A to Z of Cyber Security: Most Needed awareness for Consumers

In this digital era, where everything, from paying at a chat centre to investments in lakhs can be done with a phone, cashless and seamless, it is a tough task to safeguard one’s own personal information. Safeguarding personal information and ensuring one’s privacy while continuing to be a digital being is of utmost importance. Let’s delve into the fundamental aspects of cyber security, common threats and best practices of digital payments and banking. You can be your own security shield in the digital world.

What is Cyber Security?

Those comprehensive measures in cybersecurity cover everything from devices such as phones and computers, onto networks and data, against unauthorised access or cyberattacks either internal or external. Since time is being spent increasingly in activities in digital modes, it is critical to improve safeguards online against threats such as malware, phishing, or data theft. Each of these carries threats that are dangerous and oftentimes threatening to individual lives, especially those of people affiliated with companies.

According to 2024 research by the Citizen Financial Cyber Fraud Reporting and Management System (CFCFRMS), 1.2 million cybercrimes happened, with nearly 45% of the cases tracking down victims in South Asian countries, specifically Cambodia, Myanmar, and Laos.

Malware or malicious software is a term used to denote viruses, trojans and ransomware all together. All these are used to infiltrate and damage systems or steal sensitive information.

Phishing is a common threat. Phishing means using deception as a way to gather personal information by posing as a trustworthy person or organization. This usually happens via emails or messaging.

Data breaches happen when an unauthorised person gains access to confidential data. This happens often due to weak security systems or practices.

Understanding these threats is the first step for any consumer to protect themselves from devastating outcomes.

How can one be safe from cyber-attacks?

Having awareness about how they can fall prey to a cyber-attack and the protective measures is the first line of defence for any consumer. Let’s see how one can protect themselves from such attacks.

• Suspicious emails or messages are most common ways of cyber-attacks. Always thoroughly check the sender email and the hyperlinks before clicking on any link or document or taking any action in response to such mails or messages. Be extra cautious of emails asking for personal information, OTPs, passwords or those that make you feel anxious and urge you to take action immediately, for example, an email asking to change the account password by clicking a link.
• Have unique passwords. Passwords are the crucial fortification for anyone. Avoid those passwords which could be guessed easily. Use phrases with combination of letters, numbers, and special characters. Never use same password for multiple accounts and keep updating or changing your password to keep the accounts and devices secure.
• Two factor authentication is the next wall of security. Once enabled, the two-factor authentication (2FA) requires the user to enter a code or confirm the login using other device. Since phone is the most usually used device for second step of this authentication, you would be informed of any unauthorised access and you can deny the same.
• Updating the operating systems, browsers and other software as per schedules helps in keeping the user secure.

Cyber security and banks:

Online banking has become an inseparable part of today’s busy life stye. Though it might makes one feel very vulnerable, few good practices can keep them safe.

• Never use public Wi-Fi networks when logging into your bank account digitally as these are unsecure and easy prey for cyber-attacks. If you have to access your account while in public, do it using VPN (Virtual Private Network).
• Never click on unknow links. Always hover the mouse to see the actual destination of the file as these can have malware or could be a phishing attack.
• Never ever share your banking details, passwords or one-time password (OTP) with anyone, even if they say that they are from your bank. No bank asks for such information through email or phone.

Threats are not limited to online banking, offline banking is equally vulnerable.

• Always keep your banking documents, cheque books and cards in a safe place that you can remember easily.
• Shred the documents that contain personal or financial information before just throwing them in the dust bin.
• Always look for who has an eye on you. People can do shoulder surfing, looking over your shoulder to gather personal information, when entering PINs or other sensitive information at ATMs or bank counters.

Understanding these aspects of cyber security and being extra cautious about potential threats can reduce the risk of becoming a victim. Adopt best practices like using strong passwords, turning on two facto authentications, and keep your software’s up-to-date. You can be your own saviour and you can bring awareness to others around you to save them from loss of money, health and peace of mind.

This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.