Kyle Frank, the owner of London-based business Frank’s Remedies, recently fell victim to an email phishing scam, resulting in the loss of £1,800 and a sense of security. The scammers hacked into his PayPal account, stealing hundreds of pounds. This incident not only had a financial impact but also posed a threat to his business.
A recent study by cyber safety brand Norton reveals that 82 percent of online threats to small businesses are scam-based attacks that can compromise private data, financials, and intellectual property.
Phishing is a common tactic used by cybercriminals, involving scam emails, text messages, or phone calls to deceive victims. The aim is often to trick people into visiting a website that may download viruses or steal personal information, such as bank details.
Reflecting on the attack, Mr Frank stated, “As a small business owner, I play many roles, and I’m always learning as I go. But in 2021, I learned firsthand how essential cybersecurity is. That phishing attack hit hard, not just financially, but it also threatened the business I work so passionately on.”
With consumers facing an increasing number of scams and phishing threats, small businesses are also becoming prime targets. Phishing remains the most common method used by cybercriminals to gain unauthorized access to small business systems and sensitive information.
Massimo Rapparini, the general manager and head of small business safety at Gen, emphasized the vulnerability of small businesses to cyberattacks, stating, “Owning a very small business often means each member of the team wears different hats, and usually cybersecurity expert isn’t one of them. Unfortunately, cybercriminals are aware of this and often target such businesses. For entrepreneurs and small businesses, falling for just one phishing email could have a devastating impact.”
Norton offers the following tips to protect small businesses:
- Learn to recognize signs of phishing and educate employees
- Only click on links or download attachments from trusted sources
- Avoid sharing personal or company data via email
- Keep operating systems, applications, and drivers up-to-date
- Secure WiFi networks with strong passwords
- Regularly backup data
- Require employees to use a VPN when working on public WiFi networks
- Implement multi-factor authentication for added security
- Ensure mobile devices are password protected and have security software
- Invest in a cybersecurity solution like Norton Small Business