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The dazzling world of blockchain and cryptocurrency often overshadows a more insidious danger lurking within the payment processing industry: the insider attack. While headlines blare about DDoS assaults and elaborate phishing schemes, the quiet, calculated breach originating from within poses a uniquely devastating risk, often remaining undetected for extended periods, sometimes even years. This isn’t about external hackers; it’s about compromised employees – the very individuals entrusted with the keys to the kingdom. “The reality is that many organizations significantly underestimate the internal threat,” notes Maksym Ishchenko, Founder/CEO of Azerux, a leading cybersecurity firm specializing in providing comprehensive and personalized solutions to protect businesses from a wide range of cyber threats, with a particular focus on DDoS attack mitigation and insider threat prevention. The Devastating Reality of Insider Threats This silent threat takes many forms. A disgruntled employee might subtly manipulate transaction details, siphoning funds into their own accounts. A careless employee, lacking proper security training, could fall prey to social engineering tactics, unwittingly granting access to sensitive data. Or, a malicious insider might deploy malware, creating a backdoor for future, more devastating attacks. “The repercussions are catastrophic: crippling financial losses, irreparable reputational damage, crippling regulatory penalties, and the erosion of hard-won customer trust – all leading to a significant, potentially fatal blow to the company’s bottom line,” Maksym emphasizes. The Real-World Examples: Even Tech Giants Have Their Vulnerabilities The sheer scale of the problem is genuinely alarming. While precise figures on insider attacks specifically targeting payment processors are difficult to obtain due to the inherent confidentiality surrounding such breaches, the problem is widespread. Maxym recalls several known cases of silent attacks: “Consider the case of Proofpoint, a leader in data loss prevention, which in 2021 had a former executive steal confidential sales data before joining a competitor. This highlighted…

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Filed under: News - @ November 12, 2024 9:27 am