Government sites, retail sites, and technology sector sites are under threat. Why? Because businesses in these sectors are predominately attacked by hackers and other cyber criminals looking to capitalize on your gains. This can be done by stealing personal details from your customers and selling them on. It could be by holding your own business for ransom. It could be by using the information that you have to trick your customers into paying them with a variety of well-crafted schemes.
Every minute that passes, one or two hacking attempts are made. These attacks increased to such frequencies that 64% of businesses around the world have been attacked. Of all attempts, 43% are towards small and medium-sized businesses.
Why target smaller businesses?
The answer is simple. Though larger businesses and government websites hold more lucrative data, small businesses are easy pickings. They typically do not have a functioning IT department, much less a cyber security expert to help direct them. On top of that, as they do not have a strong focus or understanding of cyber security and the attacks being made several times over while you read this article alone, they are easy to trick.
Attacks can look like phishing spam. It can come in the form of denial of service. It can be ransomware, or malicious code, or even done by using the very same login details that you and your team use.
If you own a business, or if you are a manager or other leader, then it’s time to get your company on board with the importance of cyber security.
What small businesses do to protect themselves?
Thankfully there are many things that smaller businesses can do to protect themselves. Large, especially publicly traded businesses, should have their own dedicated IT team and security experts on hand. They can both afford the talent and cannot afford to suffer from an attack.
Small businesses also need to protect themselves, but as their budget is tighter, you will need to approach your cyber security strategy by using these tips:
Understand where the risks are
If you don’t know how hackers can attack you or even how they can make money off their attacks, you are automatically at a massive disadvantage. Knowledge is power. In most cases, the reason why a cybercriminal succeeds is that someone unknowingly clicks or downloads a link they should not have.
Business Email Compromises
Business Email Compromise attacks, also known as BEC, are very personalized attacks. They target specific employees and work to hack into your system through that employees’ login credentials. They are becoming more and more proficient and deadly due to an increased focus on their selection and research and are now very familiar with internal business processes and your system’s vulnerabilities.
COVID-19 Phishing and Scam
Though this type of attack doesn’t directly target businesses, every single one of your employees is at risk. COVID-19 is a huge issue, especially as there are so many new processes and information out there. Fraudsters have increased their hacking attempts using COVID-19 narratives to great success, drawing on fear, on the need for more financial security, and more to get people to open phishing emails and links.
Collaboration
Criminal organizations are beginning to cooperate and collaborate together, making them more dangerous and targeted in their efforts to exploit businesses big and small. It is through collaboration that the ever-dangerous Ryuk ransomware, Trickbot, and Emotet malware were conceived.
Distributed Denial-of-Service Attacks
DDoS attacks are declining, but one trend that is increasing is a hyper-focus. Smaller DDoS attacks are now used as a precursor threat to larger-scale attacks or alternative used against smaller businesses without this protection.
Modular Malware – the Modern Day Trojan Horse
Trojans used to be the go-to for when it came to stealing information and draining bank accounts. Today it is modular malware, which is capable of much more, with Emotet the biggest threat for individuals and companies alike.
Ransomware
Ransomware continues to be one of the biggest threats to businesses, however. This can be done both by withholding information or by threatening to publish it. Publishing information can be just as damaging, for example, if you are working on a new IP. In either way, your data is held for ransom, and unless you pay up, the hacker could very well delete everything or publish the information you don’t want out there.
It is important to note that there is nothing stopping them from doing this, even if you do pay the ransom. Your data is at their mercy, and the best you can do is pick up the pieces and work to come back, even stronger.
How do these attacks happen? In 95% of cases, the cause is human error, which means that you can avoid a lot of the attacks in question just by training your employees, using unique logins, and of course, having a cyber security expert to keep your system strong, and everyone in your company on board.
Train your employees
It isn’t always possible to avoid phishing spam and unsafe links, but if you train your employees on how to check links and spot issues even with an official-looking email, you are cutting out many risks. There are many resources available to help get your employees up to speed and many tools you can use to make it easier for them.
You can have an encrypted password management tool, for example, that all of your employees have access to. This way, they only need to actually remember one difficult password and can use unique logins for every single login they have.
Similarly, having a VPN that all your employees have access to – especially when working from home or in a public space – can help keep data encrypted and help them avoid the dangers of an open or public Wi-Fi.
Finally, of course, ensure that all of your employees have access to high-quality anti-virus software. They will require regular virus scans and checks to make sure that their endpoints (phones, personal computers, etc.) are not compromised and a risk to your business.
You help them protect themselves; they become less of a risk in your business.
Use unique and difficult passwords
The log in details your employees use to access your business should be unique, from the username to the password. They should not be used anywhere else. This alone will do wonders to help protect your data.
You can go a step further and have different areas of data locked behind additional passwords. This way, if their personal data is stolen somewhere else, none of it can be used to access your business.
Finally, set up two-factor authentication. This way, if your employees use a different IP address, or if someone else attempts to login, they can only succeed if they have a second verification option (ideally a mobile phone).
Use all of the available security options
One of the easiest ways to help protect your business and your accounts is to use all of the security features the tools and software you use provide. Cloud computing can be a great, safe option for small businesses to keep their data secure. What it cannot do, however, is protect you from a breach on your end. While it will be hard for hackers to break into a cloud account, if they know the password or go in through an endpoint weakness that is on you.
Use all of the security features and methods recommended by your provider, an expert with a cyber security degree, and as outlined in this guide, and the risks should be minimal. After all, many cloud companies go to extreme lengths to keep your data encrypted, with one business using a lava lamp wall to keep their encryption naturally randomized (something computers can never do).
Invest in a cyber security expert
While it is always possible to hire an expert with a cyber security degree, you should note that around the world, there are over 3 million unfilled positions. In the United States alone, there are over 500,000 open positions. Why are they open? Easy, there is a massive shortage of experts qualified for the job.
If your business cannot offer high-end wages, then you have two options.
One, you can outsource your cyber security needs, but this results in limited support. Though you will have a team on your side, they will be dealing with a number of clients, meaning that you won’t be getting the best approach for your business, nor the hands-on, focussed dedication you deserve. It’s a decent compromise and definitely better than not having a security team at all, but for your business’s longevity, you will want someone focussed on improving your security, and yours alone.
The second option, then, is to train. If you are happy to sponsor another employee, for example, the person with the most coding experience, then great! Otherwise, it is easy to take on a cyber security degree yourself. If you don’t have coding experience, then all you need is to take on an extra six months to complete a certificate in cybersecurity, at which point you will be ready to complete a cyber security degree on your own.
In this degree, you will become familiar with machine learning and AI, networking, data mining, penetration, testing, secure software design, and so much more. Not only will you know how to protect your business, but as you grow, you can put cyber security at the core of your business.
It is very worthwhile for business owners and leaders to work towards a cyber security degree, especially if you were already considering taking on another online degree like an MBA. However, the difference is that many MBAs only teach you what you can learn on the job. A cyber security degree allows you to expand your experience and potentially save your business millions – even hundreds of millions – of costs and damages in the future.
A cyber security degree is a great way to protect your business, and it can be completed entirely online and at your own pace, giving you the ability to juggle your business and your cyber security degree and even put it all to use.
Other Ways to Protect Your Web Business
Someone with a cyber security degree can do wonders towards helping your overall business stay safe, but it is important to remember that it isn’t just hackers that will bring your online business down. Sometimes breaks in the code and the businesses you partner with can also let you down.
You don’t need a cyber security degree to know that if you cannot checkout online, you are going to lose sales. Make it a point to check in to your analytics on a regular basis to monitor usage. If there seems to be a huge drop-off of activity, investigate immediately.
Otherwise, you will simply want to get into the habit of checking or auditing your website’s health on a regular basis. Check links to make sure they work, check site speed, ensure that customers can access the data they need, and complete the actions you need them to.
There are a lot of things that can break, especially when working to either add features or update them. Whenever you change anything, even if it was essential for the security of your business and recommended by that expert with a cyber security degree, check to see if your website and internal systems are all working correctly. Code and can interfere with code, no matter how essential.
By checking to make sure that your security measures do not interfere with your online business processes, you can keep a tight ship.
Don’t Wait, Start Today
There is no better time to start working on improving your digital security than right this second. Start today. Find an online course or resource to send to your employees. Go through your security features and options and set them up. Invest in a VPN. Get started on that cyber security degree. So many can be done today, and the rest can help your tomorrow.
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