Fraud Awareness & Risk Management: Mastering Malware Defense

Criminal perpetrators of malware attacks are displaying unprecedented relentlessness, intensifying their efforts to pilfer data, tarnish reputations, and wreak havoc across businesses of all scales. Understanding malware and knowing
how to thwart attacks is the first line of defense for business leaders.

What Is Malware?

Malware is an intrusive software cybercriminals use to steal data or destroy computer systems. Oftentimes, the malware can be disseminated via phishing emails or downloads, or by accessing unsafe websites.

In 2023, the worldwide number of malware attacks reached 6.06 billion, an increase of 10 percent compared to the preceding year.¹

Types of Malware

From ransomware, adware, and spyware to viruses, worms, trojans, and cryptojacking, malware comes in myriad forms, with newer, more sophisticated forms emerging all the time. Here are a few common types to keep on your radar:

Adware

This software displays ads to the user by multiple pop-ups. Adware can track information about you or extract personal information. Adware can be bundled with other software or downloaded from nonreputable sources, like unofficial app stores.

Spyware

This runs silently and gives an attacker control over a device. Spyware can be installed when the attacker has physical access to your device and installs a spyware app, or if you get tricked into downloading the app via a fraudulent email or text message.

Trojan

When downloaded, Trojan software performs like the legitimate application but actually does malicious activity
in the background. Trojans can be found in pirated or fake antivirus software.

Ransomware

When downloaded, this malware encrypts a company, organization, or individual’s data and holds the electronic
key for ransom. Ransomware gained popularity recently and is now a primary objective for attackers globally. It
usually attempts to spread itself at high speed through the network, locking every computer and server it can find.

Advanced Persistent Threat (APT) Attack

An APT attack is an attack from an intruder that establishes an undetected presence in a network to steal data
over a prolonged period of time. APT attacks are often used simultaneously by fraudsters, who will attempt to
maintain access to the system.

6 Ways to Avoid Malware

1. Patch vulnerabilities

Malware takes advantage of vulnerabilities. Software companies fix these by pushing updates to users. Software updates are critical for security, as they are the most effective way to stay safe.

2. Back up your data

If your company’s device is compromised due to malware, theft, or damage, your uncorrupted files may still remain in your backups. Protect them by using a strong password and encryption. Consider backing up off-site, or disconnect your backup system from the network each time backup is completed. It is important to note that a lot of ransomware also corrupts backups if they are maintained on the same network, so regularly test your company’s backups to make sure they work. Consider backing up your computer data to a removable hard drive or through a cloud backup system.

3. Wait before you click

Link and file sharing are common practices, but stay aware when interacting with or sharing links. Before clicking, ask yourself: Does this link seem odd? Look out for shortened or cut-off links, typos, copied branding and logos, and fake messages from colleagues. Hover your mouse over the link, but don’t click on it. Carefully look to see if the link matches the text in the link. If it is something different and is an address you don’t recognize, delete the entire email.

4. Be careful whom you give access to

Do not allow sharing of unlocked devices. Your company’s devices should use full-disk encryption and strong passwords to protect them from unwanted physical access.

5. Use antivirus and anti-malware software

Not all antivirus software is created equal: Some software marketed as antivirus can be disguised malware. You may want to use your device manufacturer’s own antivirus software. If you prefer third-party antivirus software, check for independent reviews of the software, and see if the antivirus website has an up-to-date list of the type of malware you are concerned about. Consider adding a recognized anti-malware application.

6. Use strong passwords and enable multi-factor authentication

Use strong passwords and enable multi-factor authentication (MFA) whenever possible to reduce
the risk of unauthorized access and enhance overall cybersecurity. By making sure workflows and processes are secure, you’ll rest easier knowing critical steps are in place to keep cybercriminals away, protecting the future of your company.

¹ Source: Statista, 2024
The opinions and views herein are for informational purposes only and are not intended to provide specific advice or recommendations. Please consult professional advisors with regard to your situation.