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Online security threats are a major concern for most business owners. With working environments continually moving to a digital/mobile format, we are introducing higher risks that regularly expose our businesses.

And who is most at threat?

Small – Medium Businesses

Small to Medium businesses are often the prime target for online scammers. This is due to SMB’s having lower budgets and fewer resources to tackle online security threats.

In 2017, the NSW Small Business Commissioner conducted a study finding that 50% of small businesses don’t realise they are the prime target for cyber-crime. Not only this, it was found that cybercrime is costing Australian business owners $1 billion each year and is expected to be costing businesses $6 trillion globally by 2021.

If you are an SMB owner or even an owner of a large organization then you need to keep reading! Because these are 5 online threats your business is going to encounter.

1.Phishing

Phishing is a type of cybercrime which involves scammers sending deceptive emails, phone calls, texts or websites with the intention to trick people into handing over sensitive information. This is often personal data or banking details.

These scams are often used to lure people to click links to download attachments that lead to malicious software and malware.

2. Ransomware

Ransomware attacks are initiated by a hacker/scammer infecting your device with a virus. They then encrypt data, making it inaccessible. Generally, they will try to force you to pay them money to unlock it, in exchange giving you back what they stole.

These types of cyber crimes cost business massive sums of money and make up a large portion of the statistics listed below. This makes ransomware a threat you really need to be wary of.

However, having strong online security will assist you in fighting off not only ransomware but most forms of cybercrime.

3. Social Media Hacking

Social media is an integral part of conducting business and almost everyone is on some form of social platform. It goes beyond traditional retailing and therefore, beyond traditional security needs.

Social media opens gateways to huge security threats. If your social media account is hacked it can lead to loss of followers, loss of business and customers. We have seen cases where people have had their business accounts hacked, their passwords changed, and their pages then hacked with things such as pornography, links to viruses and malware.

How is it going to appear when your business has given consumers viruses and shut down their personal devices?

4. Mobile Malware

Just like social media, almost everyone owns a mobile device and if you are in business then you know how that has made a significant impact on how you operate. However, with an increase in technology, there is almost always an increase in cyber threats.

Mobile Malware is a growing problem ranging from attacks such as trojans, ransomware and spyware. A critical part of a security plan should be implementing a mobile device policy involving device management and accessibility.

This is extremely important if you have a lot of staff using mobile devices in your workplace.

5. Unsecured Devices

Your connected devices such as printers and phones bring a tonne of benefits to your business. However, as your devices handle a large amount of information and documents any unauthorized access can have huge negative impacts on your business.

If left unprotected or unconfigured, your devices pose a huge security threat. It can result in financial loss, brand damage and leakage of sensitive data. Remember, if a device is lost and not secured correctly, anyone can gain access to it.

Online security is becoming a very serious topic of conversation in Australia and is something all business owners should be aware of. If you aren’t sure if you are fighting online threats the right way, then give our IT Department a call and they will be happy to sort out a solution for you.

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