Kyle Frank, a small business owner behind London-based Frank’s Remedies, recently fell victim to email hackers and lost £1,800. This phishing scam not only resulted in a financial loss but also threatened the security of his business.
According to new research from cyber safety brand Norton, scam-based attacks make up 82 percent of online threats to small businesses. These attacks can steal private data, financials, and intellectual property.
Phishing is a common method used by cybercriminals to target small businesses. It involves tricking victims through scam emails, text messages, or phone calls in order to gain access to their personal information or install malware on their devices.
Reflecting on the attack, Mr. Frank said, “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 access small business systems and sensitive information.
Massimo Rapparini, general manager & head of small business safety at Gen, highlighted the vulnerability of small businesses to cyberattacks. He said, “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.”
To protect your small business, Norton recommends the following tips:
- Learn to spot signs of phishing and educate your employees about them
- Only click on links or download attachments from known sources
- Avoid sharing personal information or sensitive company data via email
- Keep your operating system, applications, and drivers up-to-date
- Secure your WiFi network with a strong password
- Regularly back up your data
- Require employees to use a VPN when working on a public WiFi network
- Implement multi-factor authentication for added security
- Protect mobile devices with passwords and security software
- Invest in a cybersecurity solution like Norton Small Business