SMBs and Fraud: How to Protect Your Business from Cyber Threats

 

When it comes to corporate cyber threats, large enterprises tend to focus on large corporations and corporations. Large companies tend to monopolize cybersecurity headings. However, this does not mean that small businesses like you are not affected by cyber threats. According to the Verizon Data Breach Investigation Report, 43% of data breaches in 2018 were against small businesses.

Cyber ​​threats can harm small businesses in one or more ways. Data breaches not only endanger the company's most sensitive information, but also reduce the trust that customers and providers have in the company.

Customers who choose to do business with you believe that the financial and personal information they provide to you is safe. If that trust is breached, your customers may think twice before doing business with you again. After all, competitors just click.

Read on to learn about the most common types of ideas for cybersecurity for small business and how you can protect your business, your customers, and bottom-line.

Ransomware

Ransomware is a type of software designed to deny access to data or certain computer systems until an amount of money called a price has been paid.

According to the Cybersecurity and Infrastructure Security Agency, ransomware is typically spread through phishing emails and access to infected websites. CISA warns that ransomware can compromise any personal or organizational data. Even if you pay the ransomware fee, there is no guarantee that it will be restored.

Fishing

Phishing is a type of cyber attack via email. The purpose of this is to convince the recipient that the email contains legitimate information and to open the message and convince the user to click the link.

According to CSO Online, unlike other forms of cyberattack, phishing masks itself as email from a real company or person, which allows recipients to open a message. Phishing attacks can lead to financial loss and compromise business data.

According to Norton, here are some steps you can take to prevent phishing:

·         Be careful when opening emails. Even if you know the sender's name, check your email address to see if it's from a real person or company.

·         Don't click links in suspicious emails or download attachments

Weak Password

A weak password is an access code that can be easily cracked by a cyber attacker using a hacking program. In this way, hackers gain access to company financial data, employee data, customer and supplier information as well as all password-protected data.

Malware

Malware (short for malicious software) is software designed to damage or access your computer system. This can compromise your company's computer files, hardware, financial records, and customer data. Cyber attackers use this information to steal employee or customer identities.

Unauthorized Access

Unauthorized access is the use of unauthorized users to access websites, computers, software programs, or other information using other users' credentials. In this way, cyber attackers can access protected files such as financial information, pay slips, customer data and employee information.

Negligence or negligence of the employee

Employee negligence leaves an employee exposed to cyberattacks through bad habits and dangerous behavior. This leaves the company vulnerable to data breach and can compromise business financial information, customer data, and overall reputation.

Physical theft

Physical theft occurs when a person steals a computer, system, device, or even a salary in order to access restricted information. This can be a daunting problem for your business as cyberattacks are not required and cannot always be tracked.

Physical theft is often overlooked by businesses despite compromising their data and records, as well as their personal financial records.

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