Increasing cybercrime. Due to the ever-increasing scope of the digital world in our daily lives, cyber crimes are becoming more of a threat to all of us, regardless of age or gender. A recent study shows that younger individuals are more targets for cybercrime. It also appears that more than half of cybercrime victims are women. On the other hand, cybercriminals clearly and consistently target the financial sector.
In this article, we would like to touch upon the expansion of the target audience of cybercrime, the precautions that financial companies can take, and how they should protect a safe ecosystem.
Cybercrime and age discrimination
Cybercrime now affects everyone, regardless of age. Even young people with relatively high technological knowledge are at greater risk because they spend too much time in the digital world. Research results reveal that 75 percent of individuals aged 18-34 spend 3 hours or more a day online. Threats such as phishing, ransomware, and online fraud frequently target these individuals. However, although older users spend less time online than younger people, they are more likely to be harmed by cybercrime.
Cybercrime and gender inequality
Cyber crimes affect everyone, regardless of gender, but according to the same research, women are more exposed to cyber crimes. 66% of the victims are women and 34% are men. Possible reasons for this situation are stated to be that women spend more time in the digital environment than men and their cyber risk awareness is lower.
Financial companies and cybersecurity
Industry-specifically, financial companies continue to be the main target of cybercriminals. The financial sector is becoming a much more attractive target as it increases the profitability of crimes with its large customer base and financial information.
In this context, financial companies take some technical measures, conduct regular security audits, subject their employees to cyber security training and use secure software. However, the level of digitalization in business life does not make these measures sufficient. The security of member businesses, suppliers or other third parties that financial companies work with is at least as important as the security of the financial company.
Weak security measures or awareness of service providers and business partners are among the risks that most negatively affect financial companies against cyber threats. This situation leaves financial companies vulnerable to cyber attacks and causes critical data leaks.
These security vulnerabilities cause financial damage and loss of reputation to financial companies at least as much as their own risks. Therefore, cyber security measures covering all parties with which financial companies do business with digital integrations should be strengthened and their security should be assured at all levels.
There is no saving in cyber security!
As institutions and individuals, we become more and more targets for cybercriminals in the digital world. In this new world order, which includes many innovations and unknowns for all of us, all parties have important duties and responsibilities.
While companies allocate the highest level of budget and time to their own corporate security, they should also evaluate sectoral collaborations to increase customer awareness. Having cyber risks on the permanent agenda of companies’ boards of directors and the contribution of public sector stakeholders and regulators to these efforts will definitely be effective and beneficial.
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