There is a very real and very dark side of the internet. First there’s the deep web – an anonymous online space that is only accessible with specific software. The dark web, which is part of the deep web, takes anonymity a step further by hiding a person’s identity and location. More often than not, dark web users are tied to the world of cybercrime.
Often times information uncovered from security data breaches ends up on the dark web – especially if it’s valuable, such as a combination of data points like medical information, a Social Security number, or an identifying address with account information.
We recently had Scott Augenbaum, a retired FBI agent with expertise in the dark web and cyber-crime prevention, speak to some of our customers and here are some key takeaways from his presentation:
- It’s estimated that cybercrime damage costs are going to hit $6 trillion annually by 2021; double from 2015. And the rising tide of cybercrime has pushed information security spending to more than $86.4 billion in 2017. This is troubling as companies will spend almost 12 times more on information security in the next five years and total cost of cybercrime will still DOUBLE.1
- While cyber security is important, it’s also important for companies to review their procedures and training programs. Your employees are your first line of defense. For example, what happens at your company when a borrower or vendor wants to change their bank account and routing number? Do you accept a call as confirmation from someone you’ve never met before? How you handle situations like this can make or break the security of your customers’ data.
- If you haven’t already, consider adopting two-factor authentication (TFA) as it increases security by incorporating requirements beyond something you know. TFA can include a combination of:
- Something you know (a password/passphrase)
- Something you have (a dynamic token or pin)
- Something you are (biometrics)
- Someplace you are (location at time of authentication)
If you would like to speak with an ex-FBI agent to obtain advice for your company, contact Scott Augenbaum at [email protected] or call 615.415.0213. For additional information, check out the links below that Scott referenced in his presentation.