New alerts on cyber security have been released this year.
With all small businesses being reminded about the importance of keeping an eye out for scams and hackers at EOFY.
As a business owner, it is critical to take simple measures to protect your business and personal information against phishers and scammers.
Here are some common scams that you should be watching out for.
Common Scams to Keep Your Eye Out For
According to Susie Jones, co-founder and CEO of Cynch Security:
“The number one scam that small businesses should be on the lookout for are invoicing scams, which can cost them thousands of dollars every year.”
“Scammers don’t discriminate on the size of your business or where you’re located,” Jones said.
“Invoicing scams and business email hacks are hurting small businesses in regional areas and in the major cities.”
A common strategy for many scammers is to hack somebody’s username and password within your business to get your personal details or hack a client you work with and start impersonating them.
They then use that as an opportunity to send fake invoices to you from a vendor with new bank details and even set up forwarding rules on your emails.
Before you even realise that you’re part of a scam, you’ve already paid a fake invoice that you thought was for one of your real vendors or clients.
The Stats
Research data reveals that Scamwatch received over 3060 scam reports related to the coronavirus, resulting in over $1,371,000 in reported losses since the outbreak of COVID-19.
Despite this, on the average, small businesses only address five per cent of their cyber risk.
Here are some common ways your business may be at risk.
The Most Common Reasons for Security Risk
There are 2 most notable and prevalent security risks to small business including:
- Outdated internet-connected systems and
- Email hacking due to poor password management
Ways to Boost Your Cyber Security
Given COVID-19 has prompted many businesses to take their services online prematurely, it has created a unfortunate rise in cyber attacks and crime.
But there are some simple ways to protect important information that you hold within your business network or system.
You can:
- Protect passwords using a password manager and enable two-factor authentication.
- Avoid being tricked by confirming via a telephone call that an invoice is genuine before paying.
- Do a cyber fitness check to determine the amount of valuable data you have that needs protection.
“It won’t happen to me…”
Although you may think that it’s unlikely to happen to you, or that your current processes are “top notch”, you could be wrong.
According to Jones, one password with different letters or numbers may not be enough to prevent data breach, and could result in your business being compromised.
Remember, if something is easy to remember, it is probably also easy to hack!
Please keep your eyes open during this time, and if you need any IT help or advice, we may be able to refer you on to someone who can help.
All the best & Keep Safe!
