The Greatest Transfer of Wealth in History
Cybercrime is the world’s third-largest economy after the U.S. and China. We lose $11 million USD per minute to cybercriminals globally. Cybercrime is exponentially more profitable than the global trade of all major illegal drugs combined. The costs are expected to grow 15% per year, reaching $10.5 trillion USD annually by 2025. This is the greatest transfer of economic wealth in the history of humankind.
Still, many Missouri business leaders believe that this complete and total onslaught will somehow miss them. They say, “we’re too small,” or “we don’t have anything they want.” This is a naïve mindset. Former FBI Director Robert S. Mueller was quoted explaining, “There are only two types of companies, those that have been hacked and those that will be hacked.”
60% of small and mid-sized companies that suffer a data breach end up closing their doors within six months. Many of the most damaging breaches are due to common cybersecurity mistakes that companies and their employees make.
Here are four of the most common mistake’s businesses make.
Not Implementing Muti-Factor Authentication (MFA)
MFA dramatically reduces the number of fraudulent sign-ins.
Ignoring Shadow IT Use
Shadow IT is the use of cloud applications by employees for business data that haven’t been approved and may not even be known about by a company. It’s important to have cloud use policies in place that spell out for employees the applications that can and cannot be used for work.
Thinking They’re Okay with Antivirus Only
No matter how small your business is, a simple antivirus application is not enough to protect you. In fact, many of today’s threats don’t even use a malicious file. You need to have a multi-layered strategy in place.
Not Using a Device Management Application
A device management application allows a professional to monitor, update and troubleshoot a device in real-time.
Not Training Employees
95% of cybersecurity breaches result from human error. Employee cybersecurity training is essential to a multi-layered cybersecurity strategy. If you have questions or concerns about the security of your network, contact NOC Technology for a free security assessment. No sales speeches, just information.