As small and midsize businesses become increasingly dependent on services and applications connected to the internet, they also become an easier target for cybercriminals looking to exploit vulnerabilities in their systems. Every password we set, tool we use, and network we access leaves us exposed and vulnerable to cyber threats.
At Coalition, we have a unique and up-close view of the attacks that impact organizations. We’ve seen the frequency, severity, and sophistication of cyber attacks continue to grow. From 2019 to 2020, we saw a 67% increase in the frequency of business email compromise attacks. In the first half of 2020 alone, we witnessed a 47% increase in the average ransom demand. And while many attackers exploit misconfigured security settings and software vulnerabilities, 60% of claims we saw resulted from human error.
|Ransomware and malware attacks||A bad actor encrypts and disables access to business-critical systems and data until a ransom payment is made. Data may also be exfiltrated and exposed if the ransom isn’t paid|
|Funds transfer fraud||A bad actor uses social engineering, sometimes in concert with attacks such as phishing, to cause funds to be sent to the attacker instead of the proper recipient|
|Business email compromise||Email intrusion resulting from spoofing, phishing, or spear phishing that can result in a data breach or funds transfer loss|
|Data breaches||Exposure of Personally Identifiable Information (PII) or Protected/Personal Health Information (PHI) of your customers|
|Legal and regulatory issues||Violation of a legal or regulatory framework, such as GDPR or CCPA|
|Web application compromise||Direct compromise of a web-based product, such as an ecommerce platform, as a result of a targeted attack|
|Technology errors & omissions||A failure in the technology product or services results in business interruption or loss on behalf of your customers|
This guide is designed for small businesses who want specific and actionable recommendations to protect their organization. According to the Global Cyber Alliance, more than 43% of cyber attacks target small businesses, who often don’t have the security and technical expertise of larger organizations. Luckily, we have a powerful team of in-house experts who are ready to share actionable steps to help prevent (or at least minimize) cyber threats.
Note: Addressing these security areas will help you mitigate cyber risk, but they can’t guarantee you won’t be a target. If you’re looking for more detailed cybersecurity advice, reach out to our team, and they will be happy to assist.
This guide summarizes our top recommendations for small businesses to take if they want to be secure. If you take action now and work to address the topics in each chapter, you’ll be a much less appealing target for cybercriminals in the new year (and beyond).
If you’d like to discuss any of the security measures mentioned in the guide in more detail, contact us! And of course, don’t forget to download your copy of the 2021 Coalition Cybersecurity Guide now.