How CISOs can Use Threat Intelligence for Fraud Prevention

By investing in cyber threat intelligence, businesses can gain access to a database containing information about numerous threats.

Today, the cybersecurity business faces numerous obstacles, including advanced and deceitful attackers, an abundance of daily data containing external information and false alerts in all offline security systems- not to mention a severe lack of qualified personnel.

Intelligence on cyber threats has become a necessity for several enterprises. Threat intelligence is utilized by organizations to prevent and defend their IT infrastructure from multiple internal and external threats. Identifying these dangers ahead enables businesses to take preventative measures against them.

Some businesses are attempting to integrate hazardous data into their network but do not know what to do with all the additional data. This increases the workload of analysts who may not have the tools to determine what to prioritize and avoid. An intelligent online threat solution can address these problems.

The most effective solutions CISOs can use are: machine learning to automatically gather and process data, interact with the existing solutions, and acquire random data from many sources.

Appropriately applied information on cyber threats can provide greater insight into cyber threats and facilitate a better understanding of the threat landscape and a more effective response.

Also Read: Comprehensive Cybersecurity Approach Against Sophisticated Cyber Threats

How Cyber Threat Intelligence can benefit enterprises

Cost-effective

Cyber threat intelligence (CTI) will save and assist the firm save millions of dollars, despite the impression that this new technology could be expensive. Cyber threat intelligence will protect the firm from paying substantial expenditures by developing an application to avoid and mitigate the attack’s effects.

Prevents data breach

Cyber threat intelligence prevents data breaches by monitoring suspicious connections, domains, and IP addresses attempting to access the firm. If the IP address is determined to be infamous, the CTI system will block its access to the IT network, preventing data loss.

Comprehensive Analysis of Cyber Threat

Cyber threat intelligence stores a plethora of knowledge from prior attacks and can therefore inform the business of the strategies used to execute such attacks. This study also aids in establishing security agreements that will safeguard organizations from attack.

Enhances the Efficiency of the Security team

Cyber Threat Intelligence detects possible dangers to a company and specifies which threats require immediate attention, assisting the security team in effectively preparing. The technology will boost team efficiency by recognizing risks, allowing the team to concentrate on the most severe security issues. The security staff will have to verify for bogus points, and the system will perform another action.

Collaborative Information

Cyber Threat Intelligence is a program that enables all companies to exchange cybersecurity processes and information regarding potential risks. Businesses can learn about emerging hazards that have impacted other businesses through this relationship and prepare for them. In addition, businesses can share best practices for preventing cyberattacks, ensuring that all parties are unified against threatening actors.

Overlapping Capabilities in Threat Intelligence to Detect and Combat Fraud

There are methods for fraud prevention, but most target only one or a few types of fraud. Fraud occurs on an unprecedented scale, making using law enforcement to disrupt criminal actors a difficult value proposition. Organizations and people must make themselves a more difficult target for scammers.

There is no silver bullet for fraud prevention. However, the following characteristics will enable businesses to detect fraud regardless of the approaches and methods employed.

Also Read: Ways AI Is Detecting and Preventing Identity Fraud

• Assemble comprehensive and demonstrated collection coverage against the dark web, closed forums, social media, and open source websites for an organization’s personally identifiable information. These coverage areas must match the business’s most significant financial losses.
• Utilize Threat actor engagement to comprehend TTP and strengthen application design, procedures, and controls requirements. Employing the proper linguists is essential for discovering crucial slang terms.
• Evaluate the tools created by fraudsters to abuse enterprise platforms and personnel.
• Employ threat intelligence analysts who can utilize disguised payments to make purchases on private forums on behalf of a company or an individual.
• Conduct investigations with the general counsel, human resources, information technology, and engineering.

Organizations must obtain as much information as possible about threat actors from outside the firewall to construct robust internal defenses against fraud. In addition, security and fraud teams must coordinate with other business stakeholders, and frequently with one another, to identify further disruptive consequences that result in the assignment of monetary loss to these events.

With a suitable structure and contextual knowledge, CISOs can bolster their defenses, lower the danger of compromising their reputation and financial health, and remain at the forefront of cybercriminals with superior intelligence. The time for proactive security has long since passed, and threat intelligence is its future.