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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Five Tips to Make Sure Your Security Software Is Actually Secure

Security software is a must for any business. Your systems contain a lot of important company information, as well as the personal information of your employees and your customers. A security leak or a hacker can be devastating to your business. However, you shouldn’t make the mistake of thinking that just because you have security software that you don’t have anything to worry about. You have to know what to do, or what not to do, to make sure that software keeps you as secure as you think. You can also look for a network security company that will help secure your business. Choose the Right Software The first step is choosing the right software. You have to choose software that provides your business with the features you need, but you also have to choose a trusted name. You need to make sure that your planning begins by finding the correct network security company. Look for credibility, experience, and reputation in the field. Make sure that you are confident of their abilities. A SOAR vendor, which stands for security orchestration, automation, and response, is a good choice for many businesses. The right system can provide you with end-to-end security operations management, which means the program covers every security concern with thorough protection. Choosing an experienced, full-service vendor also means you always have access to a customer service associate who can answer your questions and make modifications to your program to ensure it works for your specific business. Check Your VPN Your virtual private network (VPN) is important because it guards your internet traffic. No one can gain access to the information on your network unless they are provided with direct access to the network. Even if a device is using an outside internet connection, with a VPN, not even the owner of that connection can access your information. That includes information about the security of your virtual systems. The problem is, just having a VPN isn’t enough. It could be leaking your IP address, giving hackers a way into your system. To make sure your VPN isn’t leaking: Turn off your VPN. Conduct a Google search for, "What is my IP address." Engage your VPN. Search Google for your IP address again. When you check your VPN these ways, you should see that the address is different. If it isn’t, you have a problem with your VPN. You can also use an exit server to check your VPN. When you check your IP address, it should match your address and the country you selected. Allow Authorized Cell Phone Use Only It’s normal for employees to access company platforms and information on the go. It’s so convenient that many employers encourage it. You can even access your desktop from a tablet or phone, which means you can continue working, even when you’re not in the office. Unfortunately, using other devices can compromise security. Apple devices are relatively secure, but Android devices are not. No matter what kind of device your employees have, they should be updated with the latest security software. This can be a difficult thing to police. If working at home is expected of employees, provide them with company devices that you have control over updating. Assign Authorized Users Carefully Not everyone should have access to your company’s personal information. Not all employees should have access to certain systems and programs either. They only need access to the information and systems that are relevant to their job description. Assign authorized users carefully to help prevent information leaks. Although most employees have pure intentions, they can still make mistakes with important company information. That includes accessing information from unsecured systems or accidentally sharing the information with someone else who shouldn’t have access to that information. It’s especially important when someone leaves the company. As part of the exit process, it’s important to unauthorize access to all company systems. Schedule Continuous Training Training and development are important to any business but don’t think your job is over as soon as the initial training is over. Security systems are changing all the time, as are the needs of your business. It is important to continually train your staff to ensure your systems are secure. It includes refresher training on basic security information, like proper password selection, as well as specific training on how to use the actual security program. Partnering with a quality provider enables you to use them as a resource when planning your trainings, and in some cases, they may even be able to provide you with training led by one of their associates. Don’t think that just because you have security software that your system is actually secure. There are a lot of things you can do to make sure your company’s information stays safe. Read Also: What Are The Things You Need To Know While Choosing Antivirus Software? Why DRM Is The New Standard For Document Security Top 10 Computer Security Mistakes

A Comprehensive Guide To IT Consulting Services

Does your business need IT consulting services? Information technology consultants create strategic roadmaps for their clients by laying out their goals, objectives, and business drivers. Such a roadmap is essential for making sure your technology organization is aligned with your overall corporate strategy. The demand for cybersecurity consulting and digital transformation is becoming stronger as companies embrace artificial intelligence, mobile technologies, cloud migration, and big data. Almost seventy percent of business owners claim that their cybersecurity risks are on the rise. Hence, professional assistance is more than welcome. The Guide Below Will Introduce You To IT Consulting Services: 1. IT strategy and planning IT strategy and planning are frequently requested by businesses. Strategic information technology is the core value of companies, as it helps them invest in the best technologies to be prepared for the upcoming challenges. IT consultants work with businesses in devising a strategic plan that sets their short-term and long-term goals, as well as a plan on how to achieve them. 2. Budgeting Another service that’s closely connected to strategic planning is IT budgeting. Many companies face challenges in trying to build an IT budget because of not understanding their information technology needs. Professional IT consultants will assist you in developing a realistic budget that incorporates your resources and assets. Besides your own resources, the budget also comprises the estimated costs of the new technology that delivers the greatest value to your organization. See this page for some tips on creating a budget. 3. Security risk assessment Another IT consulting service of tremendous assistance to businesses is security risk assessment. Since companies rely more and more on technology, security risks increase as well. Consequently, a data breach or a ransomware cyberattack may cause significant legal, reputational, and financial damage. Anyhow, by conducting a security risk assessment, these consultants will define the level of risk and create a mitigation approach for its minimization. 4. Cloud and data migration services Cloud and data migration services help companies transfer their applications and data from physical data centers to public and private clouds. Such transfer is usually performed to improve security and reduce costs. Professional consultants are experienced in developing the perfect strategy for cloud migration by discussing both the advantages and disadvantages of each cloud provider, calculating the costs, and then implementing a plan to ensure a smooth migration. 5. IT assessment Another type of consulting service for businesses to consider is the IT assessment. As time goes by, your network keeps on developing by adding hardware and software layers, which might lead to overlooked security gaps. Fortunately, information technology consultants are capable of performing a detailed review of your computing environment. This article, https://www.securityweek.com/top-five-security-gaps-hybrid-it, includes the top five security gaps in hybrid IT. In the course of these reviews, consultants perform an examination of the current technology to see its effect on your business development. Your existing technology is either hindering or assisting your business to grow, meaning changes have to be made in the former situation. Once the evaluation is completed, you will receive it in writing. The written version of the evaluation identifies the crucial areas that would benefit from an improvement. Related Resource: Standard Consulting Updating Businesses Now On ISO 9001 Changes 6. Business continuity and disaster recovery This consulting service is indispensable for preventing business interruptions from affecting the flow of work. Such interruptions are bound to happen, which is why a disaster recovery plan is of vital importance in times of crisis. Information technology consulting firms are experienced in the formulation of such plans, which explain how employees are expected to communicate during a crisis, access the necessary tools, and find the data they need. These plans are of great value when business interruptions occur, as the process of work should keep on flowing. Reasons to hire IT consulting services These consulting firms are worth hiring because of providing businesses with numerous advantages. The majority of IT consulting firms place the focus on the optimization of core business processes. These processes can be optimized by improving employee productivity, tracking performance, achieving maximum efficiency, and building an effective strategy. Information technology consultants help their clients improve their organizational structure by some of the burdens off their shoulders. As not all employees are equipped with knowledge of technology, the chances of them making errors are much higher. By hiring professional consultants, your staff members can get back to their daily tasks and be much more productive. Another reason for companies to consider hiring such consulting services is the cost-effectiveness of making such a decision. The act of hiring full-time information technology employees involves paying salaries, compensations, perks, and other benefits. Even when there are no challenges for them to address, you will still have to pay them. Consultants, however, aren’t hired on a permanent basis. They work on given projects and leave once the work is entirely performed. You won’t be obliged to pay any additional expenses, just the agreed cost for their services. Additionally, these specialists will use fewer resources compared to the resources used by in-house teams. Once their job on a project is done, you won’t need to keep them on the payroll. Another reason why many companies consider hiring such specialists is the experience they bring to the table. They are experts in the information technology field and know every nook and cranny of the market. These experts devote most of their time to doing research on the IT industry so as to get familiar with all the new products and upcoming trends. Learn more useful facts about the information technology sector. The availability of these consultants is usually 24/7, meaning they are on the job at any time of day or night. Given most of them work with clients from different parts of the globe, you can get assistance whenever necessary. Nevertheless, instead of assuming that your provider offers 24/7 assistance, make sure to confirm this assumption during the interview, as well as ask whether you will get charged extra for making calls in the middle of the night. By hiring such a consulting firm, you will also be able to train your staff. Consultants can assume the role of mentors for your in-house personnel by sharing their knowledge and experience. The areas in which your employees would benefit the most from receiving IT training are related to security and troubleshooting issues. It’s useful for your personnel members to know how to troubleshoot the most basic IT issues instead of immediately seeking assistance. In contrast, the security training will help them identify the most frequent cybersecurity risks in order for them to report these threats or, even better, block them. Increased employee productivity is another benefit of partnering with an IT consulting firm. In small businesses, it’s common for in-house teams to have too many projects on their plate, which leads to increased stress and reduced productivity. Professional consultants can free up your team of employees to get back to their core functions. Consequently, their productivity will improve significantly. See this URL, https://www.huffpost.com/entry/to-increase-productivity-_b_6639482, for the key to increasing productivity. To sum up Hiring such a consultant is a necessity for any business relying on information technology. A trusted advisor can translate the newest technologies into a competitive benefit for your company! Read Also: Is Other Consumer Services A Good Career Path In 2021? Do You Need A Restaurant Consultant to Open A Restaurant? SEO Consulting Price: The Average Cost of SEO Services in 2021

E-Commerce Website Security: Top 14 Must-Have Cybersecurity Features

With the rise of digitization, there has been a rise in cybercrime. In fact, when a cyberattack happens, it harms a company directly and indirectly. Also, it affects its reputation in its potential customers’ eyes. In fact, you cannot count but estimate the loss that happens. Hence, it is important to ensure e-commerce website security. In this article, you will learn about the top fourteen ways to ensure e-commerce website security. However, before that, it is also important to understand the importance of ensuring security in e-commerce websites. Hence, to learn more, read on to the end of the article. Importance Of E-Commerce Website Security In 2024, most businesses are working in the online framework. Their revenues heavily depend on their websites. If they do not emphasize their website’s security, their customer base and reputation will become vulnerable. As an eCommerce website owner, you need to comply with certain payment guidelines. These include PCI/DSS (Payment Card Industry – Data Security Standard) to ensure smooth payment transactions. Moreover, you need to install security protocols to secure your data integrity. They will not only protect your customer data from hackers but also keep the search engines satisfied. Thus, security is essential for your eCommerce website. Top 14 Ways To Ensure E-Commerce Website Security The following are some of the major cybersecurity features you must ensure on your website: 1. Implement 2-factor Authentication Does not matter how frustrating it may sound. As long as you are keeping your customer’s data secure, every security method is fine. Employing 2-factor authentication may make your customers a bit agitated. They first enter the login credentials and then enter the OTP received on their number to decrease security breaches and hacks drastically. So, employ the process and safeguard your customer accounts. 2. Get HTTPs And SSL Certification To obtain HTTPS authentication businesses need an SSL certificate to be installed on a website. Before installation, you need to buy an SSL certificate. This is because it encrypts the data communication between the server and the client. Then, it passes the data over a secure network through cryptographic functions (symmetric & asymmetric). This keeps cybercriminals from intercepting the communication. Out of all the SSL certificates, the EV SSL certificates require a user to undergo a unique validation process to verify his credibility through his name, ID, address, and more. Thus, get an EV SSL to secure your Ecommerce website and obtain the highest validation level. 3. Comply With PCI-DSS Guidelines For A Secure Payment Gateway System PCI-DSS or Payment Card Industry – Data Security Standard is a body that governs a website’s right to maintain an online payment transaction system. If you are a website that sees over six million transactions every year, you must be level 1 compliant. However, if your transactions range from 20,000 per year, you are safe as a level 4 client of PCI-DSS. The compliance helps you to secure your payment gateway system. Also, it allows you to use a third-party app to accept payments and make refunds on your behalf. 4. Use A VPN As A Night Watchman When you use public networks such as Wi-Fis to access the site, it is better to use a VPN (Virtual Private Network) to watch your back and restrict other connections to manipulate the ongoing connection between the server and the client. Without a VPN, hackers can easily manipulate the payment transaction and hack credit and debit card details. VPN will secure your customers’ payment transactions even on Wi-Fi and keep their sensitive data as safe as houses. 5. Restrict Malicious Bots Using reCAPTCHA The reCAPTCHA method is extremely effective in keeping hackers at bay. Basically, ReCAPTCHA generates random questions that a bot cannot answer. There are plenty of malicious bots lurking around the internet in hopes of finding an ideal prey for cybercriminals. When they get access to your account, malicious bots can steal information, leak it, or even bring your site down. ReCAPTCHA adds an extensive layer of security that is impenetrable for a code or a bot. It restricts bad guys’ entrance by protecting login pages, signup pages, contact form pages, form submission pages, payment gateway pages, etc. 6. Start Using A Reliable Content Management System (CMS) Choosing the right CMS is important for businesses to determine whether an eCommerce website will stay safe. Mediocre CMSs are a big risk to have. They might help you save a few bucks, but you will always be vulnerable to theft. But, CMSs like WordPress and Joomla have renounced entities having customer bases in millions. Moreover, they are regular in updating security patches and always stay a step ahead of the bad guys. The only thing you need to do is keep them updated. 7. Do Not Use Unsolicited Extensions And Plugins Plugins and extensions are necessary to enhance your website’s reach. They allow you access to multiple tools and features on the internet. However, not all plugins are safe to install. These days, due to rising cybercrimes, you must be aware of what you’re installing or adding. Cybercriminals can engrave malicious codes in the plugins, and when a user installs it, they get access to his site. Before installing any plugin, make sure that its source is known. Check for its reviews and ratings across the internet. Also, check its performance reports and badges for further inquiry and self-satisfaction. 8. Perform Audits For Site Security Site security auditing does not interest a lot of merchants, but it is essential for their survival. Site security auditing includes checking whether the anti-virus is working appropriately and whether security protocols are repelling attacks or not. As a merchant, you must initiate site auditing from time to time. It will help you prevent attacks and fix bugs and technical glitches. If detected early, some security issues can be repelled; otherwise, they may harm the website if they stay for longer periods. So, keep auditing your website at regular intervals of time. 9. Install A Firewall In Your Web Application If you own a web application, the firewall can benefit you immensely. Web Application Firewall or WAF protects the website or web app by analyzing the traffic between the application and the internet. A firewall protects the user data of the application from XSS (cross-site scripting), SQL injection, cross-site request forgery, etc. A firewall is the need of the hour to suffice the mounting cyberattacks and help sustain the business. 10. Perform Data-Backup Regularly In today’s tech world, data is more important than cash in your wallet. Here, you can earn cash again. However, once you lose data, you cannot retrieve them in the same proportion. For businesses, data is their lifeline. They thrive on data and channel their operations accordingly. Since it is immensely important, protecting it is quite a task for businesses as cybercriminals are always on the lookout for data. The best way to protect your data is by creating a copy of it and saving it on the cloud. Cloud allows you to access your data anywhere at any time, making it extremely reliable. 11. Regular Software Updates Regular software updates are crucial for e-commerce website security since they come with patches that deal with vulnerabilities. Additionally, since developers always research and improve cybersecurity, new updates let you access the latest features. In fact, they protect your website from new threats like ransomware. Also, it offers protection against data breach attempts. Moreover, software updates also let your website meet the compliance requirements of the e-commerce industry. Furthermore, it also helps in improving the overall performance of your e-commerce website. 12. Strong Password Policies Firstly, if there is a strong password policy, cyber criminals will not gain unauthorized access to the website. As a result, you can also prevent financial losses that may happen to your business. Moreover, you can also save your business from reputational damage. Generally, cybercriminals and hackers use weak passwords to penetrate networks. Thereby, they stop your business’s critical processes. Hence, with a strong password policy, you can ensure e-commerce website security. 13. Use A Secure Hosting Environment A secure hosting environment protects your e-commerce website from various security threats. These include hacking, data breaches, malware, etc. Apart from that, it also helps to maintain your site’s integrity. Also, it helps you to protect sensitive information like passwords and credit card numbers. Additionally, it also offers protection against DDoS attacks Moreover, site downtime negatively affects your search engine ranking. Here, a secure hosting environment can help you a lot. 14. Focus On User Education And Training If you invest in user education and training, you can help them respond to cybersecurity threats. Basically, your users will learn to identify and respond to threats such as phishing, social engineering, and malicious attachments. Thereby, you can reduce the likelihood of cyberattacks that can compromise your e-commerce website security. As a result, you will gain more trust from your users and customers. Final Thoughts eCommerce is booming every day. New ways of marketing, selling, and attracting are in place to make life convenient for customers. On the hind side, hackers also build new ways to capture as much data as possible. Basically, they employ bots and bugs to do the dirty work. Bots can enter your website and steal customer data, whereas bugs can get attached to plugins and gain access once you install them. Keeping track of what you are installing, where you are visiting, and who you are allowing access to is of paramount importance. However, everything can get simple if you follow these fourteen steps. This way, you can frame a robust website security system. Do you have more recommendations on how to ensure e-commerce website security? Please share your ideas and opinions in the comments section below. Read Also: Everything You Need To Know About PKI In Cybersecurity Five Tips to Make Sure Your Security Software Is Actually Secure Why DRM Is the New Standard for Document Security Top 10 Computer Security Mistakes

Cybersecurity Threats In Asset Tracking And Strategies To Mitigate