Who is Being Targeted?

Both businesses and their employees are being targeted by cybercriminals. According to Cybersecurity Ventures, cybercrime will inflict $6 trillion USD in damages in the United States by the end of 2021. Cybercrime Magazine list of damages include the damage and destruction of data, stolen money, lost productivity, theft of intellectual property, theft of personal and financial data, embezzlement, fraud, post-attack disruption to the normal course of business, forensic investigation, restoration and deletion of hacked data and systems, and reputational harm. 

While large corporations are being affected by cybercrime - such as Honda’s ransomware attack in June of 2020 that forced global operations to be halted and Marriott’s data breach in February which affected 5.2 million customers - the U.S.’s 30 million small businesses are also inherently prone to cyberattacks. Unlike large enterprises, small businesses generally lack resources and/or knowledge to prevent a cyber attack. According to Cybercrime Magazine, “more than half of all cyberattacks are committed against small-to-midsize businesses.” Beyond compromising the reputation of the business and the trust of their customers, a single data breach could cost a small business up to $3.62 million dollars.

Targeting small businesses through their employees has been an effective strategy for cybercriminals. Employees can be responsible for damage by falling for phishing scams, opening infected email attachments, using public Wi-Fi connections, or accessing compromised 3rd party applications. As an organization’s first line of defense, it is up to employees to see through the cybercriminal’s ploy. According to a recent report, 80% of businesses have seen an “increased cybersecurity risk caused by a human factor.” Cybercriminals are enabled by human error, which aids in their success. With more employees working from home, the opportunity for cybercrime has sky-rocketed.   

The Risks of Cybercrime at Work

The ongoing pandemic has shifted to more people working from home than ever before. According to Upwork, the remote workforce has increased by 87% from the previous year. At the end of 2020, 41.8% of the American workforce was still working remotely, and an estimated 26.7% will continue working from home through 2021.

With the transition to a remote workforce, employees access their daily work through either their personal home network or a Virtual Private Network (VPN), provided by their company. VPNs provide an extra layer of security for users by protecting their IP address, location, passwords, and data from potential hackers. A VPN maintains an aspect of centralized security, even when employees are not in the office. Consequently, employees using their home network rather than a VPN are subject to a higher risk of cyber attacks. According to the Work-from-Home Cybersecurity Threat Index, 56% of employees are using their personal computer/network at home, and 25% of remote employees don’t know what security protocols are in place on their devices. With a lack of central security, businesses are open to new threats that directly target their remote workforce. 

What You Can Do To Protect Against Cybercrime

Since 2018, Blue Signal has kept an eye on cybersecurity threats and has learned the most effective preventative measures to protect your business against cybercrime. If your employees are remote, make sure their network is secure. Use a VPN, and/or provide company devices with cybersecurity software downloaded to enhance security. Additionally, you can implement cybersecurity training for your employees. Having a company-wide presentation on cybersecurity is a great way to ensure all employees are trained and aware of common threats. When employees see that their actions (or lack of) can directly impact their job, they are more likely to be on alert for cybercrime. Lastly, you can hire a cybersecurity professional that is certified in information systems security and/or cloud security to protect your IT infrastructure and network. Having a professional in-house can act as an insurance policy against cybercrime, preventing the problem before it costs you millions. 

As an employee, the Cybercrime Security & Infrastructure Agency (CISA) advises to avoid clicking links in unsolicited emails and to be wary of email attachments. Similarly, don’t fall victim to the common threat of disclosing personal or financial information in an email - your boss is not asking you to buy gift cards or run an urgent errand from a “personal” email address. Finally, make sure you are using trusted sources. A simple click on the wrong link or replying with too much information may result in a data breach. Staying informed on cybersecurity protocols and common phishing scams can protect you and your company. 

Conclusion

It’s important to start 2021 off strong by avoiding viruses - both physical and online. By leveraging the information above and the resources below, you can increase your personal and business’ cyber security. It’s always better to be proactive when it comes to viruses - like a mask for your data, make sure you have security standards in place for your business. As a partner in the cybersecurity vertical, you can trust Blue Signal to find top-tier cybersecurity talent and facilitate your security and privacy strategies. We have knowledge in the space and understand the issues facing these IT security professionals today, giving you the advantage to get ahead of cybercrime.

Resources:

Center for Internet Security (CIS) Resource Guide for Cybersecurity

Cybersecurity & Infrastructure Security Agency’s Defending Against COVID-19 Cyber Scams

National Cybersecurity Alliance’s COVID-19 Security Resource Library

Cybercrime Magazine’s 2020 Official Annual Cybercrime Report

Cybercrime Magazine’s Cybercrime & Cybersecurity Infographics

MIT - How to Think About Cybersecurity in the era of COVID-19

Blue Signal Search - Cybersecurity and the Rising Cost of Crime