In 2021, Verizon found that of the almost 80,000 cybercrime incidents reported, over 5,000 of those incidents were confirmed data breaches. Data theft is a rising problem for all businesses, and as bad actors come up with new tactics, cyberattacks continue to happen more often. We all know that cyberattacks occur, but what happens after a cyber threat steals your data?
This blog explores what happens to your data once it’s in the hands of a cybercriminal. It’s important that you’re aware of the many ways data theft can impact your business. That way, you can learn where your business could improve when it comes to cybersecurity. Here are four of the most common actions taken after a cybercriminal steals your data.
4 Ways Cybercriminals Use Your Stolen Data
1. They Sell Personal Information
One of the biggest threats to organizations is that these criminals can steal your personal information. Things such as names, addresses, phone numbers, Social Security numbers and email addresses are all fair game to be sold on the dark web. Believe it or not, the price for this sensitive information is pretty cheap. According to CompariTech, the average cost for full credentials – which includes your name, Social Security number, street address and birthday – on the dark web is $8 per record.
2. They Distribute Login Credentials
Your usernames and passwords are considered extremely valuable information for cybercriminals. Credential harvesting is when a hacker gathers a compromised user’s credentials for their benefit. IBM reported that credential harvesting made up 7% of cyberattacks in 2021. They can then use these login credentials to get into any of your accounts and steal more of your information.
3. They Commit Financial Fraud
From your credit card numbers to your PIN numbers, your financial information is the main motivation for cybercriminals. According to Verizon, around 90% of bad actors are motivated by financial gain. They can use your bank accounts to pay bills, transfer money to themselves, or perform fraudulent transactions online in your name.
4. They Target Higher Personnel
Cybercriminals can use stolen data to seriously harm your business. Commonly known as whaling, this phishing tactic is when a cybercriminal impersonates a CEO or any other high-ranking official in the company in order to steal sensitive information, money or gain access to their network. From there, they can gain access to spy and infect a network without anyone knowing.
As global tensions continue to rise, it’s more important than ever to take control of your data and keep it safe. Putting steps in place to better protect your network is a great first step to safeguarding your business. If you’re not sure where to start when it comes to data protection, partner with an MSP.
Nitor Solutions in North Carolina is ready to help protect your business with the best cybersecurity tools. Our experts are here for your business 24/7 and are ready to show you how you could be better defending your business.
If you want to learn more about our cybersecurity solutions, contact us today.
With current global events related to cyberattacks, it’s becoming extremely important that you’re up to date on all your security measures, including email security. If you haven’t already, now is the perfect time to go through your current level of security and make sure your North Carolina business is fully protected.
One area that you should be immediately addressed is your business email system. In 2021 alone, more than 319 billion emails were sent each day, and this number is only expected to increase annually. Unfortunately, while we have seen more and more emails being sent, we are also seeing an increase in cyberattacks.
According to several reports, over 90% of cyberattacks start with an email. These emails usually have attached files or compromised links that, once clicked on, program some form of malware that attacks the victim’s software. Phishing attacks are becoming a real problem. In fact, 32% of all successful breaches involve using phishing techniques. That’s why it’s so important to invest in secure email services and cybersecurity training.
Cybersecurity Training: What’s at Stake?
Do you and your employees know about the different types of phishing emails? They can be easily disguised as an email from someone you trust. Without cybersecurity training, you may click on fraudulent links and attachments leading the way for cybercriminals to access your personal information.
A successful phishing attack can result in financial loss, compromised accounts, a damaged reputation, and much more. It’s important that you and your employees are able to pick out suspicious emails. In order to stop phishing attacks, you need to learn more about them. Let’s cover the main types of phishing attacks.
Phishing Training: 4 Types of Emails You May Encounter
While there are many types of phishing emails, here are a few common types that businesses see often:
Spearphishing
One of the leading types of phishing emails, spearphishing uses personalized information to convince users to open attachments or click on links. These attacks are usually targeted at specific individuals or groups in an organization.
Spoofing
Spoofing is when cybercriminals disguise themselves as trusted sources. The sender will forge email headers so that the software displays the fraudulent sender address. If it’s a name the victim recognizes, they’re more likely to trust it, so they’ll click on links, open malware attachments, or even send sensitive data and wire funds.
Whaling
Whaling, also known as CEO fraud, is when cybercriminals impersonate a CEO or any other high-ranking executive in a company. The goal is to use the presence of a powerful figure to steal sensitive information, money, or gain access to their computer systems.
Malvertising
Malvertising is when cybercriminals embed malicious code into legitimate-looking advertisements. By clicking on these infected ads cybercriminals gain access to anything on your device.
Email Security Services: How to Protect Your Business Devices
To keep your business devices protected, you need to constantly run updates and security filters. By running updates, you’re making sure your devices are up to date on the latest security patches to protect yourself from cyberattacks. Email security filters prevent suspicious emails from getting in your inbox.
With everything going on in the world, it’s extremely important that you’re on top of your security. This is a difficult situation, and the security of your business is a priority right now. If you don’t have a plan or if you’re unsure where to start, an MSP can keep your business secure.
Nitor Solutions is here for all your cybersecurity needs. Our team of experts will assess your current level of security and develop solutions to better protect your business.
Digital cleaning, such as checking for outdated technology, may be more impactful than you think. Recent statistics show that cybercrimes occur more frequently to those who are not updating and cleaning their systems.
The U.S. Small Business Administration found that 88% of SMBs felt that they were vulnerable to a cyberattack because they didn’t have the resources to protect themselves adequately.
How secure is your business? By running a digital cleanup, you’re taking care of maintenance you may have been putting off and helping your system become more secure and protected.
Why Is Performing a Digital Clean up so Important?
The reality is if you have outdated software, your business may be vulnerable to an attack because you’re lacking the latest security updates. If you use outdated technology, you’re vulnerable to cybercriminals because your out-of-date programs don’t have the newest and latest security updates.
The cost of cybercrime globally goes into the billions, and SMBs have had to pay their share. If you think you’re too small to worry about a cyberattack, think again — 2021 study from Hiscox revealed the average cost of a cyberattack for a small business was $25,612.
A data breach won’t just cost you money. It will also erode your reputation and cause your clients to lose trust in you. A study by Centrify found that 65% of victims of data breaches lost trust in an organization because of a data breach.
How Can You Protect Your Business?
There’s no better time than now to conduct a thorough tech cleaning. While organizing your office and business, make sure you’re also giving your technology a digital cleaning.
Here are six ways to keep your technology healthy:
Conduct a digital cleanup — The basics of a clean-up include simple tasks such as changing up your logins, backing up data, organizing your digital files, and deleting unnecessary files and unused apps.
Review your equipment — It is very important that all your software is up to date and running properly. When your software is updated, it helps reduce the risk of infections from malware.
Prioritize your security — Consider using password managers to help create difficult passwords that hackers can’t guess. Another great option is to enable multifactor authentication, which requires you to enter a second code to ensure that your accounts are secured.
Get rid of any old data or equipment — If you have apps or files on your devices that you no longer use, delete them. Not only are you protecting yourself that way, but you are also freeing up space. Going through your email and deleting and unsubscribing to unimportant emails is also a great practice.
Review privacy settings — Go through your privacy and security settings on all your devices to make sure you still agree with the terms in place.
Partner with an MSP — By working with Nitor Solutions, we can do all the work included in these steps and more.
A digital cleaning will help set you and your business up for success. You won’t believe the peace of mind that comes with updating and cleaning your tech. For the remainder of the year, you don’t have to worry, and by this time next year you can review all these steps again.
It’s important that you are paying attention to the tech you rely on and address any issues you may have. Doing so will boost productivity and help you better serve your customers.
Nitor Solutions in North Carolina offers several helpful services that can help you tidy up your tech. Whether it’s remote IT services, backup and recovery, cybersecurity and more, we are here to help you with all of your business technology needs.
Cybersecurity benefits are many. Safeguarding your business with strong cybersecurity is essential when it comes to ensuring sustainability — especially as hackers and cybercriminals become more audacious.
Hackers no longer simply take your data. They use ransomware by locking up your network and freeing your data only until a specific amount of money is paid. Or they take your information — and that of your clients — and sell it on the dark web, where people are pouncing on the chance to purchase financial and personal information.
However, just implementing cybersecurity isn’t enough to prevent you, your business or your clients from becoming a victim. You need to perform routine checkups to make sure your security can handle whatever tricks hackers and cybercriminals have hidden up their sleeve.
Strong, current security can do more than just prevent a breach — there are boundless cybersecurity benefits, beginning with protecting your bottom line. Iron-clad cybersecurity will help save you money in the long run, allowing you to put more resources back into growing your business and serving your customers.
Here are three reasons why checking up on your security is a great way to protect your company’s wallet:
1. Prevents downtime — A data breach or cyberattack can bring your business to a screeching halt, especially if you don’t have a backup plan in place to quickly get you back up and running. This can be costly. Gartner reports that the average cost of IT downtime is $5,600 per minute. Of the companies that responded to Gartner’s poll, 98% said a single hour of downtime costs more than $100,000 — with 33% of those reporting that amount could reach anywhere between one to five million dollars. By keeping hackers and breaches at bay, the right cybersecurity keeps your business moving and keeps your cash in hand.
2. Maintains your client base — Your customers may be sheepish to work with you again once your business suffers a data breach, especially if you fall prey to a ransomware triple threat — when a hacker holds your data and your clients’ data hostage. And it can be extremely challenging to attract new clients once word spreads about your breach. According to a study conducted by security.org, one in every four Americans stops doing business with a company once it has been hacked. That’s 25% of your clients who will be taking their business — and their money — elsewhere. Of those who decide to stay with a business after a breach, two out of three surveyed said their trust has been eroded. Whether you’re losing clients, or your existing clients are no longer recommending you to friends and colleagues, a data breach will undoubtedly chip away at your customer base. Keeping your clients and preserving their trust in you is just another of many cybersecurity benefits.
3. Keeps your doors open — Of all the financial cybersecurity benefits, there is none more than this: Regularly checking up on your security and ensuring it’s up to standard can literally save your business. The National Cyber Security Alliance found that 60% of small companies go out of business within six months of a data breach, a statistic mostly attributed to costly downtime and the damage done to a company’s reputation.
Strong cybersecurity can help keep your business financially solvent — but only if the security is properly maintained and checked on regularly.
Nitor Solutions in North Carolina provides scalable and budget-friendly security solutions that help you stay protected against the latest threats. We protect your business like it’s our business and will be happy to work with you in creating an effective checklist that ensures your security is up to date and up to standards.
Put your money and focus where they belong — toward the growth of your business.
Small Businesses Are Maximizing Efficiencies with Technology
At Nitor Solutions in North Carolina, we specialize in matching innovative productivity tools with local small businesses. Outdated technology can not only pose security risks and affect staff morale, but it can also strangle efficiency and productivity. Let’s take a look at some of the technologies supporting today’s business and how they can help you streamline operations, keep teams connected and boost productivity.
The modern business landscape has its own unique challenges. Remote staff, increasingly sophisticated cyberthreats and increased digitization have demanded new ways of getting business done. Ironically, technologies supporting today’s business are not only providing the needed flexibility and always-on connectivity, but they are also driving unprecedented levels of productivity.
Microsoft 365 Applications
This popular cloud-based solution includes all the productivity tools you know and love within one integrated service. Teams, Word, PowerPoint, Excel and much more offer all of the tools your team needs to stay connected and work efficiently. Access documents whenever, wherever — at home, on vacation or in the office.
Empower employees to work smarter
Drive team collaboration with real-time video conferencing.
Support remote work with anytime, anywhere access to important apps and documents.
Keep staff happy and productive with user-friendly apps.
Streamline processes with automated workflows.
An experienced managed services provider can help you get the most from your Microsoft 365 subscription, from choosing the right package to data migration to 24/7 tech support.
Cloud Computing Solutions
The digital transformation is well underway. There are many reasons so many companies are leaving the slow, rigid legacy hardware beyond and embracing cloud services. Say goodbye to expensive start-up equipment and say hello to flexible, always-available services at a predictable monthly fee.
Support business needs today and tomorrow
Enhanced collaboration. Keep remote and onsite staff connected to important documents and each other — anytime, anywhere.
Business continuity. Cloud computing and storage options typically store data off-site in multiple locations. Think of it as built-in backup and recovery.
Flexibility. Easily scale storage and bandwidth resources up or down depending on changing business demands.
Innovative Workstations
Every company should be evaluating ways they can improve their workers’ overall productivity. It’s never too late to upgrade to the latest emerging technology solutions that help you stay current and maximize productivity in an ever-evolving, dynamic world. With an upgraded workstation, your employees will feel supported, and they will be happier in their role.
Double up on monitors
A dual monitor setup, which allows employees to use multiple screens that operate from the same computer, is a simple and cost-effective way to increase employee productivity and collaboration.
By working with more than one monitor, your staff will be able to display more content, easily switch from one application to another and reduce downtime — if one monitor goes out, they can just switch to another. Doubling up on monitors can also be a boon to employee communication and collaboration, especially during Zoom calls and presentations.
Expert Consultation
Consider IT consultation services if you’re looking to transform your business with the latest and greatest productivity tools available. An experienced tech partner can get to know your business and identify tools to help you meet your short-term and long-term business goals.
Productivity Tools for Small Businesses in North Carolina
Nitor Solutions provides personalized solutions to help local businesses make the most of their technology. If you’re interested in learning more about innovative tools and technologies boosting productivity, read more of our informative blogs. Or, contact our team of experts to continue the conversation.
Remember when HAL from Space Odyssey made us all afraid of the potential evils of artificial intelligence? Ah, the innocence of 1968. Today, AI has transitioned into mainstream society, and the only thing we’re afraid of as business owners is not being agile enough to keep up with emerging technology.
Rapid digital transformation has many businesses struggling to keep up with the latest security, operational, and productivity solutions. And unless your technology has been updated within the last 6 to 12 months, you’re most likely operating on at least one outdated solution, putting your business behind your competitors and at risk of cyberattacks. Here are the three steps you need to take regularly to thrive in a world of rapidly emerging technologies.
Step 1: Assess — Where Are You Now vs. Where Are You Going?
If you’re like most forward-thinking businesses, your plans for thriving in the future include examining your past progress and looking for ways to improve. Besides updates, that means jumping into the future — meaning, now — and employing new technology.
Compiling a checklist of where your technology stands is a good place to start to see what solutions you should adopt. Where is your current technology holding you back and what needs improving?
To examine your current infrastructure, ask yourself a few questions regarding your goals:
Are you looking to optimize your technology?
What technology isn’t working for you anymore?
What do you need from an infrastructural standpoint to achieve your goals?
Once you’ve evaluated your pain points and the ways you’d like to improve, it’s time to examine what technology solutions you can launch to grow your business.
Step 2: Discover — What Emerging Technology Can You Adopt?
Adopting new technology is a test of how agile your business is, and it appears to pay off. Companies that use new technology in business have upped their revenue by nearly 60% according to Oracle.
Additionally, new digital tools have been shown to catapult financial returns, workforce diversity, and environmental targets by 22%, according to Deloitte.
The benefits of adopting new technology and equipment are wide in scope and include increasing productivity, improved processes and workflow, ease of remote work, and increased employee satisfaction.
Five examples of new technology solutions include:
AI: 75% of companies that have implemented AI fully experienced an improvement in their decision-making, according to PwC.
Automation: While less than 10% of jobs can be completely automated, automating various steps and processes can free up people to focus on more dynamic work, according to Forbes.
Cloud-Native Platforms: McKinsey reports that cloud delivers a rise in EBITDA — earnings before interest, taxes, depreciation, and amortization — of more than 20% across all industries.
Decision Intelligence: Research confirms that businesses that base decisions on data, not instincts or experience, are 19 times more likely to be profitable, according to Forbes.
Emerging Technology: Improving your current infrastructure makes your business more secure.
Step 3: Implement — Partner with a Professional
With consumer and business digital adoption moving forward at such a rapid pace, it has never been more critical to partner with a professional service provider who can keep up with emerging technology development.
At Nitor Solutions, we are the North Carolina area’s leading experts in emerging technology implementation. We deliver comprehensive and scalable solution that keeps your business competitive, secure, and thriving.
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