How to build a strong defence against credential theft prevention?

• As organisations increasingly have reliance on mobile devices for day-to-day processes, one of the important components is implementing a robust Mobile Device Management policy.
• The dynamics keep changing every day, and therefore, proactive action against credential theft will be significant in securing sensitive information and trust from customers and stakeholders.

Credential theft is, by far, one of the slyest and most invasive forms of cyber threats. It involves unauthorised access to asymptotic vital data like usernames and even passwords with the end goal of unauthorised access to systems and data.

So, how can organisations put in place mechanisms to build defences against these threatening trends?

The state of credential theft

Credential theft can occur through various methods, such as phishing attacks, malware distributions, social engineering, and password cracking.

According to cybersecurity reports, phishing is one of the most common techniques used by cybercriminals – when an unsuspecting user is tricked into divulging their login credentials through deceptive emails or messages purporting to be from legitimate sources; the other could include keystroke logging malware, accessing security vulnerabilities.

The most shocking statistic of all is that well over 80 per cent of data breaches involve compromised credentials. In recent times, several high-profile incidents have made the case for the theft of credentials. Some breaches have exposed millions of user accounts while financially draining those corporations and government agencies that incurred regulatory penalties because of security breaches.

Organisations should therefore understand that credential theft has adverse domino effects, disrupting immediate assets as well as trust amongst customers, partners, and stakeholders.

Strategies for prevention

As this concern can take a serious turn when it comes to credential theft, organisations will have to stretch their hands in all directions for appropriate possible prevention techniques. It is all about technology, training users, and commitment to changing practices. Organisations are increasingly incorporating stringent measures, such as Mobile Device Management (MDM), to address this escalating concern.

1.  Strong Password Policy:  Among all the preventive measures regarding credential theft, strong password policies are one of the strongest. Organisations should use complex passwords that span a mix of letters, numbers, and symbols with at least 12 characters as a standard in configurable password policies. They should also include features like frequent password changes and a prohibition on reusing passwords. Educating employees on the relationship between the importance of uniqueness might further strengthen this barrier against unauthorised access.
2. Provide Multi-Factor Authentication (MFA): MFA greatly magnifies security since multiple factors for validation must be passed before access to accounts may be granted. The combination of something the user knows: a password; something the user possesses: a mobile device for the verification code; and something through-and-through: biometrics like fingerprints gives MFA a heavy embargo against credential theft. When it comes to cybercriminals that are heavily concentrating on the default password-based systems, MFA implementation renders it a game-changer for preventing unauthorised access to systems.
3. Security Awareness Training: Employees make up the weakest link in the security defences of an organisation. Thus, they need education on the various tactics that are used in cybercrimes. Some organisations, for example, educate their employees on regular security awareness courses covering all of these schemes-such as phishing and social engineering schemes. Role-playing scenarios and simulated phishing attacks can make training much more effective by keeping employees on their toes and preventing real-life scenarios from occurring. Here, for instance, is where a culture of awareness and responsibility where employees feel responsible for guarding their credentials will contribute to an overall protected organisation.
4. Regular Access Monitoring and Auditing: The best way an organisation can prevent the stealing of credentials is to put strict access control measures within a system. Organisations should regularly audit user access and make changes to the permissions using the principle of least privilege-giving rights only to what they need. Continuously monitoring log-in attempts and accounting for any anomalies or unusual access patterns will help organisations identify those already compromised accounts and respond quickly to minimise damage.
5. Investment in Advanced Technologies:  Apart from compulsory user training and policy implementation, organisations must seek further advanced security technologies. Security Information and Event Management (SIEM) systems provide centralized security monitoring and real-time analytics and alerts for suspicious activities. Threat intelligence applications will help in making organisations ahead of known and emerging threats by enabling them with real-time information about malicious actors and their tactics. Endpoint detection and response (EDR) offers organisations an endpoint level tool with which to combat malware and other attacks.

Role of robust Mobile Device Management

It is necessary to enforce comprehensive security practices owing to an increase in mobile device usage for corporate purposes. A robust MDM (Mobile Device Management) service will act as a critical solution in fortifying an organisation against these threats.

A strong MDM service is critical to organisations wishing to improve their security posture. Organisations can secure sensitive data and systems against the constantly changing landscape of cyber threats by utilising multi-factor authentication, advanced MDM features, including remote wipe and geofencing, and centralised device oversight.

MDM solutions deliver analytics and alerts compliant with all devices, which help in swift remedial action against possible security threats. Keeping all devices up-to-date with security patches and updates can further strengthen organisations from exploitation.

Centralized monitoring and management of devices are also essential elements of keeping the corporate systems intact.

Endpoint security as a frontline defence

Endpoint security is the process through which endpoints are being secured-these are devices such as computers, smartphones, and tablet devices that connect to corporate networks.

They are mainly the entry points that cybercriminals want to compromise or exploit. Typically, without a well-established security strategy-the organisation is open to a range of threats including phishing attacks, malware, and unauthorized access opportunities.

Each of these would, to a certain extent, compromise sensitive authentication credentials and lead to a lot of financial and reputational loss.

Robust endpoint security measures can help an organisation proactively block unauthorised access and minimise risk from credential theft. Such measures include deploying antivirus software, endpoint detection and response (EDR) solutions, firewalls, and encryption technologies.

Furthermore, they should ensure regular updating of system users and training as prorated knowledgeable employees will recognize and eliminate potential threats.