this can lead to financial loss, damage to reputation, and even legal repercussions. Plus, they can be hard to detect until it is too late.The risk of firmware attacks has increased quite significantly, as we are entering the age of hybrid work, where more and more people are working remotely. In order to keep a lifestyle of living the dream, it's critical to understand that the threat of firmware attacks is real and can have severe consequences. Let’s review two of the main dangers: Unauthorized access: Attackers can gain access to your device and take complete control over it: steal valuable information, use it as a platform to execute further attacks and manipulate the device's behavior. Difficult to detect: Firmware attacks are often hard to detect, as they can be deeply installed in the hardware of a device. Be aware that traditional antivirus may not be enough, leaving you vulnerable to potential threats. However, you can relax, as the good news is that there are strategies and actions you can take to prevent this from occurring. Key solutions to shield your devices To protect your devices from firmware attacks, there are several key solutions that you must consider. First, regularly updating your firmware with the latest security patches and updates is fundamental. These updates often address known vulnerabilities that attackers can exploit. Second, investing in anti-virus software that includes firmware scanning capabilities can also help detect and prevent firmware attacks. Use strong passwords and enable two-factor authentication to reinforce security, to avoid unauthorized access to your devices. In addition to these common solutions, there are several hidden protections that businesses can implement to safeguard themselves, such as: Firmware-based intrusion detection, to seek for and prevent attackers from injecting malicious code into the firmware, during the boot-up process. Implementing firmware encryption makes it considerably more difficult for attackers to insert illegitimate code into the firmware. Finally, organizations can also consider implementing firmware-based authentication, which can add an extra layer of security to the login process. Strengthen your network defenses One of the most effective ways to protect your business from firmware attacks is to take a proactive approach to network security. By implementing robust defenses and regularly updating firmware and software, you can help prevent unauthorized access and reduce the risk of a successful attack. One important step is to use firewalls and access controls to restrict traffic to and from your network. This can help prevent intruders from gaining entry through vulnerable devices and systems. You also improve network security when you regularly update firmware and software on all devices, including routers, switches, and other network appliances. In addition to these measures, stay informed about emerging threats and vulnerabilities. You can do this by subscribing to security alerts and advisories, and by following best practices for network security. Keep yourself in the loop of the latest hi-tech news. Promote cybersecurity awareness Another key aspect of protecting your business from firmware attacks is promoting cybersecurity awareness among employees. By educating staff on the best practices for security and providing regular training, you can help reduce the risk of human error and improve your overall security posture. Some important steps to consider include encouraging employees to create strong passwords, avoiding suspicious links and downloads, and using two-factor authentication whenever possible. You can also implement security policies and procedures, such as requiring regular password changes and limiting access to sensitive data. Another important element is raising awareness about the latest threats and attack methods and motivating everyone to keep themselves curious. By keeping staff informed about emerging risks and updated training on how to recognize and respond to potential attacks, you can help prevent successful breaches and protect your business from harm. Conclusion Just like how individuals need to adapt and upgrade their skills to thrive in the changing world, businesses must also take steps to protect themselves in the digital world. By understanding what firmware attacks are, their impact on organizations, and implementing the right security measures, businesses can mitigate the risks and ensure a secure hybrid work environment. Each one of us has a role to play in creating a safe and pleasant navigation experience in both the digital and planetary worlds. So, let's educate ourselves and take aligned action toward a safe world that will benefit us and all internet users. Read Also: How To Protect Yourself On Social Media What Are Some Best Practices To Prevent Phishing Attacks? Wireless Network Management: 3 Best Practices For Enterprises

Cybersecurity Threats In Asset Tracking And Strategies To Mitigate