Cybercrime is difficult to catch until it’s too late. This is because people who engage in these activities generally know how to cover their tracks well or divert suspicion. It also takes hours of research to determine what happened and when, and to tie this activity to a particular person or organization.
Some companies do not even realize a breach took place until someone reports data found on the black web. Others might receive ransom calls. Customers might also begin to notice unauthorized transactions on their accounts and credit cards.
Hiring professionals is expensive
When companies discover a breach, hiring the right professionals to deal with it can be expensive. Forensic teams in this area need several years of experience with sophisticated technology. Consider how many hours of work these professionals need to spend uncovering and analysing data at a high hourly rate. The cost racks up quickly.
People commit crimes from another country
Many cybercriminals employ the tactic of using servers to reroute their data, making it difficult to trace anything back to them. This allows them to remain anonymous. Even when discovered, they might live in another country, which makes legal recourse difficult.
People target smaller, less-protected businesses
Targeting a big bank or federal agency attracts a lot of media attention and prompts well-funded investigations to discover what happened. Because of this, many cybercriminals prefer to target smaller businesses and individual customers. Small business owners and customers often have fewer resources available to combat cybercrime.
Steps to protect your business
As a business owner, it’s important to be on the lookout for fraudulent activity – both internally and externally – and do everything you can do to discourage and prevent it. One step is to create clear company anti-fraud policies, and to educate your employees about what constitutes fraud. You should also train your employees in safe practices to avoid falling victim to phishing emails or other scams that could jeopardize the security of your business.
It’s also important to teach your staff how to spot red flags. For instance, you can train your accounting department to double check all transactions to help catch any potential instances of fraud. Create an open work environment where staff is encouraged to speak up if they see signs of illicit activity.
Cybercrime has the potential to destroy a company – and it’s becoming a growing threat. Taking proactive steps to counteract this threat should be a part of any business owner’s operational strategy.