Prac Playbook Edition 8
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device or biometrics. This means if<br />
someone does manage to get their<br />
hands on your login details, there's an<br />
additional barrier to overcome before<br />
they can actually access your accounts.<br />
You can find out more about Microsoft<br />
MFA here.<br />
3) USE OF AI-<br />
GENERATED FAKE<br />
VIDEO AND AUDIO<br />
WILL INCREASE<br />
WHAT YOU NEED TO<br />
KNOW ABOUT<br />
CYBERSECURITY IN<br />
2019<br />
T h i s a r t i c l e a l s o a v a i l a b l e i n o u r b l o g<br />
From 2016-2018, nearly half of Australian companies were hit by cybercrime (source).<br />
It's no wonder cybersecurity has already proven to be a hot topic in 2019. On the heels of<br />
a number of high profile data breaches in 2018 and the introduction of GDPR,<br />
cybersecurity is front of mind for many businesses. Here are 4 major trends for the year.<br />
1) PHISHING<br />
SCHEMES WILL<br />
BECOME EVEN MORE<br />
SOPHISTICATED<br />
Hackers aren't just after your credit<br />
card details anymore, they're focussed<br />
on infiltrating large value transactions.<br />
The property market is especially<br />
alluring as it involves constant highvalue<br />
money transfers between several<br />
parties. They've become experts at<br />
hacking into email accounts and<br />
following transactions as they progress<br />
so they can strike when the iron is hot.<br />
They know when you're ready to<br />
transfer the deposit and they send a<br />
perfectly timed email from the hacked<br />
account with false bank details to<br />
redirect funds into their own accounts.<br />
There have been several recent highprofile<br />
property fraud cases in Australia<br />
involving these type of phishing<br />
schemes that have resulted in significant<br />
financial loss for buyers/sellers and<br />
reputational damage for service<br />
providers.<br />
2) MFA WILL<br />
BECOME STANDARD<br />
IN ALL ONLINE<br />
TRANSACTIONS<br />
Password-only access will soon be a<br />
thing of the past. More and more<br />
businesses are implementing multifactor<br />
authentication (MFA) to<br />
safeguard their data, particularly in light<br />
of the increased prevalence of phishing.<br />
MFA requires additional credentials on<br />
top of a username and password to add<br />
an extra level of verification before<br />
providing access to sensitive systems or<br />
data. It may require approval from your<br />
We're used to hearing the fears about<br />
AI taking over jobs, but of greater<br />
concern is how it may be used by<br />
cybercriminals against us. There's a new<br />
trend toward using artificial intelligence<br />
to create fake audio and video messages<br />
that are extremely realistic. This type of<br />
media can be used to add even more<br />
credibility to phishing tactics and help<br />
hackers to impersonate trusted people.<br />
4) PEOPLE WILL<br />
REMAIN THE<br />
BIGGEST THREAT TO<br />
CYBERSECURITY<br />
The biggest threat to cybersecurity is<br />
you, your employees, your partners and<br />
your clients. It may only take one<br />
absentminded click or keying in the<br />
wrong email address and you could be<br />
facing a serious data breach. That's why<br />
education and awareness are key. All<br />
businesses should have cybersecurity<br />
training and procedure in place to<br />
ensure vigilance and best practice<br />
procedures. Your security is only as<br />
strong as the weakest link.<br />
These are just a few of the hot topics in<br />
cybersecurity this year, but the speed of<br />
change is substantial in cyberspace.<br />
If you want to know more about how<br />
you can protect your business, you can<br />
check out one of our security-related<br />
webinars below.<br />
Protecting your firm with VOI<br />
How to secure conveyancing<br />
transactions<br />
Cybercrime in e-conveyancing<br />
How to manage risk in conveyancing<br />
transactions<br />
Real Estate Fraud Prevention<br />
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