Cyber-crime can cost your small business more than you think

9 January 2018 by Jeremy Lang

As the internet continues to shape the way business is done, businesses are faced with a new set of digital challenges. This includes the increased prevalence and sophistication of cyber-attacks.

According to research recently released by the Cyber Intelligence Research Group, South Africa ranks as the third most exposed country to cyber-attacks. 2017 saw an upsurge in cyber-attacks – from ransomware to phishing – and it is imperative that small business owners realise that their businesses are just as much on the radar of a cybercriminal as larger enterprises.

Although cyber-attacks on bigger companies are more publicised, the National Cyber Security Alliance revealed that more than 70% of attacks in America target small businesses. This is because, unlike large corporates, smaller businesses tend to have less security, making them easy targets.

It’s vital for small business owners to plan ahead, and when it comes to cyber-crime, it should not be considered as a ‘what-if’, but rather a ‘when’. If the budget does not allow for costly systems or IT consultations, there are many free tools online such as malware, spyware and firewall protection programmes.

For example, most email programmes offer the option to install a two-step verification on the business’ emails which adds an additional layer of security. In order to sign in, a verification pin is then also sent to the user’s cellphone, decreasing the risk of it being hacked.

Lastly, as important as it is for a small business owner to be educated on how to protect their business from cyber-crime, this means very little if your staff are not equally as careful. “Every cyber-attack begins with a weakness in human behaviour within an organisation. Avoid human error in this respect by making staff aware of all the types of cyber-crime that exist, as well as what warning signs to look out for, such as suspicious emails which may contain ransomware if opened.

Be wary of downloading suspicious files, enabling macros on Microsoft word documents and opening a programme or document sent from an unknown source, and steer clear from pirated software.

Regarding ransomware, which is spread through spam and phishing emails, if a computer becomes infected, immediately shut it down, disconnect it from the network and storage devices and take it to an IT professional.

Cyber-crime is expected to continue escalating, becoming more advanced with damages expected to cost the world US $6 trillion annually by 2021. As such, it is imperative for small businesses to stay on top of their game and ensure their systems and staff are always up-to-date regarding the latest cyber threats.

About the author: Jeremy Lang is regional general manager at Business Partner Limited.