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How to Protect Your Business From Cyberattacks

By Alexander Niejelow, Senior Vice President for Cybersecurity Coordination and Advocacy at Mastercard

Person holding phone and credit card while using laptop at office desk.

In a world where technology is rapidly becoming more intelligent, every business is vulnerable to cyberattacks. In fact, 50% of small- and medium-sized businesses have experienced a cyberattack 1, and only 14% of SMB owners rate their ability to mitigate cyber risks and attacks as highly effective 2.

It may go without saying, but if cyber readiness isn’t a consideration for your business already, it needs to be.  There are lots of steps you can take to decrease your chances of being victim to a cyberattack. You can start right here, just keep reading. 

Back up your data

Regularly backup the data on all computers. Backup data automatically if possible, or at least weekly and store the copies either offsite or in the cloud.

Focus on technology

Keep your business information safe by updating your software regularly. these critical security updates protect against hackers looking for cracks to slip through.

Likewise, installing an email security software is vital in uncovering whether an email is carrying a malware. The software will scan all incoming emails and will notify you if the email contains dangerous malware.  his is especially important when you consider the fact that malicious email attacks increased 667% in 2020, and 91% of all cyberattacks begin with a phishing email.

A firewall is a set of related programs that prevent outsiders from accessing data on a private network. Make sure the operating system’s firewall is enabled or install free firewall software available online.

Human factor

95% of cybersecurity breaches are due to human error 3. Train employees in security principles. Establish basic security practices and policies for employees, like requiring strong passwords. Establish rules of behavior describing how to handle and protect customer information and other vital data. 

Have an attack response ready

In the unfortunate event that your business or website has been hacked or is in the process of being hacked, there are specific procedures you can take as part of an attack response plan to counteract the actions of the hackers:

  • First, if your business or website is in the process of being attacked, immediately disconnect your system from its network.
  • Next, you’ll want to notify your bank, your processor, as well as the payment networks you use so they are aware of the issue at hand. Typically, one of these partners will be able to offer insight on how to deal with the problem and provide specific steps to minimize any liability.
  • Isolate the entry point of the hacking attempt. Once you’ve done this you will want to un-install the infected system to rid the virus from your networks. Afterwards, you can reinstall the system which was originally infected by the virus.
  • Most importantly, communicate with your customers. If your customers have been directly affected by the virus, be honest and unambiguous. Help them to resolve any issue they may be experiencing from a data breach with swift action.

Every business deserves protection to combat cyberattacks and cyber threats. Rapid technological advancements have increased vulnerabilities in companies, and, in some cases, the security of data and information has been compromised.

If you want to learn more about how you can protect your business – and yourself – against cyberattacks, check out Mastercard’s Trust Center.

1 Momentum Cybersecurity Almanac, 2020

2 Shepherd, 2019

3 Milkovich (2021), from https://www.cybintsolutions.com/cyber-security-facts-stats/

How to Protect Your Business From Cyberattacks

A cyberattack affects more than your bottom line; it can affect your organization’s reputation as well. In today’s connected world, businesses of all sizes may be vulnerable to cyberattacks. Every organization is connected in today’s digital world, and cybersecurity is only as strong as its weakest link. 95% of all cyber security incidents involve human error. The FBI reported more than $3.5 billion dollars were lost to Cyber Crime Globally in 2019.

A breach of your organization’s cybersecurity can harm your customers, partners and employees. 60% of small companies go out of business within six months of a cyber attack. Understanding these risks and protecting your organization is the first step to becoming cyber ready

Authentication

Passwords are the gatekeepers to your most important information. Cyber attackers are opportunistic and can easily crack a weak password.
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TIPS: Every time you create a password, you should keep the following in mind:

  • 8 or more characters
  • Uppercase and Lowercase characters
  • Use numbers (0 through 9)
  • Non-alphanumeric characters 
  • No personal information such as date of birth, names, etc. 
  • Never use the same password on multiple sites 
  • Change passwords regularly (every three months) 
  • Don’t share passwords

63% of data breaches result from weak or stolen passwords.

90% of employee passwords can be cracked in six hours by hackers.

Over 20% of business employees have shared their password with assistants or co-workers.

81% of hacking-related breached are the result of either stolen and/or weak passwords.

 

Phishing

They will try to get you to share sensitive information like passwords, or to click on a link or attachment. This can put malicious software on your computer, putting your identity or organization at risk. 
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TIPS: Check the sender. Never share sensitive information. If in doubt, don’t click. Confirm the sender before clicking on unknown and potentially suspicious links received via text or email.

  • 91% of all cyber attacks start with a phishing email. 
  • 89% of phishing attacks mimic corporate emails.
  • 88% of organizations reported experiencing phishing attacks in 2019.
  • 76% of organizations reported being the victim of a phishing attack in 2016.
  • 81% of companies that fell for a phishing attack lost customers.
  • 84% of small business are targeted by Phishing Attacks

USBs/Removal Media

USBs and other types of removable media are a handy way to share information. But they are often infected with malicious software that can damage your systems, and there’s no way to tell until it’s too late. So be USB smart. 
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TIPS: Always buy your flash drives from reputable manufacturers as well as sellers or consider throwing away your USB drives and move to the cloud for file storage. Never plug unknown flash drives into your computer and don’t use the same flash drives for home and work computers.

  • 27% of malware infections for SMBs originated from infected USBs.
  • 87% of employees have lost a USB memory device and not told their employer.
  • 48% of USB sticks found are plugged into a computer within 10 hours of being picked up.

Patching

Patches are regular updates to your software, systems and applications. Updating your devices may be a little annoying, but these critical security updates protect against hackers looking for cracks to slip through. 
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TIPS: Always update all of your devices as soon as possible.

  • 80% of attacks use computer vulnerabilities for which patches already exist.
  • In 2019, there were 812.67 million reported malware infections. 

Ransomware

It is a type of malware that prevents or limits users from accessing their systems or devices and demands users pay a ransom by a certain deadline to regain control of their data. 
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TIPS: Do not pay the ransom. Disconnect your device from the internet or other network connections (such as home Wi-Fi) as soon as possible in order to prevent the infection from spreading. Notify your payment partners. Visit www. nomoreransom.org to check whether your system has been infected with one of the ransomware variants for which there are decryption tools available free of charge.

  • 20% of small business owners report being victims of one or more ransomware attack.
  • $377,000 is the average ransomware demand.
  • 16.2 days is the average duration a ransomware incident lasts.

At Mastercard, our mission is to de-mystify and simplify cyber readiness. The free Cyber Readiness Program guides you through selecting a Cyber Leader, implementing practical policies and gaining commitment from your workforce. We provide policy templates, training materials, and communication kits developed by leading experts to get your organization cyber ready quickly and efficiently.

To learn more visit: https://www.mastercard.us/en-us/businesses/small-business/safety-and-security/cyber-security.html

About Master Your Card

Master Your Card is a community empowerment education program sponsored by Mastercard, that works with committed partners nationwide to bring information about the benefits of electronic payments technology for underserved communities to build brighter financial futures. The program has facilitated presentations and workshops in numerous cities around the country, provided financial education to tens of thousands of students and reached millions through partners’ initiatives and education materials. 

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