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Data Protection Best Practices 2020: 5 Solutions You Need

In the modern tech-driven world, it doesn’t really matter if you are running a small business or a global venture – there is always a chance that cyber-criminals will attempt to extract sensitive business information from your data stores or your employees. Just because you’re a small business owner doesn’t mean that scammers and hackers […]

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In the modern tech-driven world, it doesn’t really matter if you are running a small business or a global venture – there is always a chance that cyber-criminals will attempt to extract sensitive business information from your data stores or your employees. Just because you’re a small business owner doesn’t mean that scammers and hackers will pass you by, especially if you are operating in a competitive industry where others stand to gain plenty by selling your business information to other companies and individuals. Remember, there is always something to steal from your company, even if it’s information about a single customer.

After all, it only takes a small data leak to jeopardize your brand’s reputation and trust in your industry, which is a scenario that you might not be able to recover from. With that in mind, let’s go over the best data security solutions for 2020 that will safeguard your business.

Start with employee training and education

There is not much you can hope to achieve in terms of data security and cybersecurity using technology alone, simply because your employees can be your biggest liability if you don’t put in the time to educate them on proper online behavior and cybersecurity measures. You can employ the smartest of tools to monitor your employees, but it only takes one act of social engineering to succeed for a team member to give up a piece of information, by which point your reputation could be irreversibly damaged in the eyes of the public and your audience. 

To prevent this scenario, be sure to devise comprehensive cybersecurity workshops for your employees. You can also bring in outside advisors and IT industry professionals to help with this task. It’s important that you take an individualized approach to employee education, in order to make sure that every employee is on board with the latest policies and cybersecurity practices in your company. Mind the age difference between employees as well, as your long-standing team members might have a more difficult time retaining all of that information.

Introduce multi-factor authentication

There are many potential access points that scammers and hackers can exploit to enter your system, ranging from smartphones and smart devices in general, to old employee accounts in the cloud, email accounts, and many more. Your job is to seal all of these potential data leaks and prevent all data breaches by introducing multi-factor authentication for every device and piece of software in your company. Take the following example as an illustration of how this solution can benefit your company.

Many employees will store some form of business information on their smartphones, even if it’s just emails. Should they lose their phones, or should their phones get stolen, you want to ensure that no one is able to access any relevant business data. This is achieved with multi-factor authentication that requires the user to log in through username and password, but also confirm their identity with an answer to a unique question, or by verifying their phone number.

Monitor all network activity in the workplace

No matter how much you educate your employees, and no matter how many obstacles you put in the way of scammers and hackers, you still can’t leave your employees to handle online communication all on their own. You shouldn’t even allow them to browse the web unsupervised in this day and age, because there is always a chance that they will inadvertently make a mistake that will lead to a data leak.

This is why business leaders are nowadays implementing innovative web filter solutions that give them a comprehensive overview of all network activity in the workplace, allow them to monitor their employees, restrict access to certain websites, and thus elevate the level of data security. This type of software minimizes risk and allows for deep traffic inspection, which ultimately improves employee productivity and safeguards all of your data on the web.

Generate truly powerful passwords

Another tried-and-tested solution that elevates data security is to simply use stronger passwords on all devices and software in the company. That said, this is not as simple as telling your employees that their passwords should contain uppercase letters and special characters, because modern tech-savvy hackers have no problem cracking these codes. Instead, you should use a password management tool that will create a truly randomized assortment of letter and characters to generate passwords that cannot be cracked by humans or machines. 

Integrate software and hardware firewalls

And finally, keep in mind that it’s no longer enough to have software firewalls. Sure, every device needs to have a software firewall installed, but you also have to optimize it for your needs and adapt it to the device in question. Once you’ve done that, be sure to introduce a hardware firewall into the workplace in order to put a physical device between your network and the outside world that will help with traffic inspection, filtering, and data security. This device can safeguard your entire network, and protect all devices even when the operating system crashes.

Wrapping up

The online world is becoming a more dangerous place for businesses with each passing year, which is why cybersecurity and data protection should be your top priority for this year. With these solutions in place, though, you should have no problem safeguarding your brand’s reputation, your employees, and your customers’ information.

The post Data Protection Best Practices 2020: 5 Solutions You Need appeared first on PrimaFelicitas.

Source: https://www.primafelicitas.com/data-protection-best-practices-2020-5-solutions-you-need/?utm_source=rss&utm_medium=rss&utm_campaign=data-protection-best-practices-2020-5-solutions-you-need

Blockchain

Members of WallStreetBets Forum Alleged in Telegram Crypto Scam Stealing $2M in BNB and ETH

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Members of the popular WallStreetBets Reddit forum were suspected of a presumable cryptocurrency fraud that could have caused losses of no less than $2 million. By creating a designated Telegram group, they duped investors by guaranteeing remarkable returns through capitalizing on the recent crypto market rally.

The Core of the Hoax

Per a report by Bloomberg, alleged members of the WallStreetBets Reddit Forum used the Telegram messaging service to execute a blatant scam. A particular account by the name of ”WallStreetBets – Crypto Pumps” presented users the chance to purchase a new token certified as WSB Finance before it was listed on crypto exchanges. The operation is known as a pre-mine sale.

The essence of the fraud was connected to the recent cryptocurrency boom as bitcoin and most altcoins skyrocketed in value lately. With some of the digital assets reaching 1,000% gains, the targeted WSB members conned investors into sending money without asking questions and with the potential of netting huge profits.

The notorious account also urged users to transfer popular cryptocurrencies such as Binance Coin (BNB) and Ethereum (ETH) to a designated crypto wallet and then to reach its ”token bot” to gain WSB Finance coins.

However, the perpetrators never dispatched those coins. Furthermore, another message on Telegram revealed that the people who had already issued a payment had to send an equivalent amount again or they would risk losing their initial investment.


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The Aftermath

After executing the hoax, more than 3,451 Binance Coins were withdrawn on Tuesday (May, 4th) from the wallet inside the Crypto Pumps messages.

Since the price of BNB at that point was approximately $625, the fraud caused losses of more than $2.1 million. Following the scam, thousands of people expressed their frustration and tried to expose the individuals behind the account. Moreover, the quantity of the other cryptocurrency – ether – still remains a mystery.

Two weeks ago WSB admins warned about offers that might try to take advantage of the forum’s name in order to allure the crypto audience. The ”WallStreetBets – Crypto Pumps” account has been removed from Telegram but whoever managed it left a message that might stun the affected victims:

”Buying Lambo now.”

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Source: https://cryptopotato.com/members-of-wallstreetbets-forum-alleged-in-telegram-crypto-scam-stealing-2m-in-bnb-and-eth/

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South Korean Crypto Exchange Accused Of $1.5 Billion Scam

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The South Korean cryptocurrency exchange platform V Global was accused of luring 40,000 people into illicit multi-level deceit. The entire scheme amounts to more than 1.7 million won, which equals $1.5 billion.

The Investigation

As reported by the Korean officials, the police raided many places in the country related to a virtual cryptocurrency exchange, and its notorious CEO – known as LEE – alleged to fundraising without regulatory permission. The authorities blocked the exchange’s cash deposits as a part of the investigation.

In total, the Gyeonggy Nambu Police Agency reported that it searched the exchange’s headquarters in southern Seoul along with 21 other places and froze more than $214 million left in the account.

Another report from today shed more light on the developments. According to Yonhap News, the name of the organization is V Global. The Korean police are examining the accusations against them for fraud under the Certain Economic Crimes Weighted Penalty Act, the Similar Receiving Act, and the door-to-door sales business.

The main accusation against the exchange is gaining a deposit of 1.7 trillion won ($1.5 billion) from 40,000 members in the period between August 2020 and January 2021. The announcement revealed that most of the people were elderly or housewives with no experience in cryptocurrency trading.


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Too Good To Be True

The investigation revealed that the exchange urged investors to entrust their funds to an account and lured the members that the expected return would be three times higher than the initial investment. According to the authorities, there was a pyramid element in the scam as the exchange promised to grant an introduction fee of 1.2 million won ($1,065) for every newly recruited member.

The report affirmed that the trading venue paid some members in the form of a block. Therefore, people who signed up earlier received funds from individuals who entered the exchange later.

Moreover, the Korean police seem confident to deal with the fraud case as it revealed its intention to confiscate 240 billion won ($214 million) left in the V Global account as of the 15th last month, even before the prosecution process.

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Source: https://cryptopotato.com/south-korean-crypto-exchange-accused-of-1-5-billion-scam/

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Georgia’s central bank is exploring ‘Digital Gel’ CBDC

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The National Bank of Georgia said that it is considering launching a central bank digital currency.

In an announcement today, the central bank hinted at the issuance of a central bank digital currency, or CBDC, in an effort “to enhance efficiencies of the domestic payment system and financial inclusion.” The National Bank of Georgia, or NBG, said it would be inviting fintech firms and other financial institutions to participate in the project, named Digital Gel after the symbol for the country’s fiat currency, the lari.

“CBDC holds the promise to unlock the tremendous value of innovative business models for the benefit of society,” said the announcement. “The introduction of CBDC could increase financial intermediation efficiency, help introduce new financial technologies, facilitate financial inclusion, and reach previously unbanked populations.”

However, the bank mentioned the possibility of risks in the launch of a CBDC in the Republic of Georgia given the “new and potentially disruptive technology.” The NBG said it may conduct extensive testing of the CBDC in a controlled environment to ensure a smooth rollout, but did not provide any details regarding a timeline for launch.

With a population of roughly 4 million and a gross domestic product of approximately $15 billion, a nation like Georgia falls at the smaller end of countries exploring CBDCs. The Bahamas officially rolled out its Sand Dollar central bank digital currency in October, while China has been piloting its digital yuan in select cities prior to a full-scale launch. In the United States, Fortune 500 company Accenture announced this week it would be partnering with the Digital Dollar Foundation to conduct CBDC trials.

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Source: https://cointelegraph.com/news/georgia-s-central-bank-is-exploring-digital-gel-cbdc

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