4 Ways to Protect your Company from Cybercrime

Apr 20, 2019Business, Business Consulting

It is estimated, across the globe, cybercrimes cost businesses $450 billion in 2016. Yet companies of all sizes continue to ignore these threats. Many business owners feel they are too small for a cybercriminal to waste their time. However, the opposite is often true. Small companies are assumed to not have the proper safeguards in place to protect themselves or even recognize an attack.

3 COMMON TYPES OF CYBERCRIMES

  1. Ransomware. A type of malware (a broad term for software, aiming to inflict damage or breach an IT system). Ransomware requires a company to pay a ransom to regain access to their files or server.
  2. Corporate Account Takeover. Another type of malware, which hijacks a user’s computer in order to trace anything from keystrokes to websites accessed. Malware is often invited into a network through an e-mail link or attachment. Unsuspecting employees click and download the program without knowing it.
  3. Identity Theft via Data Breach. Many companies have sensitive customer information that needs to be safeguarded. Companies known to have this sensitive data often are active targets of cybercrimes.

3 Things Companies can do to Protect Themselves from Cybercrime

  1. Conduct a Security Audit. Determine how easily a cybercriminal can assess a company’s server or files and find issues before they become larger problems.
  2. Test Employees. When it comes to cybersecurity, the number one threat is also the number one defender; company employees. Sending test phishing emails to employees to track how many click on the link or open an attachment.
  3. Have a Plan. An attack could happen, having a plan to resolve and react will save time and money.
  4. Assess Insurance Needs. Insurance can cover payments on ransomware or for downtime recovering from an attack. Determining the overall risk of these attacks will assist in determining the level of coverage, if any, needed.

How Smith Schafer can Help

  1. Review technology and security polices
  2. Technology planning and budgeting
  3. Technology coaching and executive education
  4. Work with IT vendors to implement a stronger security framework

CONTACT US

Keeping up with technology is a requirement for the success of a company. Click here to contact Smith Schafer’s Technology Services Group and learn how we can help. We look forward to speaking with you soon.

Blank

Your content goes here. Edit or remove this text inline or in the module Content settings. You can also style every aspect of this content in the module Design settings and even apply custom CSS to this text in the module Advanced settings.

Trending Posts

Subscribe to our Blog

Related Industry Posts

document Organization for Your 401k Plan Audit

document Organization for Your 401k Plan Audit

s discussed in part two of our 401k blog series, one of the purposes of a retirement plan audit is to ensure the plan operates in compliance with both plan documents and IRS and DOL regulations. To do this, your auditor will request access to several documents. Some will be plan-specific documents, while others will be HR and related documents.

read more
2022 Business Valuation Considerations

2022 Business Valuation Considerations

More than two years after COVID-19 changed the world, business valuations are still challenging. At the midpoint of 2022, the idea that things have returned to ‘normal’ is certainly debatable. In many instances, historic valuation inputs, specifically past performance, cannot be taken as an indication of future performance.

read more
2022 IRS Backlogs & Taxpayer Service Updates

2022 IRS Backlogs & Taxpayer Service Updates

The IRS has been busy. In the past two years, the agency has processed trillions of dollars in pandemic relief funds, adjusted to often-changing tax deadlines, and dealt with several complex new tax laws. At the same time, funding was 20 percent lower than in 2010. Understaffed is the understatement of the century.

read more

Subscribe to our blog

SEND US A MESSAGE

We appreciate your interest in Smith Schafer and would love to hear from you.So please complete this form or feel free to email us directly at: [email protected]