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.

Read Also:

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.

View all posts

5 Tips To Help You Choose The Best Roller Shutters For Your Factory

As a factory owner, you want that everything related to your production process is sorted at all times. You invest in the best machinery, get the highest-grade raw materials, and employ the most efficient employees to help you create a successful business. In the quest of looking at many things at the same time, you might overlook some other crucial elements, which have the potential to harm your business. Roller shutters are an integral part of ensuring the success of any factory business set-up. They are an invaluable asset for owners and businesses, who do not want any hindrance to their production process. In this article, we take help from Roller Shutters Sydney and ask them for some tips to help factory owners select the best ones for their business. Roller Shutters: Meaning and Definition Roller Shutters are known by different names in different regions. They are referred to as ‘Coiling Doors’, or a ‘Roller Door’ or even a ‘Metal Hinged Doors’. They are created mechanically by placing slats of aluminum or iron on top of one another and hinged by welding at the joints. They can be operated manually with a lever, which orchestrates the opening and closing. Larger ones, like the ones in warehouses and warehouses, can also be opened via a mechanized motor. Being robust they provide excellent protection against break-ins. They are also good if your factory is located in a hurricane-prone region (guard against the elements). Roller shutters are also good at providing a lot of efficiency in terms of energy goals. List of 5 Tips to help you choose the Best Roller Shutters for your Factory 1. Decide on the exact nature of your Requirements- Different roller shutters will help you by addressing different needs. It is best that you do your homework and prioritizes your needs and interests. For example, what do you want to achieve with the roller shutters- security, efficiency, weather protection, or something else? You also need to decide whether you want it to be manual or motorized. 2. Check for the Warranties and Guarantees being provided- Good manufacturers offer sizable warranties ranging from three years to ten years. They also provide a guarantee of offering free replacement if the product is damaged. You should always go for roller shutter manufacturers who are confident of their products lasting well. This means that warranties should play a decisive role in your selection process. 3. Does the Roller Shutter Manufacturer offer Regular Maintenance? - Another tip is looking at the maintenance service being provided by the roller shutter manufacturer. For example, if you are using a motorized one, you will be required to change the oil, service the motor, lube the pulleys, and so on. Not servicing the same will ensure that the wear and tear are accelerated to a point, that will be damaging to the shutters. 4. Doing Research on the Manufacturer- As someone who would be investing heavily in the new roller shutters, it is important that you get a fair bit of idea about the company. Whether the company is manufacturing them or just marketing them by bringing the same from China should be an important aspect of your decision making. Family-owned businesses are always preferable to cheaper imports. 5. Quality of the Roller Shutters- Manufacturers usually grade different kinds of roller shutters based on quality. They use the best metals and the most advanced welding techniques for the best grades. Ensure that you are investing in a roller shutter, which is safe and will easily give you peace of mind for the next ten years. The better ones, even stretch to fifteen years of age! The Bottom Line As a business owner, you cannot afford to lose even a day of production in your factory. This sets back multiple things and the restart can take days. This is why you need to ensure that the production process is not hampered in any way. Installing the best roller shutters can remove many of the impediments delaying or stopping production. It can also allow you to sleep peacefully at night, knowing that your factory is safe and secure thanks to your newly purchased roller shutters. Read Also: 5 Factors to Consider When Buying a New Garage Door All About Commercial Fire Doors Why Should you Consider Security Doors for Your House?

Internet Safety: How To Spot And Avoid Scams

Individuals and businesses are at increasing risk from online scams. Let’s set the scene. According to International Data Corporation, there will be more than 40 billion connected devices worldwide by 2025. Cyber Ventures reported that almost four million records are stolen daily due to data breaches, which is about 45 per second. And a study from Maryland University demonstrated that there is a new victim of cybercrime every 39 seconds. Online scams are costly and potentially fatal. While many dangers exist online, raising your awareness and adopting good habits can improve your information security and internet safety. How to Spot (and Avoid) a Scam Phishing attempts are the primary ways people are scammed online. Scammers may send these communications via social media and text, but the overwhelming majority use email. While phishing attacks can be specific - known as spearphishing attacks - the vast majority are sent indiscriminately. Fortunately, this spam will tend to have some giveaways. Spotting these can help protect us and our data. Demands for Personal Information Reputable businesses don’t ask for personal information via email or social messaging. Delivery drivers that need you to confirm your full name and address are normally bogus. Banks and government departments never ask their clients to send sensitive data such as bank account information, usernames, or passwords via email. Offers Too Good to Be True (Probably Are) Be suspicious when offered extremely low-price goods, services, or holidays. If it makes you wonder how they can afford to make such a deal, the answer is that they expect to add hidden fees, or the offer doesn't exist. The sender expects to gain valuable personal information from people eager to sign up. Claims You Have Won Something It's exciting to win a contest or lottery draw but ask yourself if you even entered a competition. Messages like these generate excitement and prompt people to act quickly to claim their prize. Such communications may also suggest that you have been personally and individually selected. In a way, you have been selected, but so have thousands of other people, and not for anything good. Terrible Spelling and Grammar Spam is renowned for its major spelling and grammar issues. To avoid scams, remember that businesses spend thousands on marketing. They work hard to ensure their communications are attractive and error-free. If you notice spelling and grammar errors, it's unlikely to be from a reputable business. Fake Addresses and Other Impersonation Attempts Scams often use impersonation to benefit from a brand’s authority. People are more likely to believe a message if it seems to be from Microsoft or the Government. To avoid falling for this trick, check the URL or email address carefully. A scammer typically alters a business name slightly to make it seem authentic, such as the Facebook instead of Facebook or Microsoft instead of Microsoft. If the sender claims to be from a big organization but uses a generic email account, like Gmail or Hotmail, this is also a warning. High-Pressure Tactics Most scams work best for criminals when the victims don’t think too deeply about their actions. Communications that insist on an urgent, immediate response should be read very carefully. Verify the details where necessary. More on Avoiding Scams Now that you know how to spot and avoid specific scams, here are some more tips on how to avoid scammers in general. Use Reverse Phone Lookup Services to Verify Senders’ Details One reason the internet is such a hotbed for crime is that it’s easy for criminals to maintain anonymity. Cybercriminals can stay off the radar by using a virtual private network and dealing in wire transfers and cryptocurrency. They can pretend to be someone else, of course; your bank manager; a delivery driver; or an IT help desk technician. Or a friend or family member. If you’re not sure who you are communicating with, use the internet to your benefit. Go to PhoneHistory or any other reverse phone lookup site to verify people’s contact details. You can do this whenever you have suspicions or simply because you’re dealing with someone you’ve not met in a physical location. Block and Report Spam Don’t hit reply, no matter how much you’d like to hit the sender. Giving them a piece of your mind tells them you have an active email address and that other spammers should probably target you. Most email service providers enable you to block and/or report spam. Ideally, do both. Depending on the email system, you might need to choose “block” before you see the option to report it, or vice versa. Blocking and reporting spam helps your email provider eliminate spam emails from your inbox. And it can help them protect other users from potentially harmful communications. Do Not Interact with Potential Scammers Resist the temptation to click on a link within the message if you are suspicious about the sender's intent. Clicking a link can signal to the sender that your email address is active and cause malware to be downloaded to your device. Malware can cause many issues, including: locking you out of your machine (a distributed denial of service attack (DDoS)); encrypting your data unless you pay a ransom for the decryption key (ransomware); installing software that allows a third party to track your activities and/or keypresses (spyware). Read Privacy Notices Since the implementation of GDPR cybersecurity regulations, a pop-up frequently appears on visiting a website, inviting you to read their privacy policy and asking you to confirm your preferences regarding cookies. Most websites are reputable with good intent. Sometimes, however, they are willing to sell the information they learn about you to third parties, who may send you anything from unsolicited marketing emails to harmful, targeted scams. If you don’t have the patience to read every privacy notice, it is still worthwhile saying no to all but essential cookies. It’s quicker than it seems. And make sure to deny the company’s permission to contact you or share your data unless you trust them. Conclusion Internet safety can seem daunting, but most people don’t think twice about improving their car security, home security, and personal safety. Stay observant, check out the identities of people you haven’t developed relationships with yet, and employ a few other good internet habits to keep you, your friends, and your family safe online. Additional: What Is Zero Trust In Cybersecurity Context? Top 6 Cybersecurity Trends Everyone should Know Everything You Need To Know About PKI In Cybersecurity Top 10 Cybersecurity Features That Are A Must-Have In An Ecommerce Store

Data Breach Prevention: Proactive Strategies For Businesses

Data breaches have become an increasingly prevalent issue for businesses across the globe, with the potential to compromise sensitive information and inflict significant reputational and financial damage. Organizations must adopt robust measures to safeguard their data assets in the face of evolving cyber threats. This article delves into proactive strategies that businesses can employ to fortify their defenses against data breaches, emphasizing the integration of cutting-edge solutions and adherence to best practices in cybersecurity. Understanding The Threat Landscape Before diving into prevention strategies, businesses must grasp the breadth and complexity of the threat landscape. Cyber threats can emanate from various sources, including malicious hackers, insider threats, and accidental disclosures. The methods used by attackers are equally diverse, ranging from sophisticated phishing schemes and malware attacks to exploiting software vulnerabilities and conducting brute force attacks. Leveraging Data Protection As A Service (Dpaas) One of the cornerstone approaches for enhancing data security involves leveraging Data Protection as a Service (DPaaS). DPaaS offers a comprehensive suite of services that cater to the critical needs of data backup, recovery, and security. By adopting DPaaS, businesses can benefit from scalable, cloud-based solutions that provide robust encryption, threat detection capabilities, and continuous monitoring of data assets. This service simplifies the complexity of data protection efforts and ensures compliance with regulatory standards and best practices in data security. Establishing A Culture Of Security Awareness A proactive data breach prevention strategy is complete with fostering a culture of security awareness among employees. Human errors remain a significant vulnerability that can lead to data breaches. Therefore, conducting regular training sessions on cybersecurity best practices, phishing awareness, and secure handling of sensitive information is imperative. Encouraging employees to adopt strong password practices, recognize suspicious emails, and report potential security incidents can significantly reduce the risk of data breaches. Implementing Strong Access Control Measures Effective access control is a critical component of data breach prevention. Businesses should adopt the principle of least privilege, ensuring that employees have access only to the information and resources necessary for their job functions. Implementing multi-factor authentication (MFA) adds a layer of security, requiring users to provide two or more verification factors to gain access to systems or data. Such measures drastically reduce the likelihood of unauthorized access, even if login credentials are compromised. Regular Updating And Patching Systems Cyber attackers often exploit vulnerabilities in outdated software and systems to gain unauthorized access to data. To combat this, businesses must implement a rigorous schedule for regularly updating and patching their IT infrastructure. This includes operating systems, applications, and network devices. Organizations can close security gaps and protect against known exploits by ensuring that all components are up to date. Employing Advanced Threat Detection And Response Advancements in technology have enabled the development of sophisticated tools for threat detection and response. Utilizing artificial intelligence and machine learning algorithms, these tools can analyze patterns, detect anomalies, and identify potential threats in real time. Automated response mechanisms can be activated in a suspected breach to contain and mitigate the impact, minimizing damage and facilitating a swift recovery. Conducting Regular Security Audits And Assessments Regular security audits and vulnerability assessments are vital for identifying weaknesses in an organization’s cybersecurity posture. These evaluations should encompass all aspects of the IT ecosystem, including network infrastructure, applications, and end-point devices. By conducting these assessments, businesses can gain insights into vulnerabilities and implement corrective measures to strengthen their defenses. Developing A Comprehensive Incident Response Plan Despite the best efforts to prevent data breaches, the possibility of an incident cannot be eliminated. Therefore, having a comprehensive incident response plan is critical. This plan should outline the steps to be taken in the event of a breach, including the immediate containment of the breach, assessment of the impact, notification of affected parties, and measures to prevent future incidents. Regular drills and simulations ensure the response team is well-prepared to act swiftly and effectively in a real-world scenario. Utilizing Secure Cloud Storage Solutions The swiftness towards cloud computing has offered businesses flexibility and scalability in managing their data. However, it also introduces new security considerations. Secure cloud storage solutions, equipped with end-to-end encryption, regular security audits, and compliance certifications, provide a robust framework for protecting data stored in the cloud. Businesses should carefully select cloud service providers that adhere to stringent security standards and offer transparency in their security practices. Engaging In Threat Intelligence Sharing Threat intelligence sharing involves exchanging information about emerging threats, vulnerabilities, and attack strategies with other organizations and security entities. This collaborative approach enhances the collective ability to anticipate, identify, and respond to cyber threats more effectively. By participating in industry-specific threat intelligence sharing platforms or joining cybersecurity consortia, businesses can gain insights into the latest threat landscape, adapt their defense mechanisms accordingly, and contribute to a broader cybersecurity ecosystem. Investing In Cybersecurity Training And Education Continuous education and training programs for IT staff and employees are vital in keeping pace with the latest cybersecurity trends, threats, and prevention techniques. Specialized training for cybersecurity teams ensures they are equipped with the knowledge and skills to implement advanced security measures and respond to incidents effectively. For the wider workforce, regular awareness sessions can help in recognizing and mitigating the risks associated with social engineering attacks, phishing, and other common cyber threats. Adopting Zero Trust Security Architecture The Zero Trust model operates on the principle that no entity, whether inside or outside the network, should be automatically trusted. This security approach requires verification for every access request, irrespective of its origin. Implementing Zero Trust involves segmenting networks, enforcing strict access controls, and continuously monitoring and validating user and device activity. This model significantly reduces the attack surface and limits the potential impact of a breach. Enhancing Data Privacy Measures Beyond protecting data from unauthorized access, it's essential to focus on privacy aspects. This includes implementing data minimization practices, where only the necessary amount of personal data is collected and stored. Furthermore, ensuring transparency in data processing activities and providing users with control over their data enhances trust and complies with privacy regulations. Data privacy measures, coupled with security practices, create a robust framework for safeguarding sensitive information. Regularly Reviewing And Updating Security Policies Cybersecurity is not a set-and-forget endeavor. As technologies evolve and new threats emerge, security policies and procedures must be regularly reviewed and updated. This includes revising access controls, data encryption protocols, and incident response plans to address new vulnerabilities and compliance requirements. A dynamic approach to policy management ensures that the organization's security posture remains strong in the face of evolving cyber threats. Final Thoughts The importance of a comprehensive and proactive approach to data breach prevention cannot be overstated. By embracing a culture of continuous improvement and integrating advanced security measures, organizations can not only protect their valuable data assets but also build trust with customers and stakeholders. The journey towards enhanced cybersecurity is ongoing, requiring vigilance, adaptability, and a commitment to excellence in safeguarding information in an ever-changing threat environment. Read Also: The Importance Of Cybersecurity In The Digital Age What Are Some Best Practices To Prevent Phishing Attacks? Learn Everything About Google Verification Code Scams In 2023

Cybersecurity Threats In Asset Tracking And Strategies To Mitigate