Did you know that in the year 2023, around 353 million faced digital breaches that could potentially lead to cyber fraud activities? With threats emerging with every passing day, it is poignant that we explore the meaning of both cyber fraud and cybersecurity and how these compare against each other. 

While one is the effect, the other serves as a potential strategy to counter it. Having a good idea about both cyber fraud and cybersecurity can help you understand how to protect yourself from threats. You will also have a clearer idea about how to combat such scenarios when there is potential damage. 

Understanding The Concept of Cyber Fraud

Cyber fraud is a generic term with several components that fall under its branches. Any illegal activity that involves digital resources remotely or directly refers to cyber fraud. Some of the most common types of cyber fraud you must have heard about include phishing, ransomware, hacking, financial fraud, identity theft, photo spoofing, and others.

Usually, cybercriminals carry out these activities to cause harm and extort money and other gains. Cyber frauds are conducted on large organizations intending to tamper and gain access to confidential company and private data.

Types of Cyber Frauds

The different types of cyber fraud include:

1. Phishing Attacks

This is one of the most common types of cyber fraud, where you will see criminals curating emails or messages that have a malicious link. These types of messages replicate the content of trusted sources and often use data when individuals click on the link. Cybercriminals can carry out phishing attacks on not only individuals but also organizations. 

2. Identity Theft

As the name suggests, an identity theft is one where an individual tries to pretend that they are someone else. This usually happens with the replication of images and personal data. The aim is to either extort money or get hold of bank account details, social security numbers, and similar others. Identity thefts can be quite harrowing, and along with financial dent, they can cause social identity depletion as well. 

3. Ransomware Attacks

In this kind of attack, malicious software usually attacks an entire system of computers. After the software has encrypted the computer, it will try to gain access to all the files and keep them hostage. The cyber attackers will then demand a ransom from the file owner at the cost of not sharing the data. 

4. Shopping Scams

Today, there are many different E-Commerce platforms. However, not all of them are trusted. There are also shopping scams, where you make the payment and then the product does not reach you. Even if it does, the product is faulty and a complete waste of money. The shopping scams can also steal information about your bank account, and you might end up losing all your money. 

5. Social Engineering Attacks

Among the different types of cyber-attacks are probably social engineering attacks, which require the most effective planning. In a social engineering attack, fraudsters use psychological tricks to manipulate the target. Once they have manipulated the target, they use their cyber-attack skills to cause major disruption. This type of attack can venture across various branches, such as impersonation, baiting, exploitation, and similar ones. 

Understanding Cybersecurity

Cybersecurity is the complete opposite of cyber fraud. Here, the aim is to act as a protective measure against potential damage and recover those that have already been under threat. Cybersecurity protects digital assets, systems, networks, data breaches, and any cyber threat. The concept of cybersecurity is ever-evolving, and this has impacted efficiency as well. Today, cybersecurity encompasses a range of technologies, processes, and practices. These are designed to defend against attacks, detect suspicious activities, and even respond effectively to security incidents.

Depending on the kind of cybersecurity you want and the arena, the components of the system tend to differ. Cybersecurity not only focuses on the implementation but also requires proper training of the target population and timely updates. If the system is not updated, it can be prone to dangerous threats.

Types Of Cybersecurity

There are usually five types of cybersecurity, which include:

1. Network Security

This is the most common and basic type of cybersecurity, which targets securing the entire network. Solutions usually include data loss prevention, identification access management, and even network access control. The network is most susceptible to attacks and is the easiest to crack.

2. Cloud Security

Individuals and organizations are rapidly adopting the cloud. This helps one not only save data but also access it as and when required. A cloud security strategy will include solutions for cyber security control and policies. It cannot only help individuals but is extremely important for the entire organization. 

3. Endpoint Security

Companies usually adopt endpoint security to secure users’ digital assets. This involves data and network security controls and advanced threat prevention systems like anti-phishing and anti-ransomware. Endpoint security is very important as it can lead to major discrepancies. 

4. Application Security

If you are concerned about the safety of software applications, then application security is the best variant. This system usually makes use of concepts like securing coding practices, regular updates for the software, and even firewalls. 

5. Information Security

As the name suggests, information or data security aims to protect any information or data file from unsolicited access, destruction, and even disclosure. Some of the most common methods that are used for information security include encryption, access controls, data loss prevention, and the very important data classification. 

Case Studies Depicting Cyber Fraud

In May 2017, there was a malicious cyber fraud attack that infected thousands of computers all across the globe. This was the infamous WannaCry ransomware, which took advantage of a vulnerability posed by no one other than Microsoft Windows. The attack posed serious threats to thousands of organizations as they demanded ransom and that too in Bitcoin in return for data security. The 2017 attack did not only put huge organizations under threat but some hospitals and individuals were under the radar. 

Conclusion

As the world is advancing digitally, so are other cyber attackers who are constantly planning how to make use of the loopholes and pose serious threats. In such cases, it is crucial to invest and develop the cybersecurity wing for the protection of both masses and organizations. Along with the development of cybersecurity measures, it is crucial to impart education about them. This will help individuals recognize the symptoms and prohibit them from taking steps that can lead them to be victims of potential cyber fraud. Understanding the difference between cyber security and cyber fraud helps individuals and organizations defend against possible online threats.