The top 4 tactics cybercriminals are using to steal money from small businesses in 2020 + a free tip to neutralize them

The prevention hack we'll share might be free, but global cybercrime costs around $400 billion each year.

The biggest companies in the world are dramatically increasing their cybersecurity budgets this year, and for good reason. Attacks and data fraud are 2 of the top 5 risks CEOs are most likely to face this decade, as organizations adapt to WFH policies and digital environments become the main channel to do business and interact with customers.

Your growing businesses may not have a big budget to hire a cybersecurity team, but there's one prevention tactic that any companies of all sizes can use to neutralize the top 4 most common cyberattacks, according to Kaspersky Internet Security.

The most common cyberattacks are forms Social Engineering, a hacking tactic that targets network users instead of attempting a direct breach. If a threat catches your employees unprepared, they might unwittingly put your organization’s information systems at risk.

What's the likelihood of your business falling victim to cybercrime?

Unfortunately, it is not low. In fact, social engineering attacks have tripled in frequency in 2019. 85% of companies report having experienced phishing, and even big companies have made the news for breaches that compromise sensitive customer data after a social engineering attack. Yikes!

The one hack that companies of all sizes can use to neutralize these attacks

To protect your business from the financial and reputation damage that comes with an attack, you need to address the weakest link in the cybersecurity chain: humans.

Knowing the latest methods that criminals are using is a great way to prevent disaster. Cybersecurity experts insist that business owners educate themselves and their employees, and regularly reinforce the need to stay alert and one step ahead of malicious intents.

Below you'll learn about some of the most common attacks small and medium businesses might experience.

Don't let it happen to you!

The 4 most common Social Engineering threats you must prepare for in 2020

1. Phishing

Attackers get personal information using fake websites or forms, emails, SMS, and phone calls (called spoofing) to breach secure networks. It's critical that your workforce learns to identify the signs of phishing, and that they know how to report it.

2. Pretexting

An attacker will fabricate a scenario to establish trust and obtain information that is not an obvious threat. The problem is that it could then be used to commit identity theft, or stage secondary attacks.

3. Baiting

Baiting takes advantage of people’s natural curiosity by coaxing them to open a USB drive left in a public space or, more commonly, download an email attachment to steal personal information or disperse malware.

4. Quid pro quo

Roughly translated to “a favor for a favor”. In this context, your employees may be tempted to exchange personal or company information for a reward or compensation, like in a giveaway or special offer.

Now you know what to look out for.

Sources: 2019 World Economic Forum report on global risks, Accenture’s State of Cybersecurity Report 2020, Kaspersky Internet Security.

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