Half of SMBs Targeted by Cyber Attacks: 7 Ways to Keep Your Business Safe

There is no safe haven from cyber attacks on the internet. You may know someone whose social media account was hacked and we often read headlines on attacks on major corporations, but recently SMBs are the target. About half of small to medium businesses (SMBs) are targets of phishing and malware. 

Intrusive cybercrime through phishing and malware, along with crypto scams and forex trading scams are major threats. It is estimated that if global cybercrime were a country, its GDP would be third after the US and China’s. 

Many of these hackers are trying to gain access to client accounts and data so they can commit identity theft. The hacking often results in unauthorized transactions, stolen bitcoin and even manipulation of bank accounts. As a result, even customers who have taken precautions in their own lives may become vulnerable to identity theft simply because their data was stored by an SMB that got hacked. Therefore, the need for fund recovery services is crucial to fight the current threat. 

Trader Defense Advisory experts consult with people and companies who have lost money through phishing, malware, a crypto scam or a forex trading scam. Contact TDA experts who are experienced in dealing with all types of scams and can help you with every phase of fund recovery.  

The High Price of Cybercrme for SMBs

Many people have been affected by cybercrime. They may notice uanuthorized charges on their credit card or that their Facebook account has been hacked. Some experience more in-depth identity theft. Someone may start using their bank account and even claim government benefits in their name. 

Cybercriminals often go after individuals, but like pirates, they would rather capture an entire ship full of people with treasure than an individual boat. That is why cybercriminals are increasingly attacking small to medium businesses. 

The rate of these attacks has increased dramatically in the past few years. By the end of 2021, an SMB will be hacked every 11 seconds. Many of these attacks are minor but some can be catastrophic. It is estimated that 60% of all businesses that experience a major hacking or ransomware attack go out of business within 6 months. 

Ways Cybercriminals Attack SMBs

  1. Mass Emails
  2. Spear Phishing
  3. Social Engineering or Impersonation
  4. Low-Tech Methods–Fake Call

These are just a few of the ways cybercriminals gain access to the networks within an SMB. One way is through a mass email campaign. The email will target millions of people, not just within the company. They appear to be from a reputable company, such as Google or Microsoft. 

They will claim there is a problem that needs to be fixed right away. They will ask for the users’ login data or they may provide a fake login page. The reader will click a link and the malware can enter their devices. They may also input sensitive information. 

Spear Phishing works like a mass email scam, but it is focused on specific employees within a company. They may use social engineering and impersonation to pretend to be from the IT department and insist they need access to the employees’ computers or data. Sometimes, they will use low-tech methods such as calling. Since most people expect cyber attacks, the phone can throw them off. 

Steps to Take to Avoid These Attacks

There are many ways that business owners and employees can keep their SMB safe from cyber attacks

  1. Avoid clicking on links or downloading documents without checking
  2. Check the Domain Name
  3. If it is a call, call back
  4. Require two-step verification
  5. Upgrade anti-virus software regularly
  6. Verify that the department or organization sent this communication
  7. Do an online search

Many people understand the dangers of clicking on links or downloading documents from unknown senders. However, given the increasing sophistication of phishing techniques and social engineering scams that involve impersonation, it is important to be careful of communications even from senders we think we know. Check carefully before clicking or downloading

One way to verify that the communication is genuine is to check the domain name. Often people overlook this but only later notice that the sender or domain name was not the usual one. Also, do an online search of the subject lines of emails. This works for mass phishing campaigns since there are usually online reports warning people not to respond to emails with certain subject lines. 

Don’t have a false sense of security about the phone. If someone who seems to be within the company calls and asks for information, take their number down and call them back to verify. Also if you are unsure that the communication you received was genuine, call the department and confirm they sent you something. This also works for companies and government organizations who seemed to have sent you something. 

To stay safe, requiring a two-step verification is essential. It is relatively easy for a hacker to steal a password, but also asking for the person to type in a code sent directly to their device as a second step enhances security. Also, ensure that all employees are using the latest version of anti-virus software. With many workers telecommuting, out-of-date anti-virus software puts company information at risk. 

Fund Recovery After a Cyber Attack

Despite your best efforts, a ransomware or malware attack may happen. It is essential in this case to file a report to authorities immediately and begin the process of fund recovery. The future of a business may depend on how it handles these crises and how effectively it recovers client and company funds after a cyber attack. 

If you have been affected by a cyberattack and identity theft, Talk to TDA Experts Today

If you have been the target and have lost funds in a cyberattack, contact Trader Defense Advisory. Our team of experts has vast combined experience dealing with identity theft, forex trading scams, crypto scams, and scams. Consult with us and we will create a claim and help you get started on the path to retrieving your funds.