London-based small business owner, Kyle Frank, recently fell victim to an email phishing scam, resulting in the loss of £1,800 and a sense of security. Hackers managed to gain access to his PayPal account, stealing hundreds of pounds.
Frank, who runs Frank’s Remedies, expressed how the phishing attack not only affected him financially but also posed a threat to his business. Unfortunately, such scam-based attacks make up a staggering 82 percent of online threats faced by small businesses, according to a study by cyber safety brand Norton.
Phishing is a technique used by criminals to deceive their victims through scam emails, text messages, or phone calls. The aim is usually to trick individuals into visiting a website that may download viruses or steal personal information, such as bank details.
Reflecting on the incident, Mr. Frank stated, “As a small business owner, I play many roles and am constantly learning on the go. However, in 2021, I learned firsthand the importance of cybersecurity.
“The phishing attack was not only financially devastating but also threatened the business I am so passionate about.”
With consumers facing an increasing number of scams and phishing threats, small businesses are also becoming prime targets. Phishing remains the most common method cybercriminals use to gain unauthorized access to small business systems and steal private data, financials, and intellectual property.
Massimo Rapparini, General Manager & Head of Small Business Safety at Gen, emphasized the vulnerability of small businesses, 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 top 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 information or sensitive company data via email
- Keep operating systems, applications, and drivers up-to-date
- Secure WiFi networks with strong passwords
- Regularly back up data
- Require employees to use a VPN when working on public WiFi networks
- Implement multi-factor authentication for added protection
- Ensure mobile devices are password protected and have security software
- Invest in a cybersecurity solution like Norton Small Business