The reality of cyber crime is this: fraudsters are constantly honing the approaches and strategic tactics with the intent to break through the fraud prevention measures at organizations. Although 93% of small firms take steps to protect their business from fraud and digital threats, over 66% have still fallen victim to cyber crime according to the Federation of Small Business.
It is important to keep digital assets secure and protected while also having a deep enough understanding of the areas that have potential to be more easily compromised, due to the escalating impact of cyber crime on businesses.
So, why are small businesses at greater risk?
Access to private information is highly sought after and the risks cyber crimes pose can be detrimental to organizations of all sizes and industries. However, small businesses are more commonly singled out by hackers and more vulnerable to lasting damage. It is estimated that up to 60% of small companies are put out of business within six months of a cyber attack and breaches cause an average loss of £25,700.
IT infrastructure including laptops, desktops, storage devices, and more hold the majority of private data, while also being the most easily compromised. That said, there are ways to help your organization stay secure and avoid being an easy target with the right fraud protection measures.
Education leads to prevention. Many large companies are leading the way by requiring mandatory security training for employees. Another way for your organization to stay secure is by implementing password protections and multi-layered security practices.
A few noteworthy guidelines for strong password security are:
- Choose a password with a mix of numbers, letters, and capitalizations that cannot be easily guessed
- Change passwords regularly or keep to a 16-character minimum
- Utilize an online password manager that helps with secure access
When it comes to cyber fraud and attacks, every organization is a potential victim. Applying the right tools, technology, and processes are vital to protecting your business. Finding ways to educate yourself and stay in-the-know about cyber crime developments will help your organization remain secure in today’s increasingly digital era.
Read more in the full business guide on staying informed and vigilant against fraud and attacks. Find out if your organization has what it takes to survive a the realicy of cyber crime incident.
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