2023 Small Business Cyber Security Risks
More than halfway through 2023, cyber incidents continue to be the most frequent cause of loss for small businesses. We want to highlight three trends in particular that seem to be affecting businesses across the country and give you some practical advice on what you can do to protect your company from them.
Fraudulent Instruction Campaigns
Cyber criminals are using more convincing approaches to carry out fraudulent instructions on business owners and employees.
Typically, these instructions will come from a seemingly harmless email address or web domain.
What you can do
Establish consistent protocols for vendor authentication, payment verification, as well as routine employee training to identify red flags of fraudulent messaging.
Increase of Data Breach Class Actions
Class actions against small businesses who have experienced a data breach of any sort are at an all-time high. Because of the complexity of data breach incidents, many small businesses are named in multiple class actions for the same incident, dramatically increasing defense costs.
What you can do
Implement or review sensitive data protection protocols with your IT professional; review limits of protection for privacy and data breach liability with your insurance advisor.
Cloud-Based Cyber Attacks
45% of cyber incidents in 2022 involved cloud-based technology. Cyber criminals continue to target managed service providers, IT professionals and their clients who are not keeping up with the fast-paced evolution of cyber security with cloud-based tech.
What you can do
Review device management and cyber incident response procedures with your IT professional; implement end-point detection software and strict network rules to prevent unauthorized access.