While you take that first shot of Monday morning coffee, do yourself a big favour and undertake a quick cybersecurity audit. Why? A new report reveals that fraudsters have made billions of dollars thanks to cryptomining and malware spread through various social media platforms.
The report, Social Media Platforms and the Cybercrime Economy, was carried out by Bromium and reveals that 20 per cent of businesses have become infected with malware that is distributed via social networks; social cybercrimes are reckoned to have resulted in at least $3 billion in annual revenues to fraudsters and black hats. Understandably, the problem isn't just to businesses. Consumers are also having their data and identities stolen - about 1.3 billion consumers have had their data "compromised" over the past five years according to the report.
The reason why consumer attacks are of concern is that because employees and even leaders of companies are accessing social media at work or from devices on which they also conduct business, they are increasing a business's vulnerability
"Many corporate employees access social media sites at work, which exposes the significant risk of attack to businesses, local governments as well as individuals," said Gregory Webb, CEO of Bromium. "Hackers are using social media as a Trojan horse, targeting employees to gain a convenient backdoor to the enterprise's high-value assets. Organisations can reduce the impact of social media-enabled attacks by adopting layered defences that utilise application isolation and containment. This way, social media pages with embedded but often undetected malicious exploits are isolated within separate micro-virtual machines, rendering malware infections harmless. Users can click links and access untrusted social-media sites without risk of infection."
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