A quick look around your office and you’ll see how every individual relies on technology in one way or the other. There’s no doubt that digitisation has helped the global population by making life easier. In the context of business, it has increased efficiency and enhanced operations leading to larger turnovers and, eventually, profit.
The need for speedy global connectivity and other business requirements has led to new technological advancements, but it’s also given way to a rise in cyber crime. Hackers, or cyber criminals, are exactly like your modern-day thieves and robbers. Their primary goal is to steal data by exploiting system vulnerabilities which they can use to sell for money to other parties or hold a business to ransom.
While you may assume it’s a problem reserved for large corporate companies, small to medium enterprises are also falling prey to these criminals by not having the proper processes in place. Cyber security should be a core part of your business strategy and I’ll tell you exactly why.
What do hackers want?
Whether or not you store critical data on your systems is irrelevant to a hacker. These are some of the reasons why your business could be a target for cyber crime.
Customer information
At the very least, you may store your customers’ information. For hackers, these details are an easy target that they can quickly offload for money. They usually target data such as bank account numbers, medical records, transaction history, ID numbers and other personal details.
Third-party details
Small businesses usually have some form of association to larger organisations such as suppliers. This information is handy for cyber criminals and offers them an access point to the larger company. Often, large corporations have some kind of cyber security in place, which proves more difficult to crack for hackers. However, they can gain access by targeting smaller association companies.
Lack of cyber security resources
Hackers understand that businesses without the capacity to invest in cyber security are the ideal target. Usually, some companies have employees perform multiple tasks, increasing their risk of a data breach. Start-ups are often guilty of this since they’re prioritising their finances and cyber security is viewed as an unnecessary expense.
Evaluating your cyber risk
To put in mitigation protocols, you must understand what the risk is to your business first. For this reason, you require a reputable advisor by your side who can better look at your risk and offer a direct solution that meets your cyber security demands.
Types of threats
Every business regardless of its size has the potential to be a victim of cyber crime, especially when there’s no effective plan to address the risks. These are some of the most common threats you could face:
- Malware attacks – Refers to software that may harm your computers or network. Viruses and Trojans often come from downloads and spam e-mails.
- Phishing – These are the most common threat to businesses. They entice the user to download malicious content through a link or they may request personal information. Stats show that 22% of social media users have fallen prey to this type of attack.
- Ransomware – Affects businesses every year and involves forcing the organisation to pay money to access the data that the hacker has locked.
- Weak passwords – Companies that use cloud-based technology are at risk of this threat. Without a strict password policy, you’re compromising sensitive data in the cloud.
- Insiders – Sometimes, the people within the organisation pose the largest threat since they understand everything about the operation. Greed, malice and negligence could be factors that lead to data leaks from within your company.
When you have a third-party take care of your cyber security, it assists in ensuring good practice. You can be confident against cyber attacks while complying with necessary regulations. Overall, it paints your brand in a positive light, promoting other customers and suppliers to collaborate with you.
Don’t wait until you are a victim of a cyber attack; speak to our cyber security team and provide more Clarity to your business and its cyber elements.
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