Nithin Kamath mentioned that utilizing a simple two-factor authentication can significantly reduce the chances of falling victim to cyber fraud.
Two-factor authentication involves using a password as the first login factor, which unfortunately can be easily compromised. However, the second factor adds an additional layer of security to your account, including biometric authorization, time-based expiring codes (TOTP), and more. This makes it much more challenging for hackers to compromise your account.
“Everyone is at risk nowadays, especially businesses, as cyber hacks can be financially rewarding. Almost all companies have experienced some form of cyber fraud attempts. Failing to take preventive action means it’s only a matter of time,” stated Kamath.
Kamath, the CEO and co-founder of India’s leading brokerage, advises that one should never be overconfident and should always prioritize security. He then listed the simple steps that Zerodha takes to minimize vulnerability to cyber frauds.
“All internal employee systems at Zerodha utilize two-factor authentication. Strict role-based access is enforced, ensuring that everyone has the least privilege and access by default. Additionally, nothing is connected to the internet by default, and access is granted over zero-trust networks. Even incoming external emails for employees are only accessible when necessary,” Kamath explained.
“We have implemented botnet and DDoS protection for all internet-facing systems. Real-time monitoring and analysis systems are in place as well. The majority of our employees, including non-technical individuals, use Linux desktops to reduce the potential attack surface. In fact, I have made the switch myself and now use Zorin (Linux). The transition was seamless since I primarily use a browser,” he added.Kamath, known for his educational tweets about the stock market, emphasizes the importance of constant vigilance, adopting good technology and non-technology practices, maintaining awareness about the risks, and continually reducing potential attack surfaces.
“We remain paranoid and cautious. In a world of NFTs, crypto, AI, the metaverse, and more, we must be extremely cautious in all digital interactions. It is also essential to always remember that if something sounds too good to be true, it usually is,” he advised.
Tweet link: https://twitter.com/Nithin0dha/status/1679811167223422980?t=yWWhTXb2FFIe-d_p52_5yA&s=08
(Disclaimer: Recommendations, suggestions, views, and opinions expressed by the experts are their own and do not represent the views of Economic Times)