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Guard Against Growing Cybersecurity Threats

Hackers are continuing to target small businesses at an alarming rate. In one 2017 survey, 53% of executives said their businesses had experienced a cyber attack in the previous year.1

When a data breach occurs, outsiders gain access to the personally identifiable information of customers or other individuals, opening the door for identity theft and other financial crimes. A company can be held legally responsible when its customers' personally identifiable information is disclosed. Moreover, the time and expense involved in recovering from any type of cyber attack could be insurmountable.

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Current Trends

A spear-phishing attack often involves emails sent to employees. Clicking on a malicious link provides access to the company's network, allowing the installation of malware designed to steal or hijack critical data.

With a watering hole attack, the attacker guesses or observes which websites a targeted group often uses and infects them with malware. Eventually, some member of the targeted group gets infected.

Ransomware is a menacing virus that locks businesses out of their computer files and demands payment of a ransom in exchange for the return of company systems and data. There were 463,000 cases of ransomware detected in 2016, a 36% rise from 2015. And the average ransom demand rose to $1,077.2

Fortify Your Defenses

Given the risks, it might be safer to assume that your business could be targeted and prepare accordingly. Here are some cybersecurity tips for small businesses offered by the Federal Trade Commission.

1) National Federation of Independent Business, 2017
2) Symantec Internet Security Threat Report, 2017
 

 

This information is not intended as tax, legal, investment, or retirement advice or recommendations, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Broadridge Advisor Solutions. © 2018 Broadridge Investor Communication Solutions, Inc.