Cybercrime incidents have increased rapidly over the last few years as businesses rely more on technology. Ransomware, in particular, is on the rise due to its lucrative results and the ease with which criminals can attack. Approximately 66% of organizations worldwide reported being victimized by ransomware attacks in 2021, twice the number of victims reported in 2020. Small businesses are desirable targets, with an estimated 43% of cyberattacks launched against small companies.
Cybercrime: The Steps to Take
If you own a small business, here are some tips for cybercrime protection.
Develop a System Security Plan
A system security plan (SSP) encompasses all security measures to protect your data. It documents how to restrict access to essential users and requires employees to observe security procedures and respond appropriately in the instance of a breach. An SSP identifies system features, including software, hardware, training methods, security features, and incident-response protocols.
Train Your Employees
Employees who have not trained in essential security practices create a huge vulnerability. Training should occur in several vital phases. Employers must teach staff members how to spot warning signs and minimize the risks of cybercrime. Then, once training is complete, testing with fake phishing emails should be implemented to further educate employees on what to look for. It is also a valuable exercise for collecting data regarding the staff’s level of awareness of common cyber crimes. Also, training should be an ongoing process with efforts to keep up with changing technology and the advancing sophistication of cybercrime.
Implement Password Policies
An expert at password cracking revealed a 2012 computer program that could decode any eight-character password. Since then, hacking tools have only increased in capabilities. Password protocols in your company should schedule frequent updates, prevent recycling of previous passwords, and require complex combinations of letters, numbers, and special characters.
Update Software Regularly
Outdated software often contains unpatched “holes” that can create vulnerabilities in your company’s cybersecurity. Hackers frequently study software updates and target businesses that fail to adopt them. According to a 2017 threat landscape report, 60% of security breaches intentionally targeted vulnerabilities that had been around for a decade or longer without proper software updates.
Small businesses should focus on the last step. If your in-house resources lack the IT knowledge or sophistication to implement a cybersecurity plan successfully, consider outsourcing to a professional IT company. A more straightforward option is to employ anti-ransomware or anti-malware software. With an estimated 28% of security breaches involving malware, this approach will significantly lower your cybersecurity risks.
Computers are simultaneously a blessing and a curse, especially for small businesses. Protect your valuable assets by creating and maintaining appropriate cybersecurity plans, training, resources, and policies.
About The Hilb Group
Deciding what coverage you need and what limits and deductibles make the most sense can be tricky. Founded in 2009, the Hilb Group has been helping clients to make sense of their options and make the smartest choices for their circumstances. Whether you need Warehouse Insurance or any other type of business or personal coverage, we encourage you to contact our friendly, experienced, and capable team today. Call us at (800) 776-3078 for a consultation.