From using malware to disrupt the operations of small businesses and major corporations at a hefty price to siphoning money and holding companies for virtual ransom, cybertheft is an increasingly high-tech, multi-billion-dollar industry.
Simply defined, cybercrime is criminal activity that either targets or uses a computer, a computer network or a networked device. Cybercriminals, or hackers, are looking to steal money from small and big businesses alike.
Small business owners may think that they are immune to cybercrime. ‘Cybercriminals are busy targeting the major players,’ merchants may say. Thus, their reasoning for only allocating a small amount of funds, if any, toward cybersecurity to deter cyberthefts.
Yet such thinking is shortsighted and could destroy your business. And that is not overexaggerating.
There are cyberthieves that lack the resources to prey on financial institutions and companies worth their weight in gold. Their grubby hands will be all over smaller shops’ monetary assets. Plus, other cybercriminals do not differentiate; they go after all-size companies.
Mom-and-mop and other small businesses, like all organizations, are a target in the exponential cybercrime community.
The statistics are downright frightening. CyberSecurity Magazine has reported that 83 percent of small and medium-sized businesses lack the preparation to recover from devastating fiscal losses resulting from cyberattacks. The publication also states that 91 percent of small businesses fail to take advantage of the benefits of cyber liability insurance.
In addition, Verizon Business reports that 60 percent of small businesses that experience a cyberattack are forced to shut down for good within six months. These business owners’ years of hard work; blood, sweat and tears; and huge amounts of money vanish into thin air as if part of a magician’s act.
Investing in cybersecurity is invaluable. There are hundreds of cybersecurity companies and consultants that can help your business. Most of these companies have an IT team that monitors clients’ network systems to thwart incoming cyberattacks. These organizations also analyze your current level of cybertheft protection and online activity. They suggest the types and levels of cybersecurity that your company should invest in, as well as dangerous network activity to avoid.
The assistance is extremely valuable, especially for novices in the field, who could easily get hooked by an email phishing operation or massive malware invasion. There is also the possibility of being literally and figuratively held captive by ransomware. Thieves use ransomware to take hold of your computer system and data. They will not let go unless you pay a princely sum.
Cybersecurity firms can help you understand the ins and outs of cybercrime. These companies also offer many price points, so do not assume that you cannot afford these significant tools. Cyberthieves are becoming increasingly sophisticated, staying one step ahead of cyberthieves as if in a chess match. Your small business must constantly stay one move ahead.
Small business owners should take cybertheft, and cybersecurity, tremendously seriously. The return on investment could be enormous. Bypass cybersecurity tools and you could one day see your small business wiped off the map.
