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Video-Conferencing Platforms Cyberthefts: 30% of Companies Impacted

Video-Conferencing Platforms Cyberthefts: 30% of Companies Impacted

Cyber Security and Hacking

30% of Top Companies Report Cyberthefts on Video-Conferencing Platforms

During Covid 19 pandemic, a massive surge in the usage of video conferencing technologies, and service offerings were observed. However, media reporting on VTC platforms is not always accurate since it does have security problems. The sudden spike of people opting for work from home during the pandemic has eventually led to an increased demand for video conferencing applications, online collaboration tools, and chat systems. Nowadays, business conferences are mainly held online, universities conduct online classes and even fitness and yoga sessions are online. The UK government holds regular cabinet meetings virtually while India held a video conference with SAARC leaders in 2020 for brainstorming means to curb the problems associated with the spread of Covid -19 in the country. 

Darker Side of VTC Platforms

Most of these video-conferencing applications seem to have existed for a long time, especially in the iGaming world, where popular casino sites on sites such as Wetten.com USA, have been providing customer support over VC. However, their usage and necessity spiked since the pandemic. Popular applications like Classroom, Zoom, Slack, WebEx, and Cisco have had major usage for meetings, classes, etc. However, there is a dark side to these platforms.

Moreover, these applications missed out on giving too much importance to the security settings for the users which paved the way for cybercriminals to figure out loopholes. Student online programs and educational applications have been tracking student responses and developed profiles for each student. Thus, many users demand increased transparency and accountability from software developers mainly from applications that sell data to multiple third-party data brokers without proper consent. In 2019, Slack listed multiple cybersecurity threats like phishing, password spraying, malware, denial of service attacks, and credential stuffing. From social media platforms to streaming networks and holiday planning portals, cybercrimes have become on the rise. And top international hackers are being hired by “black-market” firms to steal confidential customer data through unauthorized access. 

Cybercrime And Espionage 

One of the hallmarks of cyberspace is espionage where at one point in time, multiple intelligence programs are used by multiple states in cyberspace. Governments and businesses have become targeted for finding highly valuable information since it is easier to copy, access. And exfiltrate this information. Nowadays, VTC providers have incorporated the usage of the cloud for storage since they are secure. For example, Microsoft uses Azure cloud whereas Oracle takes Zoom. 

Encrypting Solutions

VTC platforms focus on using encryption technologies such as Public Key Infrastructure used by Teams in order to protect user data. End-to-end encryption technologies provide strong data protection. Platforms like WebEx and Zoom offer such protection where users can control the cryptographic key that becomes needed for both encryption and decryption. 

Privacy for Users

Privacy risks become associated with VTC platforms depending on the kind of data the service provider tends to collect and use. Sensitive information can include name, email address, phone number, and residential address which is personally identifiable information or PII. Services that run on an advertisement-based revenue model, pose a lesser risk to protecting privacy than other applications. Major VTC platforms have made their services compliant with the GDPR (General Data Protection Regulations) of the European Union. These offer management of personal information and consent options for cookies. 

Conclusion 

Due to the current scenario, we live in, hackers get an upper hand. The reliance on digital modes of communication has definitely increased cybercrimes. Every week, there is a new case of enduring Zoom bomb attacks or unsavory content over these platforms. Globally, it became reported that there was $6 trillion worth of damage in 2022 due to cyberattacks. Estimated that over 33 billion accounts will become breached this year and 22% of all these breaches are via phishing. Cybercriminals have the potential of causing severe damage like the Solar Winds attack that is still affecting the global GDP. Hackers find client-based systems easy to trap. And become used as delivery mechanisms for leveraging malware onto devices.

Cyber Security and Hacking

Video-Conferencing Platforms Cyberthefts: 30% of Companies Impacted