Kyle Frank, the owner of London-based business Frank’s Remedies, recently fell victim to an email hacking scam, resulting in a loss of £1,800 and a sense of security. The scammers hacked into his PayPal account and stole hundreds of pounds. This incident not only had a financial impact on Mr. Frank but also threatened his business.
According to a new study by cyber safety brand Norton, small businesses like Frank’s Remedies are particularly vulnerable to scam-based attacks, which make up 82 percent of online threats. Phishing, a method where criminals use scam emails, text messages, or phone calls to deceive their victims, is the most common way cybercriminals target small businesses and gain access to private data, financials, and intellectual property.
Reflecting on the attack, Mr. Frank emphasized the importance of cybersecurity for small business owners. He 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. Massimo Rapparini, the general manager and head of small business safety at Gen, highlighted the vulnerability of small businesses to cybercriminals. He stated, “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 small businesses from cyber threats, Norton recommends the following top tips:
- Learn to spot signs of phishing and educate employees
- Only click links or download attachments from known sources
- Avoid sharing personal information or company data over 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 use security software
- Invest in a cybersecurity solution like Norton Small Business