The terms “dark web” and “data breach” are going hand-in-hand these days.
From personal to corporate data, there are no longer surprises after a string of darknet-linked data breach cases.
Corporate data breaches jeopardize the operations and well-being of large businesses.
Companies across the world have grown wary of the possibility of their data getting stolen and sold on the dark web.
The breaches occur and the business remains unconscious about it, only to finally make the discovery later when the damage has already been done.
It has become increasingly paramount for business entities to monitor the dark web for dumps of their data regularly, to avert any possible damage.
Monitoring the dark web has not been a walk in the park for many institutions.
Law enforcement agencies have had to put up their best foot forward to deal with the sophisticated technology involved in the dark web.
Similarly, it has even been harder for individual businesses and corporations to do darknet monitoring.
Some are using their own data mining software to monitor the dark web; others have had to fork out large sums for the services.
But businesses may be in for some better options with the help of a new agency formed by Europol.
Europol has launched an investigations team dedicated to monitoring the dark web. The team also aims at doing capacity-building and creating awareness about the possibility of a data breach.
The overall objective is to curb the prevailing runaway data breach cybercrime.
The Identity Theft Resources Center reported 1,293 data breach cases in 2017. These consisted of over 174 million confidential files and represented an increase of 21 percent from those recorded in 2016.
These are worrying statistics that further prove that the Europol team has come right at an opportune time. Only the coming months can tell whether the teams’ efforts will be effective.
Financial institutions have had to bear the brunt of data breaches by the masterminds of the trade.
They then sell the data on the dark web.
Those who buy the data use it to defraud these companies—usually costing them huge sums of money.
Bank clients have lost money and incurred charges through such fraudulent personal and corporate data transactions too.
There have been various efforts to try and curb these activities, but the theft has continued to skyrocket.
New and improved measures need to be taken as soon as possible to avert more damages.
The Europol team will come in handy for such institutions and save them a good amount of money that they would have otherwise used to pay third parties for monitoring services.
Continued capacity-building and awareness creation is an excellent strategy of curbing these detrimental vices.
The IT departments of the various corporations should have the capacity to monitor the dark web by themselves.
But, in as much as these corporations may have the best security measures, dark web criminals continue innovating and coming up with new ways to bypass these security measures.
Constant reinvention and monitoring by the corporate entities are therefore necessary if they want to stay on the safe side. The recent developments seem to be promising though.
These developments are likely to be received well in various business quarters. The combined efforts from a single point are likely to be more effective than the individual efforts being advanced currently.
However, this does not mean that individual efforts by business entities should stop.
The Europol team is an extra layer of security. The more the efforts, the more secure the corporations will be.
The centralized efforts are bound to reduce the cost of fighting cybercrime too.
The costs have been skyrocketing, and more efficient methods of fighting cybercrime have been long overdue.
By 2015, the costs had hit $3 trillion, and the current trend indicates the costs might hit $6 trillion by 2021. That’s a lot of money that could be channeled to better use if the threat of cybercrime is dismantled.