Who is at risk from cybercrime?
The better question is who isn’t at risk? Cybercrime knows no limits or boundaries, and it certainly doesn’t discriminate. Major retailers, insurance providers, and mammoth entertainment production companies have all fallen victim to these online attacks in recent months. In fact, nine in ten SMEs say cybercrime is their top business concern.
How much do these hits cost? According to a 2014 Hewlett Packard study, the average annualized cost incurred per attack was $12.7 million with a deep range of $1.6 million to $61 million. If you can’t afford a price tag like that (who can, really?), then it’s time to get a multifunctional plan of action in place.
Adding layers to your armor
With every portal, data storage system, electronic data exchange, or technological connection point, your business is at risk every day. The first step to protect your assets is through your people. Hire the best IT experts, choose the right payment provider, and educate your staff on how they are essential to keeping your business safe from online attacks. Start with some of these basic tips, included below.
Smart passwords: Make these long and complex. Utilize caps, symbols and numbers to make them unique, and be sure that it’s not the same password used over all your key systems. If a hacker finds out your universal magic password and infiltrates ALL your important files in one swoop, you have a much bigger problem on your hands. Did you know that the Sony hack was made possible when the “password” file directory was reportedly found? Lesson learned.
Avoid free WiFi and hotspots: It’s so tempting to take advantage of these convenient networks, especially if you are on the go, but think twice before logging on. These networks are not secure and can expose your data.
Encrypted emails: This may be a smart avenue to take to keep your business safe within your own walls. (As a refresher, email encryption protects the content from being read by anyone other than who it was intended for. Email encryption may also include authentication if needed).
Create a cyber-incident response team and plan: Outline everything that you will need to do in the event of a cyber attack and include all your key people (board, legal, IT, management) so they can put all hands on deck if and when you need it.
Don’t forget about mobile: Many businesses attribute more than half their traffic to mobile accounts, but sometimes fail to protect them. Make sure to secure these.
Watch out for phishing waters: Phishing emails are pretty convincing (they invite people to click on cyber attack links), and even the Washington Post recently fell for it. If you aren’t expecting a link from someone or you second-guess it, don’t click it. Make sure your employees understand this fully!
New threats, new strategies
Technology keeps getting better and more impressive, with mind-blowing capabilities introduced every day. As the breadth and depth of this industry evolves, so do the threats. Make sure to tailor and tweak your strategy every step of the way to keep yourself safe from cybercrime.
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References:
http://www.entrepreneur.com/article/243570
http://www.theguardian.com/small-business-network/2015/jan/30/cybercrime-protect-business-common-hacks