Originally written by Anna Jordan on Small Business
With coronavirus comes a new wave of scams and all manner of misinformation, making small business owners vulnerable.
The aerospace, transport, manufacturing, hospitality, healthcare and insurance industries have already been targeted.
Action Fraud, a crime detection unit, has received 21 reports of fraud where coronavirus is mentioned. This may not sound like much, but over £800,000 has been lost so far.
Ten of these cases involved people attempting to buy masks from fraudulent sellers. One such victim lost over £15,000 for masks that were never delivered.
Other scams are more standard, seeing victims tricked into opening dodgy attachments and giving out personal information. Attachments can lead to websites promising a tax refund from the government or a donation page for people in need.
Predictably, some are exploiting money worries that small businesses are having at this time, like offering bogus loans. Their solutions demand upfront fees, pressuring victims to part with their money quickly.
Reports have been shared of WhatsApp messages telling you your bank is facing difficulty because of coronavirus. To protect your cash, they tell you to push it to a new bank account with alternative details.
Be aware that certain slimy fraudsters are using HMRC branding to
Tag Archive for Cybercrime
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How can small and micro businesses achieve enterprise-grade security?
by Partner Content • • 0 Comments
Originally written by Partner Content on Small Business
Thinking that small and micro businesses will not become targets of cyber threats is one of the worst misconceptions in business IT. Just because a business is still struggling to scale or become profitable doesn’t mean it is safe from attacks. In fact, small businesses are the most popular targets of cybercriminals.
An Accenture study found that 43pc of cyber attacks are aimed at small businesses. Unfortunately, according to the same study, only 14pc of SMEs are prepared to address such attacks, which include data breaches, malware penetration, financial theft, identity theft, phishing, and denial of service. On average, these incidents cost businesses £65,000 to £115,000. This figure does not include additional damage including opportunity costs, adverse brand and reputation implications, and the negative impact on customer goodwill. What’s even more alarming is that 60pc of companies that have been attacked go out of business within six months according to a report by Inc. These realities only mean that it’s imperative to invest in competent cybersecurity defense.
Basic antivirus protection is not enough
Most businesses are not prepared for cyber threats usually because their owners or managers lack the competence to foresee and implement measures against
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Cyber security: The Halloween horror story
by Ben Lobel • • 0 Comments
It’s Halloween and cyber criminals are conjuring a poisonous potion of fear among SMEs. According to a recent survey conducted by Barracuda, 92 per cent of businesses are haunted by the thought of ransomware attacking their organisation. It would seem like these fears are well founded – nearly half, or 47 per cent of respondents
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Hot Business News Today
Cyber security: The Halloween horror story
by Ben Lobel • • 0 Comments
It’s Halloween and cyber criminals are conjuring a poisonous potion of fear among SMEs. According to a recent survey conducted by Barracuda, 92 per cent of businesses are haunted by the thought of ransomware attacking their organisation. It would seem like these fears are well founded – nearly half, or 47 per cent of respondents
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SMEs more afraid of cybercrime than Brexit
by Owen Gough • • 0 Comments
Britain’s SMEs are shifting the billions spent each year on hiring traditional experts, such as legal and procurement consultants, to leverage the skills required to survive in an increasingly digital world, including those for security against cybercrime and new payments technology. According to research from Barclaycard, which has helped make businesses successful for over 50 years,
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Cybercrime: It’s time to go on the offensive
by Owen Gough • • 0 Comments
While the threat of fraud is nothing new, the opportunities afforded by online access to business and increased automation of business systems together with the almost universal use of online banking has led to a sharp rise in cybercrime. Every second of every day attempts are being made to defraud UK businesses which are not
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How UK businesses can stay protected online
by Owen Gough • • 0 Comments
Earlier this year, businesses and organisations of all sizes from around the world were hit by a large-scale cyber attack, known as WannaCry, leaving them unable to access online systems and data. The attack continued to affect companies over the days that have followed. WannaCry is a form of ransomware, meaning it is a computer
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FSB raises the alarm with the UK’s 5.5 million businesses
by Owen Gough • • 0 Comments
FSB is today warning small businesses in the UK to take urgent steps to protect from a cybercrime ransomware attack this week, following specific concerns it has received from the National Cyber Security Centre. As well as following its cyber protection advice, FSB says smaller businesses should put in place specific cyber protection insurance. Dave
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Middle market businesses fail ethical hacking test
by Owen Gough • • 0 Comments
A recent ethical hacking exercise targeting middle market companies finds serious deficiencies in the cyber defences of all the companies tested. The hacking simulation, which was carried out by consulting firm RSM with the permission of the organisations involved, reveals significant weaknesses in the strength of the businesses’ internal controls. In one instance, RSM sent
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