In 2016 fraud and identity theft resulted in $21 billion worth of losses and was proving to be a lucrative gold mine for cyber criminals. Lucrative because it provided hackers with leverage to negotiate ransoms with businesses, organisations and individuals.

In some cases falling victim to data hack is noticeable immediately and it can be a race against time to control the damage, however some cases take a long time to be discovered – and it is these cases which dictates what hackers do with your stolen personal data.

Identity Fraud

You’d be surprised what little data it takes to mimic the identity of someone else. Cases range from a simple building ID to filing fraudulent tax returns. It is one of the easiest and simplest ways to use stolen data for bad intentions.

Extortion

Data can be used against the victims themselves. If a cloud drive was compromised, the hackers could extort money from the victims in order to get the contents back. The same manner where a hacker can use a victim’s email or social media profile to pose as the victim themselves and request money from family, friends or colleagues.

Launch Phishing Attacks

Your contacts list can be used to launch cunning phishing attacks. With the recipients seemingly having gained your trust as a contact, a simple email to your family, friends and/or colleagues may give the hacker exactly what they want, without any trouble. Important files, money or even more personal data can be extracted by the hackers in this manner and sent to their contacts resulting in a chain effect of phishing attacks.

Make Fraudulent Online Purchases

Usually one of the popular methods among amateurs and professionals alike, making online purchases using stolen payment data is often a quick way to gain a profit. Depending on what data they have, hackers can make purchases, apply for loans or even wire transfer money to offshore accounts.

Due to the widespread nature of identity theft, users and organisations must be careful with all personal information—whether it belongs to an individual or to members of the organisation.

IntelliTeK is a managed IT services company in Sydney, Australia. With major vendor relationships and accreditation’s including WatchGuard, Microsoft, Trend Micro and Amazon Web Services, IntelliTeK have kept clients happy since 2007. 

IntelliTeK are always up to date with the latest cloud backup solutions which is why we only partner with the best in the industry. If your company isn’t fully equipped to fend off cyber criminals, then get in touch with us so we can discuss your options. Call us on 1300 768 779, email us at info@intellitek.com.au, fill out the web form, or have a Live Chat with us below.