Prepare Your Business Against Malicious Actors
The term “malicious actors” sounds intimidating, but what do they really do?
And most importantly, how can you protect your organization? Here is your primer on what to watch out for and the steps you need to take to help mitigate your risk.
How can malicious actors put you out of business?
Not having proper security measures in place can allow malicious actors to steal both your data and money, gain access to your network, and take over your business’ critical systems — which in turn can prevent you from serving both your current and future clients.
Why are small businesses particularly at risk?
The vast majority of small business owners don’t know how to properly protect their systems from cyberattack. In many cases, they either hire the first IT service provider they run into, or bring in someone that’s “good with computers.” This makes their businesses low hanging fruit for the criminals who profit off these types of attacks. As a result, many small businesses go under when attacked, so this isn’t a risk your organization can afford to take.
To help mitigate this risk, we’ll introduce you to several types of malicious actors and explain how to better protect your organization.
Five Types of Malicious Actors
Criminals Seeking Personal Information
Malicious actors are dying to steal employee and client information including social security numbers, birth dates, and financial data.
The most valuable of this information could be social security numbers. Cybercriminals get these numbers and perform tax fraud, open credit accounts, and make other substantial identity breaches. The financial data can be utilized by hackers for fraudulent activities and purchases.
Criminals Who Want to Get Into Your Infrastructure
Storage and data servers are expensive — and hackers know that.
In order for them to cut costs, hackers may aim to store their applications and data on your infrastructure instead. Thinking you’re safe because you have high-performing infrastructure is a common mistake. The better your infrastructure, the more likely cybercriminals are to target it for their use.
Criminals After Confidential Information
Few business aspects are as important as your intellectual property (IP). Your products and services enable you to stand out from the competition.
Imagine your competitor obtaining the new design you’ve been working on. They could get a patent and release it before you have come to market. This is a huge problem and can have devastating effects on your company.
Criminals Looking for Account Access
Sure, you and your IT service provider might have done enough so that hackers can’t obtain financial data. But are your employees’ accounts secure?
If hackers compromise your employees, they can now gain access to your data and disrupt your operations.
For example, losing login access to your CEO’s accounts can be devastating. Not only can a hacker now access sensitive information, but they can also reach all clients and employees and extract valuable information, halting business operations in its tracks.
This data breach can lead to widespread panic and ruin your company’s reputation.
Criminals Looking To Control Your Network
In some cases, hackers aren’t after data. Instead, they want to gain control of the entire network. And they do this through ransomware attacks.
Through spam, phishing emails, and internet ads, they can lock you out of your network and make data unreachable. Once they have full access, they may require a ransom to be paid, and in some cases once you pay you still do not regain full access to data.
The average ransom amount stands at approximately $570,000.00, and the loss caused by business disruption can often be much more significant.
How to Best Protect Your Business and Mitigate the Risk
Now that you have a better understanding of how malicious actors can compromise your organization, let’s look at five effective ways to better protect your business:
Invest in Security Systems and Solutions
Teaming up with a reliable IT service provider can be a key investment that keeps your data and infrastructure safe. Many business owners do not realize that allocating enough resources to set up proper defense measures can be crucial to their organization’s survival.
Train and Test Your Team
Most security systems have weaknesses, and employees are usually the biggest ones.
For this reason, HR managers and CEOs should ensure their staff follow cybersecurity best practices, both in-office and at home. Any phone or laptop an employee uses for work can be a weak point and entryway for hackers.
Most IT service providers offer training to employees, so they are aware of what steps are necessary to keep them safe. Arranging phishing campaigns to identify employees who are most at risk to cyberattacks can be very insightful. You can talk about different aspects of your company and the steps necessary to deter cybercriminals.
Sound education can go a long way in promoting a healthy security culture.
Implement Multi-factor Authentication
There are many valuable tools you can use to fend off an attack. One of them is two-factor or multi-factor authentication — a simple yet effective weapon against scammers.
This measure requires each user to verify their identity each time they access your system. This can be added to all business-related accounts to reduce the chances of cybercrime.
Furthermore, encourage your team members to activate two-factor authentication on personal accounts as well. This way they’ll be more likely to follow appropriate security practices, reducing the risk of compromised devices and data breaches.
Leverage Software
Computer viruses are another go-to tool for hackers. And a great way to deal with them is to incorporate antivirus software.
Make sure your built-in antivirus software is up to date. Again, IT service providers can implement the most secure antivirus tools and monitor them regularly.
Each machine that can access your company’s network should rely on this software.
Perform Security Checks
It’s important for your IT service provider to periodically check your systems for optimal cybersecurity. Solid antivirus software is practical, but you shouldn’t disregard manual scans as well.
More specifically, check who has accessed your network and make sure each point of access is authorized. Any suspicious activity must be reviewed and resolved. Otherwise, these red flags can prove fatal for the company.
Stay on the Safe Side
Battling hackers may not be the most exciting part of running a business. However, neglecting cybersecurity turns your company into a sitting duck for scammers. You could lose money, data, and your reputation.
While there isn’t a bulletproof solution, implementing the above recommendations is a strong starting point.
Contact us today if you want to discuss your cybersecurity in greater detail and pinpoint potential risks. We can arrange a quick, non-salesy chat and figure out ways to help you.