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When Businesses Are Targets For Cybercrime

Running a business can be both incredibly fulfilling, but also very nerve-wracking. As most business owners know, if you do not take the right steps – with the assistance of the right attorney – to properly protect your business, you could be facing difficult commercial and business litigation.

One such area that is increasingly plaguing businesses is that of cybercrime. Every day, more and more businesses are increasingly the targets of cybercrimes.  Cybercrime is estimated to cost the global economy around $445 billion per year. In other words, this is not something that any business can afford to ignore.

The Most Common Method
According to the FBI’s Crime Complaint Center, the fastest growing method of committing a cyber attack is doing so via email, whereby a criminal represents himself to Company A as working for Company B, a business with whom Company A has a history. That imposter then demands quick processing of a transaction, leading to a payment being processed, or confidential information being provided.  In addition, extortion—i.e. holding data ransom—is an increasingly common cybercrime occurring today.

The Scale of Crimes Targeting Small Businesses
Between 2011 and 2015, cybercrimes committed against companies, but aimed at small businesses in particular, went up from 18 percent to 43 percent. And the number is likely higher, as many companies fear that reporting these crimes could lead to litigation or reputational harm.

Steps To Protect Your Business
While larger companies may have the resources to install additional security against cybercrimes, small businesses may not always have that luxury, leaving them open to potential attacks.

Still, every company should take basic steps to increase employee awareness of the issue, institute regular processes and procedures for all information and processing requests, and install a system for invoicing authentication. It would also be wise for small businesses to ensure that they are following best practices and adding cyber security infrastructure to their networks in order to protect their businesses. The experts suggest that, at a minimum, businesses provide security awareness training for employees.

Consult an Experienced Business Litigation Attorney to Adopt Procedures as First Line of Defense
As an executive, one of the biggest mistakes you can make is assuming that your company lacks any valuable data and will thus not be targeted. According to the experts, simply being “connected to the internet” makes your computer interesting. Once you are connected, you and your business can be exploited by criminals.

Our Florida business litigation attorneys have provided outside counsel to countless businesses suggesting processes, procedures, and corporate safeguards in order to help provide a measure of protection against cybercrime and subsequent lawsuits stemming therefrom. Contact us today at DSK Law to find out how we can help.

For additional information on cybercrime targeting businesses, check out the following articles:

 

https://www.computerweekly.com/feature/Cyber-crime-what-every-business-needs-to-know

https://www.wraltechwire.com/2018/09/23/small-businesses-are-big-targets-for-cybercriminals/

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