Intelligent CISO Issue 42 | Page 67

decrypting myths

Digital identities : How to protect against online fraudsters

As the security landscape continues to evolve , new points of vulnerability are becoming a cause for concern .
Anurag Kahol , Founder and CTO at Bitglass , discusses the areas organisations should be paying close attention to when it comes to protecting their data and operations . e live in a

W connected world where every user and entity has a unique digital identity based upon their online presence , ranging from social media activity to healthcare and financial records , login credentials , web history and much much more .

Digital identities , like more traditional physical forms of identification , have to be strenuously protected to prevent identity theft or fraud . This has become increasingly challenging with the massive amount of data accessed on the web . The acceleration in Digital Transformation efforts by organisations during COVID-19 has also opened up new points of vulnerability to hackers and cybercriminals .
Faced with the increased threat of identity theft and fraud , it is imperative that organisations take a more proactive approach to their security and put Identity and Access Management ( IAM ) practices in place to deal with sensitive data . There are a number of areas where organisations could be at risk and it is incumbent on them to do all they can to reduce the threat to their data and their operations .
Passwords need to be protected
If an organisation is trying to control access to a building , it frequently employs a security desk with a pass system that gives an employee or visitor permission to enter the premises . It is quite difficult for someone to gain unauthorised access by assuming the identity of an employee or visitor .
Sadly , this is all too common in the digital sphere . Many high-profile breaches occur as a result of cybercriminals hacking into employee accounts to gain access to the organisation ’ s data . In more than 80 % of incidents they achieve this by exploiting misplaced or stolen credentials , using compromised passwords to break into the company ’ s data . www . intelligentciso . com
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