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What Businesses Need To Know About Cyber Security in 2020

November 12, 2020

2020 has a long list of unique challenges and we’ve got another one to add to the list – Cyber security. Here is what all businesses need to know about cyber security today.

The Risk of Cyber Crime is Higher Than Usual

The risk of becoming a victim of cybercrime is increasing year by year. FBI’s Internet Crime Complaint Center (IC3) in its 2019 Internet Crime Report, showed both the highest number of complaints and the highest dollar losses reported since the center was established in May 2000. 2020 is even worse (no big surprise). According to McAffee between January and April, cloud-based attacks increased by 630%, phishing attempts rose 600% since end of February 2020, and ransomware attacks rose 148% in March 2020.

The Cost of Cybercrime is Staggering and Higher than Ever Before

Cyber theft comprises crimes in which a computer is used to steal money or other things of value. Cyber theft includes embezzlement, fraud, theft of intellectual property, and theft of personal or financial data. Here’s the staggering stats:

  • According to the Bureau of Labor Statistics, approximately 68% of the victims of cyber theft sustained monetary loss of $10,000 or more.
  • The average number of days a ransomware incident lasts (i.e. system downtime) is now 16.2 days, up from the average in 2019 which was 12.1 days.
  • In 2019, IC3 received 467,361 complaints—an average of nearly 1,300 every day—and recorded more than $3.5 billion in losses to individual and business victims. 
  • According to the Insurance Information Institute, in terms of dollar losses, business email compromise caused the most losses, with about $1.7 billion in losses, followed by confidence fraud or romance complaints, with roughly half a billion dollars in losses.

The Key Components to a Comprehensive Cyber Defense Strategy

It used to be enough to install anti-malware and a firewall. Today, a good approach to cyber defense will be part of our everyday working environment. Here are the top components to look for:

  1. Employee training – According to Entrepreneur magazine’s 2020 article, “employees who are untrained in proper security practices are a huge vulnerability.” It’s absolutely critical to routinely train employees to recognize warning signs of cybercrime, as well as how to keep risks low in the first place. Continual education should be a cornerstone to any security awareness approach. The goal is to develop smart cyber habits in your business that all employees understand and statistics show that Security Awareness Training lowers the chance of a cyber crime by 70%.
  2. Analysis & Reporting Tools- Security will be improved when you give employees the ability to analyze emails from outside sources and report them to IT when suspicious. It is critical to have a system in place for reporting signs of an attack, too. And since business stakeholders such as insurance carriers, clients, and vendors are more routinely requiring assurances about cyber defense, accurate reporting is essential.
  3. Routine Monitoring- Any good cyber defense will include initial scans and routine monitoring of the dark web for your employees and business to confirm credentials are not being sold to Cyber Criminals for purchase. It is not uncommon for account logins, SSNs, driver’s license data, bank account numbers, credit card information and medical account details to be sold on the dark web. With timely notification, businesses and employees can change passwords, freeze credit, and/or take other steps to avoid serious consequences of ID theft.

It’s 2020, and you certainly deserve some peace of mind. Although a stunning 62% of businesses do not do enough cybersecurity awareness including phishing resistance training, an investment in your security now will definitely cost less than the recovery from a crime later.

Contact us today about our Security Awareness Training for your staff. If you have questions or concerns about your business and cybersecurity, email us at ask@optistartech.com! We’d be happy to speak with you. Visit www.optistartech.com for information on our services.

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