Nearly everyone is aware of the dangers posed by the internet. We all know someone who has had their social media account hacked or has unauthorized charges on a credit card. Not just individuals, but small and medium-sized businesses are increasingly getting targeted by hackers. It is estimated that 51% of small businesses are hacked and of those, half go out of business within 6 months of the attack.
These are sobering statistics, but it is important to be aware of the risks. Cyber criminals like to target SMBs or small-to-medium businesses because they can get more money from a company than an individual, and targeting large corporations is difficult because their networks are hard to penetrate. SMBs employees tend to be working at maximum capacity and can be a bit stretched. This leaves gaps in security that hackers can get past.
Cybercriminals often have several schemes going on at once, including crypto scams and forex trading scams. Identity theft by getting customer data from SMBs can be used for other types of fraud. When this happens, it is important to file a complaint to keep company funds and client information safe. Fund recovery services can be useful for tracking down clients and retrieving the money.
Broker Complaint Registry is the right place to turn when you have lost money as a result of hacking and identity theft. We consult with clients and refer them to experts who can pursue their cases in detail and work to investigate the hackers or the broker, and in many cases, succeed in fund recovery. Talk to us today, and we can provide guidance on how to deal with the claim.
The Dangers of Hacking to SMBs
Businesses do more than sell products and make money. They have a treasure trove of consumer data. The hackers may be trying to get their hands on company accounts but they are often after customer data. With email addresses, credit card numbers, and bank information they can commit identity theft or spam these customers with forex scams or crypto scams.
Not only do SMBs face threats of theft, but they may lose the confidence and loyalty of their customers. If customers discover their information has been compromised when a company they do business with has been hacked, they may take their business elsewhere to a competitor that they believe has a higher level of cybersecurity. Not only will the target company lose funds in the attack, but they could start to bleed customers.
Ways Hackers Attack SMBs
Hackers use several methods of attacking SMBs. The most common are:
- Mass emailing
- Spear phishing
- Social engineering and Impersonation
Most of us have received emails that look as if they are actually from trusted companies or services, such as Paypal or Microsoft. However, on closer inspection, particularly when looking at the domain of the email, it is clear they are fake. However, a split-second reaction could compromise information and can help attackers install malware on a device.
These mass emails will claim that an account needs to be verified or that there is a similar problem and will provide a link. Once the recipient clicks on the link, they will instantly install malware on their device. It should be noted that any reputable company will ask a customer to go directly to the secure website to verify or fix an issue with an account. They will also provide more specific information than is often seen in one of these mass emails.
SMB hacking often is accomplished through spear phishing. This involves contacting specific employees and making requests. A common example of spear phishing is a hacker pretending to be from an IT department asking for access to employee computers. They will use social engineering and impersonate a manager or a technician to gain this access. The hackers may also do this by phone to catch employees off guard.
7 Ways to Protect Your Company from Hackers
The following are ways to keep your company safe from cybercrime.
- Require installation or upgrade of anti-virus software
- All requests for sensitive information or access must be verified
- Any special requests for information will be introduced with communication from within the company
- Warn against clicking on links or downloading any materials offered directly on emails
- Encourage employees to check the domain name on emails
- Require two-step identification
- Institute security best practices for your company
Even if hackers managed to get past certain boundaries, they can’t infect your network with malware or spyware if you have the best-upgraded anti-virus software available. Not only should a company have the best cybersecurity tools they can afford but they should ensure all employees upgrade their anti-virus software, especially remote workers. Making a special date and time for this and proof it has been done via screenshots is one of the easiest ways to protect your company.
Require departments to send out emails letting employees know they will need access or data beforehand. Encourage employees to verify any of these requests by sending an email or calling the department before carrying out any instructions. Employees should be aware of the dangers of clicking on any links directly on emails or downloading documents. They should always check the domain name on the email.
Two-step verification provides significant protection even in cases where hackers have gotten hold of passwords. Every company should establish a protocol of best practices for cyber-security and require compliance from all employees in all departments.
Even when one is careful, a company can get hacked. If this occurs, it is important to report the incident immediately and consult with a fund recovery company. Getting your company and client funds back is not a pipe dream, but can be possible with the right professionals.
Has Your Company Been Targeted by CyberFraud? Broker Complaint Registry Will Help
Contact Broker Complaint Registry experts if you need assistance with a complaint relating to fraud. We deal with a variety of issues, including data theft, hacking, forex scams, and crypto scams. Our team will refer you to experts who have vast experience dealing with regulators, banks, and law enforcement. We will provide advice and give you valuable guidance to help you resolve the issue.