Your data is critical to running a successful company. If you don’t have proper security measures in place for that data, hackers can easily steal it and put you out of business.
Cybercriminals might be the biggest threat facing your company. Besides gaining access to your money and bank accounts, they can also take over critical software, preventing you from collaborating with clients and others.
Any organisation can fall victim to hacking. However, small and medium businesses are particularly at risk.
Why?
Too often, their owners don’t always address cybersecurity when launching their company. Sometimes, they just hire the first IT service provider they come across. They also don’t know how to shield themselves from online attackers, making them low-risk targets.
As a result, these organisations often go under due to the loss of sensitive data. Not being as “cyber-secure” as possible in all areas of your business IT is a risk you can’t afford.
To help mitigate the risk, this article will introduce you to the various types of hackers and explain how to protect your business from them.
THE 5 TYPES OF HACKERS TO WATCH OUT FOR
Here’s a quick list of potential hackers, depending on what they’re after:
#1. HACKERS WHO ARE AFTER PERSONAL INFORMATION
Hackers are keen to get their hands on the personal information of your clients and employees such as birth dates, financial data, and tax file numbers.
Tax file numbers are valuable assets for them since they can be used for various purposes such as to perform tax fraud, open bank or credit card accounts, and make other significant identity breaches.
Financial data can be used for fraudulent activities and purchases, especially if the systems that data is used against lack robust digital security systems themselves.
#2. HACKERS WHO WANT TO GET INTO YOUR TECHNOLOGY INFRASTRUCTURE
Storage and servers are expensive, and hackers know it.
In order for them to cut costs, hackers may aim to store their applications and data on your infrastructure instead of their own. The better your infrastructure, the more likely cybercriminals are to target it. This can burden your network and be detrimental for your business.
Unsurprisingly, tech companies are some of the most common victims of this type of hacking.
Indicators that a hacker has tapped into your infrastructure include:
- Running out of data storage space faster than usual.
- Network performance is slow.
- Unknown devices on your network.
#3. HACKERS WHO ARE 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 and strike a chord with your target audience.
A huge problem arises if hackers steal the design of a new product before you launch it or submit your patent. A competitor may obtain the information, allowing them to hit the market first and undercut your sales.
#4. HACKERS WHO WANT TO GET ACCOUNT DATA
You and your IT service provider might have done enough so that hackers might not be able to obtain financial data. But are your employee’s accounts secure?
If hackers compromise them, they may be able to run scams and obtain information to disrupt your operation.
For example, compromised CEO login credentials can be devastating. Besides granting hackers access to sensitive information, it also helps them impersonate the CEO. They can solicit information from employees or clients causing reputational or financial harm to your business.
#5. HACKERS WHO AIM TO HAVE NETWORK CONTROL
In some cases, hackers aren’t after data. Instead, they want to gain control of the entire network. And to make it happen, they launch ransomware attacks.
These activities enable them to lock you out of the system and make data inaccessible until you pay a ransom. They’re typically initiated through spam, phishing emails, and online ads.
The average ransom amount stands at approximately $30,000, but the loss caused by business disruption is much more significant.
HOW TO PROTECT YOUR BUSINESS
Now that you know how hackers can compromise your company, let’s check out 5 effective ways to protect yourself:
WAY #1. INVEST IN SECURITY RESOURCES
A key factor ignored by many owners is devoting sufficient money and time to cybersecurity. Avoid this by allocating enough resources to set up solid defensive measures. Make sure to invest in a reliable IT service provider to help you with the initial setup as well as ongoing management of your business cybersecurity.
Cybersecurity isn’t a “set and forget” scenario. Staying secure requires constant vigilance due to the evolving nature of cyber threats.
WAY #2. TRAIN YOUR TEAM
Most security systems have weaknesses. And employees are typically the biggest ones.
For this reason, HR managers and CEOs should ensure their staff follow optimal security measures, both at work and at home. Any phone or laptop they use for accessing work data or networks can be a weak point and a way in for hackers.
To introduce your employees to the best security practices, consider arranging security education and training for all. You can talk about different aspects of your company and the steps necessary to deter cybercriminals. For example, verifying supplier’s bank account details displayed on their invoices prior to payment.
Regular education can go a long way in promoting a healthy security culture.
WAY #3. ENHANCE AUTHENTICATION
There are many valuable tools you can use to fend off hackers. One of which is multi-factor authentication (MFA) – a simple yet effective weapon against scammers.
MFA requires each user to verify their identity to access your system. You could use it on all business-related accounts to greatly reduce the chances of cybercrime.
Furthermore, encourage your team members to activate MFA on personal accounts. This way, they’ll be more likely to follow appropriate security practices both at home and work, reducing the risk of compromised devices and data breaches.
WAY #4. LEVERAGE SOFTWARE
Computer viruses are another go-to tool for hackers. Mitigate these by using business-grade security (antivirus) software from trusted companies such as Sophos, BitDefender and Trend Micro.
Each machine that can access work resources should definitely have this software. Scheduled weekly antivirus scans will also lessen the chances of computers getting infected by a virus.
WAY #5. PERFORM SECURITY CHECKS
Checking your system is vital for optimal cybersecurity. Solid antivirus software is practical, but you shouldn’t disregard manual scans. It’s crucial that your IT service provider does this periodically.
More specifically, check who’s accessed your network and make sure each point of access is authorized. Any suspicious activity must be reviewed and rooted out. 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 malicious attackers. You could lose money, valuable data, and your reputation might suffer irreparable damage.
While there isn’t any all-in-one bulletproof solution, adopting the tactics outlined above is a strong starting point.
Contact us today if you want to discuss your cybersecurity in greater detail. We’ll happily arrange a quick chat to figure out ways to help you.
Article used with permission from The Technology Press.
Main Photo: by Stillness InMotion on Unsplash
Article Photo by Clint Patterson on Unsplash