Cyber threats cost businesses dearly, and many will put a company out of business. Small businesses lose an average of $200,000 per attack, whereas larger corporations can expect an average $1.4 million from malware attacks and $500,000 to $646,000 from ransomware attacks.
Cybercrime is so lucrative, in fact, that it is estimated that between the years of 2019 and 2023 over $5.2 trillion will be stolen.
Every business is at risk. Every person is at risk. The best way forward is to know the top cybercrime tactics and implement the strongest defenses to make yourself a less easy target. For the biggest companies, it will always be a cat-and-mouse game, and updates and innovations to their IT and security are non-negotiable.
What You Need to Know About Cyber Crime in 2020
How to Prevent Cyber Crime from Impacting Your Business
The first way that all businesses, small and large alike, should work to improve their security system to help reduce the risk of malware, ransomware, DDoS attacks, and more. This means using simple tools such as a VPN all the way to installing firewalls to better protect your business. When choosing which provider to go with, you will want a longstanding champion in the industry like check point software. They offer Gen V advanced threat protection to businesses small, medium, and all the way up to enterprise levels.
Data Breaches are the Main Target
Though yes, some attacks will specifically cost you money (ransomware, for example) but most won’t be so cutthroat. Instead, the main targets of cyber-crime are data. This data makes for a killing on the black market. Usernames, passwords, and private data that your customers have given you can easily be sold and even used to directly target your customers from there.
Automation and Integration
IT specialists are lacking in the world, and even then, many businesses won’t be able to even afford to hire an IT specialist. How, then, do businesses get around this? Automation. By investing in top cybersecurity software and tools and using automation to do things like scan your system for viruses, you can stay on top of threats before they activate.
Outsourcing IT Help
Of course, nothing can truly replace a specialist. By knowing an outsourced IT agency, you can access their help when needed, allowing you to fix problems, improve your security, and even help you recover if you are attacked.
Covering Your Endpoint Devices
Internet of things is a powerful addition to any business, but every single endpoint device, from phones to smart fridges, are risks. Businesses need to address these weaknesses at the start and put their biggest defenses at the forefront.
Cyber Security Awareness
Knowing the biggest and latest phishing scams, viruses, and cyber-attacks that have happened to your competitors can allow you to prevent these attacks in the first place. It cannot, however, just be you. Everyone needs to be on board.
Leaving your business open and vulnerable is one of the costliest mistakes that you can make, and just because you are new or small does not make you immune. Hackers will attack anyone, especially if it is easy pickings. Know the threats, protect against them, and save your business.