Cyber Security for Business in 2023
Business,  Life Hacks,  Lifestyle,  Technology

Cyber Security Awareness: A Guide for Everyone (Episode1)

Understanding Cyber Security Awareness in Bangladesh

Updated on 26th April 2023: Cybersecurity is a crucial aspect of our modern digital world. The growing use of technology and the internet has heightened the risk of cyber-attacks for individuals, businesses, and governments. Cyber security is designed to protect against unauthorized access, theft, or damage to digital information and devices. In this episode, we will find out why Cyber Security Awareness in Bangladesh is important.

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Types of cyber-attacks, commonly happen on your devices:

  • Malware: Malicious software, such as viruses and Trojans, that can damage or steal information from a computer or network. Example: A person receives an email that appears to be from their bank, asking them to click on a link to update their account information. Clicking the link downloads a virus that infects the computer and steals sensitive information.
  • Ransomware: A type of malware that encrypts a victim’s files and demands payment in exchange for the decryption key. Example: A business falls victim to a ransomware attack, which results in the encryption of all its sensitive files. The attacker demands payment in exchange for the decryption key, forcing businesses to decide on paying or losing data access.
  • DDoS (Distributed Denial of Service) Attacks: A type of cyber attack that involves overwhelming a website or network with traffic, making it inaccessible to users. Example: A DDoS attack targeted a political organization, overwhelming its website with traffic and rendering it inaccessible to visitors. The attack is meant to disrupt the organization’s operations and prevent them from communicating its message to the public.

“Cyber security is the protection of internet-connected systems, including hardware, software, and data, from attack, damage, or unauthorized access.”

– National Institute of Standards and Technology (NIST)

Cyber attack happening through email:

Cyber attack happening through email

Phishing: A type of social engineering attack that uses fake emails or websites to trick individuals into revealing sensitive information, such as passwords and credit card numbers. Example: An individual receives an email that appears to be from a trusted source, such as a bank or online retailer. The email asks the recipient to click on a link and enter their personal information, such as login credentials or credit card numbers. The attacker then uses this information for fraudulent purposes.

Email Spoofing: A type of cyber attack where a hacker alters the “From” field in an email to make it appear as though it’s from a trusted source. Example: An individual receives an email that appears to be from their employer, asking them to transfer money to a specified bank account. The email appears to be from the employer, but it is actually from a hacker who altered the “From” field. The individual transfers the money, and the hacker gains access to the funds.

Address Bar Spoofing: A hacker creates a fake website that looks legitimate, tricking users into entering sensitive information. Example: A person receives an email with a link to a website that appears to be their bank’s website. The link takes them to a fake website, which looks exactly like their bank’s website. The person enters their login credentials, not realizing that the website is fake. The attacker then uses the person’s login information to gain access to their bank account.

Cyber Security Awareness of Bangladesh, let's learn from the history

Cyber Security Awareness of Bangladesh, let’s learn from the history:

The biggest cyber attack in history is widely considered to be the WannaCry ransomware attack that occurred in May 2017. The attack affected over 200,000 computers in more than 150 countries, including hospitals, banks, and government organizations. The attack used a vulnerability in Microsoft Windows to spread the ransomware quickly and widely. The attackers demanded payment in Bitcoin, causing billions in damages and emphasizing the need for cybersecurity measures. Keeping software updated and having backup plans are crucial to prevent cyber attacks like the Bangladesh Bank heist.

A ransomware attack caused the Colonial Pipeline Company to temporarily shut down a major US fuel pipeline in 2021. The attack caused widespread panic and resulted in fuel shortages and price hikes in several states.

The Bangladesh Bank was the victim of a cyber attack in 2016, resulting in the theft of $81 million. Attackers used malware and social engineering to transfer funds to fake accounts in the Philippines, bypassing security systems.

“The best defense against cyber attacks is education and awareness.”

Cybersecurity affects everyone and is not just a technical issue, but a business issue as well. The impact of a successful cyber attack can be devastating, resulting in lost revenue, damaged reputation, and even legal liabilities. Organizations must understand cyber security’s importance and take measures to protect themselves from cyber attacks of all sizes.

Some statistics we must know:

  • According to a recent report by Cybersecurity Ventures, cybercrime is expected to cost the world $10.5 trillion annually by 2025.
  • The same report states that a ransomware attack occurs every 11 seconds, and the average cost of a ransomware attack is $133,000.
  • A study by NortonLifeLock found that in 2020, 40% of small businesses in the United States suffered a cyber attack.
  • In 2020, the World Health Organization (WHO) was targeted by a massive cyber attack that disrupted its work on the COVID-19 pandemic response.

Why we should consider cyber security awareness in Bangladesh seriously?

Understanding cyber security is crucial for anyone who uses technology and the internet, especially for growing Bangladesh. Individuals and organizations can protect themselves by being aware of cyber-attacks and the risks they pose and taking preventative measures.

  1. Growing dependency on technology: Bangladesh is embracing technology and developing its economy across various industries, such as finance, healthcare, and education. This growth is making the country increasingly dependent on technology, making it more vulnerable to cyber threats.
  2. The threat of cyber attacks: Bangladesh is not immune to cyber attacks, as evidenced by the 2016 cyber attack on the Bangladesh Bank that resulted in the theft of $81 million. Bangladesh needs cyber security measures to protect its citizens and organizations from the country’s vulnerability to cyber threats.
  3. Loss of sensitive information: A successful cyber attack can result in the loss of sensitive information, such as personal and financial data. This can lead to identity theft, financial fraud, and a loss of trust in the affected organizations.
  4. Financial losses: Cyber attacks can cause financial losses for both individuals and organizations. Businesses can suffer from lost revenue, damaged reputation, and legal liabilities, while individuals can face financial losses from identity theft or fraudulent activities.
  5. National security: Bangladesh’s national security can also be impacted by cyber-attacks, as cybercriminals can access sensitive government and military information through successful cyber attacks.

Due to its growing dependence on technology and the potential loss of sensitive information and financial losses, Bangladesh should take cyber security seriously.

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Read Episode 2, where we will discuss how to protect yourself from cyber attacks: Click Here.

Author: K.A.M. Rashedul Mazid, CEO, Rits Browser.

Install Rits Browser & protect your online privacy


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