The dig­i­tal world is all-en­com­pass­ing and noth­ing can quite match up to it in terms of con­ve­nience. How­ever, there are cer­tain pit­falls we must watch out for

MillionaireAsia India - - Wealth Management - By Bindu Gopal Rao

To­day ev­ery­thing is dig­i­tal, from bank trans­ac­tions to stock in­vest­ments to mak­ing pay­ments and even shar­ing mem­o­ries. While all of this is con­ve­nient and seem­ingly hap­pens at the click of the but­ton, it is im­por­tant to re­alise that you are not alone and are likely be­ing “watched”. Well, to put it in sim­ple words, the cy­ber world is full of hack­ers that are look­ing to siphon money and steal­ing in­for­ma­tion that can cause a huge dent fi­nan­cially oth­er­wise. Again, this prob­lem is mag­ni­fied in high net­worth in­di­vid­u­als (HNIs) be­cause of their wealth. Ac­cord­ing to­ber­se­cu­rity-in­sid­ about nine May­fair art deal­ers/gal­leries in UK have lost al­most €1mil­lion to hack­ers through an email scam. “The probe dis­cov­ered that the meth­ods are sim­ple. Cy­ber crooks gained ac­cess to the art deal­ers email ids and con­tin­u­ously mon­i­tored their emails in and out. When the art gal­leries sent PDF in­voices to clients, hack­ers sent a du­pli­cate in­voice im­per­son­at­ing gal­leries email ad­dress and told client to ig­nore pre­vi­ous in­voice and in­stead wire pay­ment to the bank ac­count men­tioned in the sec­ond in­voice. The same tech­nique has been used by hack­ers to steal money paid by gal­leries to artists,” says Mimi Partha Sarathy, Man­ag­ing Di­rec­tor, Sin­hasi Con­sul­tants Pvt. Ltd.

Stay Safe

Nat­u­rally, HNIs must en­sure they pro­tect them­selves against cy­ber threats and us­ing multi-fac­tor au­then­ti­ca­tion is key. “For years, we have done what our IT over­lords have told us to do - use strong pass­words, and change them of­ten. But pass­words are only one fac­tor and the most com­mon im­ple­men­ta­tion of of the three fac­tors. The fac­tor of “What you know” is the first. The com­put­ers we have tra­di­tion­ally used re­quire only that one fac­tor. The sec­ond fac­tor is “what you have.” In other words, this fac­tor uses to­kens. If you have ever been sent a text to­ken via your mo­bile num­ber to help re­set a pass­word or log in to a sys­tem, then you’ve used this sec­ond fac­tor. The third fac­tor is, “What you are.” This third fac­tor is im­ple­mented through bio­met­rics. If you have an Ap­ple iPhone that uses

face recog­ni­tion, you’re al­ready im­ple­ment­ing this “what you are” fac­tor. In the fu­ture, try to im­ple­ment at least two of these fac­tors for more se­cu­rity,” ad­vices Dr. James Stanger, Chief Tech­nol­ogy Evan­ge­list, Com­pTIA. Keep the fo­cus on do­ing sim­ple things like set­ting some time aside one day a week to mon­i­tor credit card state­ments and bank state­ments to lo­cate and take nec­es­sary ac­tion if any­thing sus­pi­cious. Zakir Hus­sain - Di­rec­tor, BD soft, Coun­try Part­ner of Bit­de­fender opines, “HNIs can se­cure their gad­gets by se­cur­ing an ac­count through Au­to­mated Sys­tem which works on keeping mul­ti­ple back-ups of the im­por­tant data and is also cer­tainly worth it. But one al­ways should choose se­cure and trusted chan­nels to con­nect to their Cor­po­rate In­fra­struc­ture or In­ter­net viz. VPN & Se­cure Trusted Wi-Fi Zone. Do­ing so could pre­vent unau­tho­rised ac­cesses. Many Mar­ket Soft­ware Com­pa­nies have also launched their own end­point mul­ti­lay­ered se­cu­rity prod­ucts, for ex­am­ple, an­ti­mal­ware, an­ti­spam, anti-phish­ing and strong con­tent fil­tra­tion solutions. These solutions are a boon to pre­vent cy­ber-threat.”

Tools & Tech­niques

In or­der to equip your­self to counter cy­ber­at­tacks, you can train your­self with sim­ple one-hour videos and safe com­put­ing prac­tices that are usu­ally not part of ev­ery­one’s ev­ery­day thinking. “Train­ing even if it’s video-based can help en­sure that safe com­put­ing prac­tices be­come au­to­matic. It is im­por­tant

Keep the fo­cus on do­ing sim­ple things like set­ting some time aside once a week to mon­i­tor credit card and bank state­ments to iden­tify and take ac­tion against any­thing sus­pi­cious

to make se­cu­rity part of your “mus­cle mem­ory.” We have a prod­uct called Cy­berSe­cure, for ex­am­ple, that is quite ef­fec­tive. Also use pass­word vault soft­ware. For ex­am­ple, if you still have to use only pass­words, you will have many pass­words to man­age. Use a pass­word man­ager. I call it a “pass­word vault.” But if you use a “pass­word vault,” you can man­age them much more eas­ily. Ex­am­ples of pass­word vault soft­ware in­clude LastPass, Zoho Vault, Dash­lane and LastPass,” says Stanger. Bit­de­fender re­designed the prod­ucts which used the com­mon in­fra­struc­ture such as op­er­at­ing sys­tems sup­ported by Linux, Win­dows, Mac, Smart­phones, and Tabs. The lat­est adap­tive tech­nol­ogy pro­vides best se­cu­rity

tech­nol­ogy; like­wise benev­o­lence the Multi-lay­ered works against all cy­ber-threats.

Tech Talk

In to­day’s world the op­er­a­tive word is mo­bil­ity as we are all on the move with mo­bile de­vices that of­ten makes it very easy for at­tack­ers to dis­cover your lo­ca­tion and if you were away from home. Again it is eas­ier for hack­ers to find as you travel and wage some form of at­tack. “We have more de­vices avail­able to us than ever be­fore. This fact alone has cre­ated a large “at­tack sur­face” for each in­di­vid­ual. At one time, we may have had one or two net­work­able de­vices on our per­sons. Now it is many (watches, tablets, phones, gam­ing de­vices, note­book PCs). The more de­vices we have on us, the eas­ier it is for some­one to ex­ploit a weak­ness. Each de­vice con­tains dozens, if not hun­dreds of ap­pli­ca­tions. Some of these ap­pli­ca­tions could very eas­ily have se­ri­ous se­cu­rity is­sues.” This is why there is a need to use new age tech­nolo­gies to en­sure that novel threats can be com­bated. “In the new iPhone, face recog­ni­tion is a new tech­nol­ogy that en­ables multi fac­tor log in. Most com­mer­cial grade hand­held de­vices or lap­tops come with fin­ger­print iden­ti­fi­ca­tion sys­tem. Pass­word man­ager pro­grammes com­pel users to set strong pass­words and also send sched­ules to fig­ure out the time when must change. These pro­grammes can be used on mul­ti­ple de­vices and dif­fer­ent mo­bile plat­forms. Priv­i­leged Ac­cess Man­age­ment (PAM) in­volves the use of spe­cial soft­ware that can bet­ter and more se­curely track a user’s lo­gin ses­sion and iden­tify anom­alies and, pos­si­bly, ma­li­cious be­hav­ior,” ex­plains Stranger. So it is time to sack the hack and con­trol your safety on­line.

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