Cybercrime – Is Your Business Protected?

Cyberspace is constantly evolving, presenting both opportunities and unanticipated risks for businesses. Cybercriminals are always seeking ways to infiltrate companies, steal financial information, or disrupt services. So, is your business effectively protected against cybercrime, and what do you need to know to safeguard it?

What Do You Need to Know About Cybercrime?

1. It Isn’t Cheap
   Unfortunately, there is no inexpensive way to protect your company from cybercrime. Costs are involved at every level, from identifying risks and rebuilding safer operating procedures to acquiring necessary software and hardware. If your company handles highly sensitive information regularly, you may need to hire a cybersecurity consultant. Keep in mind that this includes not only one-time setup costs but also ongoing maintenance and testing to stay ahead of potential threats.
2. There Are New Threats
   Cybercrime is not solely the work of thieves. In recent years, a new type of cybercriminal has emerged: cyber activists. These individuals act like real-world protesters, committing crimes motivated by a cause. They may shut down a company’s online presence to convey a message about the company’s perceived questionable dealings. In the past two years, major businesses, including PayPal and MasterCard, have faced such attacks.
3. You May Need to Re-think Data Policies
   Protecting your business requires reevaluating how you collect and store information. Ensure that sensitive information is not vulnerable. In some cases, companies may choose to avoid storing unnecessary personal and sensitive data altogether, such as credit card numbers, birth dates, and ID numbers.

How Can You Protect Your Business?

It is essential to adopt cyber protection, balancing cybersecurity with risk management. The latter focuses on achieving high security by managing and controlling known risks. Additionally, you need a rapid response capability. The following key actions can help you achieve this:

1. Create a Cyber Resilience Team
   Establish a team responsible for maintaining open communication channels so that all key players are informed during an incident. This is vital for creating a collaborative recovery plan. By having an action plan ready before an incident occurs, you'll be at a considerable advantage.
2. Invest in a Reliable VPN
   A VPN (virtual private network) creates a secure connection over a less-secure network between your computer and the Internet, ensuring your company remains invisible to hackers. If they can’t see you, they can’t steal your passwords, financial information, or track your activities. Choose a VPN that meets the unique needs of your business.
3. Train and Educate Your Staff
   Even with the latest firewall and antivirus software, you won't be fully protected unless your employees adhere to digital security protocols. According to IBM, over 90% of security breaches occur not because hackers overcome the network’s defenses, but because a staff member unknowingly falls victim to a hack, such as using a weak password or opening a phishing email. Investing in top-notch security software while neglecting to educate employees is like locking the windows but leaving the doors wide open.
4. Set Up Strict Limitations on Business Software
   Prevent your team from installing unauthorized software on company computers without approval. This practice can help avoid malware infiltrating your network, which could put your company at risk and waste unnecessary time.

The Bottom Line

In today’s world, cybersecurity cannot be treated as an afterthought. A security breach can be catastrophic for any business, including those with a limited digital presence. The only way to protect your business is to plan, prepare, and be ready to act. For more information on accessing working capital to fund your cybersecurity setup or upgrades, contact Merchant Capital today.

‍