Why Your Business Must Prepare for Cyber Incidents
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As the world becomes more digital, so do the risks of conducting business online. Cyber incidents can happen to any business, regardless of size or industry, and can have serious consequences. We have several articles and tips explaining why businesses of any industry today should have measures in place to stop cybercriminals. Your business is more vulnerable than you think!
Check our Cyber Security blogs to obtain more information and learn how to protect your business. The following are some examples of common types of incidents to look out for:
Phishing
Phishing is an online scam in which criminals send emails or instant messages claiming to be from a legitimate organization. These messages typically contain links to bogus websites designed to steal your personal information, such as your login credentials or credit card number. Phishing attacks can be challenging to detect because scammers use familiar logos and language to dupe their victims.
We have an article with in-depth tips on how to avoid phishing and identify suspicious emails. Phishing can occur in most communication channels, but email still is the most common. Read now and prepare your detective eyes to stop criminals before they can trick you!
Denial-of-service
A denial-of-service attack makes a computer or other service inaccessible to users. These attacks are carried out by flooding the victim’s computers or network with requests, rendering it unable to respond to legitimate traffic or causing it to crash. Such attacks can be excessively disruptive and can result in significant financial losses.
Ransomware
A ransomware attack is a cyberattack through which hackers encrypt a victim’s data and demand a ransom to decrypt it. Encryption is the process of transforming readable data into an unreadable format. This process is done using a key, which is a piece of information that controls the transformation. Only the same key can convert the unreadable format to readable data or decrypt it.
Essentially, an attacker can block your data and systems, making it impossible for anyone to access! These attacks can be incredibly detrimental to individuals and organisations since they frequently lead to loss of data or money. The only secure solution is to have backups in place. We have a Complete Guide on Ransomware covering all you need to know to protect your business.
SQL injections
An SQL injection is a form of attack cybercriminals use to execute malicious SQL code in a database. Simply speaking, SQL code is a language to communicate to computers. You can use it to tell the computer what you want it to do, like find some information or create a table, for example. Cybercriminals use this code to change, steal or delete data.
SQL injection attacks pose a serious risk to any website that relies on a database because they can cause irreversible damage.
Malware
Malware is software that intends to harm computer systems. It can take the form of viruses, Trojans or spyware. Malware can be used to steal personal information, corrupt files and even disable systems.
Most business owners only consider the Malware threat when thinking about cyber security. This leads to people mistakenly thinking that Anti Virus is the only cybersecurity tool needed to protect your business. Every business out there should definitely acquire Anti Virus software, but that’s not enough to establish a robust protection for your organisation.
We have a page dedicated to Anti Virus and Malware which explains a bit more about why these tools are essential for any businesses.
Real cyber incidents experienced by small businesses
Nothing could be further from the truth if you believe cybercriminals only target large corporations. According to a recent report, 43% of all cyberattacks target small businesses.
Although the media usually underreports attacks on small businesses and focuses on data breaches that affect large corporations, here are two instances of incidents that severely impacted small businesses:
- When the bookkeeper of a boutique hotel began receiving insufficient fund notifications for regularly recurring bills, the chief executive officer (CEO) realized their company had been the victim of wire fraud.
A thorough examination of the accounting records revealed a severe issue. A few weeks prior, the CEO had clicked on a link in an email that they mistook for one from the Internal Revenue Service (IRS). It wasn’t the case. Cybercriminals obtained the CEO’s login information, giving them access to sensitive business and personal information.
This attack had a significant impact. The company lost $1 million to a Chinese account, and the money was never recovered.
- The CEO of a government contracting firm realized that access to their business data, including their military client database, was being sold in a dark web auction. The CEO soon noticed that the data was outdated and had no connection to their government agency clients.
How did this data leak happen? The company discovered that a senior employee had downloaded a malicious email attachment thinking it was from a trusted source.
The breach had a significant operational and financial impact, costing more than $1 million. The company’s operations were disrupted for several days since new security software licenses and a new server had to be installed.
Collaborate for success
Your business is not immune to cyber threats. There are constant cases where a supplier or software breach is enough to halt operations completely. To address incidents as they occur, adequate security measures and an incident response plan are required. Consider consulting with an IT service provider if you need help identifying the right technologies to prevent a cyber incident or help with developing an incident response plan.
Our team will be happy to provide assistance. Book a Discovery Call for a no-commitment, 30 minute chat with our specialists. We’ll listen to your needs, evaluate your risk and propose a tailored solution for your business.
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Source:
- National Cyber Security Alliance (NCSA) Report, 2022 – Staysafeonline.org/cybersecure-business
- National Institute of Standards and Technology (NIST) – Small Business Cybersecurity Case Study Series