Pro Tech Blog & Tips

Small and Medium Business Owners: you need to read this.

A study by Accenture estimates that 43% of all cyber-attacks are on small businesses and additional estimates state that about sixty percent of small companies go out of business within six months of a data breach or cyber attack.

Those are pretty alarming numbers.

If companies survive a data breach financially, they deal with other challenges like brand and reputation damage.

Once a ransomware attack starts, it is already too late to stop it. And this coronavirus pandemic has not helped.

According to CNBC, “Cyberattacks have skyrocketed worldwide as criminals capitalize on the confusion and anxiety surrounding the coronavirus pandemic.” The Federal Bureau of Investigation has come out to say that the number of online schemes to defraud both businesses and individuals out of money and personal data is “truly breathtaking.”

Generally, small business owners are underprepared and overconfident when it comes to cybercrimes. There’s a general feeling of “this won’t happen to me!” Though nearly half of cyberattacks are aimed at small businesses, only 37% of small business owners reported believing they are at risk of falling victim to a cyber attack. Now that companies rely on remote workers, the need for cybersecurity measures is more important than ever.

The solution is to do preventative work ahead of time to keep your company safe. Get prepared and create a robust strategy to keep your company secure.

What Small Business Owners need to do:

1. Deploy a Firewall. Firewalls manage access to all incoming and outgoing data.
2. Protect company email. This is an easy way for hackers to get into your system. Use a reputable provider you can trust.
3. Have a maintenance plan. Keep all antivirus and malware prevention software up-to-date.
4. Create an incident response plan. Know who to contact and what to do if a cybersecurity threat occurs.

Small business owners have more on their plate than ever; foremost, they are just trying to keep the doors open. The coronavirus pandemic has created additional complications in an already stress-filled time for small business owners as they deal with coronavirus-related staffing issues and often outdated IT systems.

What could be the ultimate complication? A cyber attack on their business.

The average cost of a cyber attack has exploded from $34,000 to just under $200,000 per single incident, according to Hiscox’s 2019 Cyber Readiness Report. Hackers know that small businesses generally do not have the security in place to protect from an attack. These threats can come from inside or outside the company, but employees are often the most significant threat for small businesses. They often do not have adequate training, making them vulnerable to allowing harmful security attacks to infiltrate the company.

An example of hackers taking advantage of an employee’s vulnerability is when thieves gained access to a company email account at Wright Hotels, a real estate development firm. They could gather enough information to successfully impersonate the owner and convince the bookkeeper (via email) to wire $1million to an account in China, draining the company bank account.

Seventy percent of cyber-attacks rely on phishing emails. They are extremely common, yet employees continue to click on malicious links in emails, opening their company to security threats.

Since the Covid-19 outbreak, we have seen a surge in ransomware attacks, where hackers threaten to release stolen data unless a ransom is paid. There is no way to know if paying will guarantee the release of the decryption key required to restore their systems. Furthermore, even if paid and restored, the data stolen is likely to be resold on the dark web and used in future targeted attacks.

Ransomware “gangs” are relentless. UK’s National Cyber Security Centre shares a story of an unnamed UK company that was a victim of a ransomware attack and was forced to pay close to nine million USD to recover their files using the supplied decryptor. They made a fatal error and did not examine how their network was compromised and secure their network. The same attackers hit them again in just two short weeks, and the company was forced to pay another ransom. Unfortunately, double extortion techniques are becoming more common as cyber criminals in this space get more aggressive.

The Five Keys to Remote Business Success Every Founder Needs to Know in 2021

Think about this: According to the leading freelancer database Upwork it is estimated that 1 in 4 Americans, over 26% of the American workforce, will be working remotely through 2021. They also estimate that 22% of the workforce (36.2 Million Americans) will work remotely by 2025.

In 2020, business leaders had to pivot quickly as widespread pandemic closures and isolation measures forced companies of all sizes to establish an online presence just to survive. Changes happened rapidly in 2020, but in 2021 business owners need to build momentum and rethink their strategies for the new year. A remote business structure is no longer simply one option among many – it is absolutely essential to success. With that comes new challenges as leaders manage a remote workforce.  What critical IT components do leaders need to focus on?

Richard Roth knows a thing or two about the technical challenges that come with a remote workforce. Roth is a 20-year industry expert and founded Progressive Tech, Seattle’s highest-rated IT support team. His team of real people is locally based in Seattle and ready to find real solutions to every tech problem from start to finish – no matter how complex. With a 14 year history of creating comprehensive tech solutions, Roth has developed the blueprint for creating a streamlined online business model built for thriving performance and has plenty of pro tips for your businesses’ remote success.

Roth’s five tips that entrepreneurs can use right now to best manage their remote business structure for 2025:

1. Use the best security measures across the board. You’re only as secure as your weakest technology/user. Always use multi factor security measures wherever possible. Consider using a password generator and/or a password management service to simplify and consolidate all of your usernames, pins, and passwords. If possible use an authenticator app or your email to authenticate, and avoid using text verification, as SMS is far less secure.

 

2. Expect problems and be prepared. Even giant companies with million dollar IT budgets fall victim to hacking, failures and accidents. Using technology is a bit like driving a truck on the highway; training, practice and maintenance are necessary for safety, but accidents can and will still occur. Make sure computers and devices – many of which are designed to last just 3 to 5 years – are updated and serviced on a regular basis.

 

3. Always be suspicious, look before you click. The majority of today’s threats come from hackers tricking users into clicking on fake websites, opening email links, or downloading unnecessary “utilities” in order to extract information and gain system access. Scammers will even pretend to be someone you know.  Make sure you and your team are informed and prepared to recognize such attempts.

 

4. “Free” isn’t truly free. Using any free or add supported service means you are the product. Similarly, connecting to any public or private WiFi connection enables the network operator and or hackers to position themselves between you and the connection point, gaining access to your information or distributing malware. Consider using premium paid or open source software whenever possible. Avoid installing any apps you don’t absolutely need on your computers or mobile devices. Consider using a private hotspot, or find a trustworthy location with WiFi secured by a strong password.

5. Maintenance matters.  It is critical to have a plan in place for regular system maintenance and user support, not just automatic updates and hope. Unmaintained systems leave open the potential for malicious access to your data and devices. Consider an IT support plan with at least quarterly systems assessments and live on-demand user assistance.

You don’t have to do it alone. You’ve got enough on your hands with a business to run.  A good leader knows when to call in reinforcements. Progressive Tech is here to help with a  tech support team committed to providing real value by creating a stable, secure, and highly functional IT environment for businesses of all sizes and budgets.