The Real Risk of Hacking for Businesses
Small business owners beware – hacking is a real threat for companies of all sizes. Recent security breaches at corporate giants like Sony and Target have brought cyber crime back under the public eye. Unfortunately, many small and mid-size organizations don’t fully appreciate the risks involved.
Cybercrime costs the global economy hundreds of billions of dollars every year. While many of these incidents involve sprawling international entities, the risks for small companies are growing by the day. Security breaches can be just as expensive as a physical break-in, with costs ranging from hundreds to over $100,000. A single cyber security breach can put a company at risk of financial ruin.
Types of Attacks
Computer viruses and suspicious emails aren’t the only types of cybercrime that threaten Canadian businesses. As companies integrate technology into all of their operations, they also expose themselves to several types of cybercrime, including:
Ransomware – These malicious programs invade your system and lock down important information. The hackers hold the data hostage, forcing the victim to make a hefty payment to regain access to vital files.
Wire Fraud – Some cyber criminals infiltrate company inboxes and other sensitive communications to identify patterns that they can exploit. They use this information to initiate transfers of funds that appear to be from an authorized origin.
Phishing – Basic identify theft is always a risk for businesses. Whether the information belongs to employees, customers or the company itself, hackers can use personal data to profit at their victim’s expense.
How to Fight Cyber Crime
Cyber criminals tend to operate at the cutting edge of their field, so you can expect them to stay up to date with new operating systems, devices and security measures. Fortunately, there are a few things you can do to stay ahead of the bad guys:
Train Employees on Best Practices – Many cyber attacks are successful because employees don’t fully understand the risks associated with browsing the web or opening a simple email. Keep your workers informed, so they understand why they must tread the internet with caution.
Consider and Insurance Plan – Some businesses find financial security in insurance policies that protect them from losses incurred by hacking. There are many types of coverage available to fit budgets of different sizes.
Use Reputable Vendors – Third-parties are a risk factor when it comes to cyber crime. No matter how secure your networks are, they can still suffer from an attack through a vendor’s product or access point. Make sure your associates are also security-oriented.
Hire Managed Services Experts – A team of IT professionals is your best bet at combating cyber crime. Managed services experts, like those here at Matrix Connectivity, can help train your employees, install security software and evaluate your systems to find security risks.