Cyber Crime and your Business

Cyber crime these days is big business. It’s predicted that by 2021, cybercrime will cost the world $6 trillion annually. That’s double the cost cybercrime reported in 2015! Ransomware damage costs alone are on track to hit $11.5 billion in 2019, at which point it’s estimated that a new business will fall victim to a ransomware attack every 14 seconds.

Malicious cyber activity against Australian SMB’s is continuing to increase everyday in frequency, scale, sophistication and severity.

A recent study found 58% of malware attack victims are categorised as small businesses!

Cyber Crime reaching through computer to steal

How do hackers gain access to small business networks in the first place?

It should come as no surprise that the number one tactic is email, or, more specifically, email attachments. On average, each user at a small business receives nine malicious emails per month. That means that if you have 10 employees, your company could be at risk of an email-based malware infection an average of 90 times per month. To avoid infection, either your firewall or email filtering has to come through or your employees have to make the smart decision 90 out of 90 times. All it takes is one slip or one wrong click for your business to be compromised.

Unfortunately, email isn’t the only thing you have to worry about. While email is the starting point for a majority of attacks on small businesses, there are other points of entry that can be just as or even more effective.

Ransomware continues to be a growing concern for small businesses, however recent data indicates ransomware is no longer the most prevalent form of malware. That title now belongs to cryptominers – malware designed to hijack an infected system’s resources in order to mine cryptocurrency without the victim’s knowledge.

The growth of cryptomining malware is staggering. According to IBM, cryptomining attacks increased by 600% between January and August of 2017.

For some time, cyber criminals have also been selling their malware products to others lacking the skills. This ‘crime-as-a-service’ has become very popular and more variants and services are becoming available. Ready-to-use ransomware kits are particularly popular and cryptocurrency mining malware is on the increase. While it may not lock up your data, this cryptocurrency mining malware exploits your systems’ processing power and can cause a significant headache for businesses. This opportunistic targeting is simple and cheap, and will continue as long as organisations and individuals fail to implement baseline security.

What makes this shift especially significant for small businesses is that cryptominers are a completely different threat than ransomware. Companies that responded to ransomware infections by investing in backup were smart to do so, but now they face a threat designed to infect them just as effectively while quietly draining their resources and bogging down their systems over time. Small businesses need to adapt their security efforts accordingly, and make sure they’re properly equipped to address infections that aren’t as blatant as ransomware.

The risks associated with IoT will also continue to grow as more and more smart devices, gadgets and equipment flood the market alongside new attack surfaces being exposed in autonomous systems such as self-driving vehicles.

Beefing up the security of your SMB doesn’t have to be complicated or expensive.

Protecting IT environments has become too complex for most companies, especially SMBs. Besides the reality that cybersecurity talent is scarce and expensive, today’s threat landscape is too diverse, complex and sophisticated. Many companies don’t have the means to dedicate skilled individuals or teams of experts to keep up with and defend against these threats.

SMBs can get all the security they require from Davichi’s Managed Cyber Security Solutions without having to max out your budgets and resources on the purchase, implementation and management of point cybersecurity systems inhouse. ­­­­­­­

Instead, plug into Davichi’s existing cybersecurity platform, enabling your business to immediately get the benefit from an integrated cybersecurity defense system, also allowing you to treat security costs as an operational expense rather than a capital investment.

In all, outsourcing cybersecurity to an MSSP such as Davichi will result in a win for SMBs, their customers and their employees. Failure to do so will continue the recent downward cybersecurity spiral that will eventually results in a lose-lose for everyone.