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Businesses Face $7 Trillion In Losses Due to Cybercrime

While you're busy running and growing your business, working hard to make money, cybercriminals are finding new and more sophisticated ways to steal it. They want to breach your IT system to steal your confidential data so they can hold your data for ransom, or get passwords and IDs to take cash directly from your bank accounts.

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What Is The True Cost of Cyber Theft For Your Company?

A new article from Forbes is reporting that businesses in Canada and around the world may be in for their biggest financial losses yet due to cybercrimes. The Forbes article entitled, “The True Cost Of Cybercrime For Businesses” says that all types of cyber-crimes are escalating and that businesses now face $7 Trillion in losses during 2018.

What Types of Cyber Crimes Are Taking Center Stage?

One of the big winners for cyber criminals is ransomware. This type of attack works this way:

Jane, the receptionist at ABC Chemicals goes to work one morning. She’s still trying to wake up, sipping her first cup of coffee. She sits down at her desk and starts going through emails. She’s really not paying attention. She glances at the computer screen and sees an email that says “Urgent Overdue Balance.”

Being a diligent employee, Jane clicks on the email and then sees the attached invoice so she clicks on that. She wants to look it over before she forwards it to the accounting department.

Suddenly, her computer screen goes blank, then there’s a message scrolling across the screen:

“Attention business owner! Please send $22,000 in bitcoin to the following account! Your files will remain locked until we receive our payment. Once we do, we’ll send you the code to unlock all your data files and records. Failure to follow our instructions will result in your entire data base being destroyed.”

Jane sits there stunned for many long moments, until several employees come out of their offices with puzzled looks on their faces. Everyone is talking all at once but the bottom line is that every computer in the building has been locked up. No one has any access at all. Most people lost whatever documents they were working on when the freeze came.

The security people are called. The business owner and all executives are notified. Everyone stops what they’re doing and their whole focus is on one thing:

“What do we do now?”

Sadly, this scenario is unfolding all across Canada in both large and small businesses. No one is immune.

Why Does Ransomware Work So Well?

There are actually several reasons why. Often the thieves ask for a smaller amount of money. They know that if they’re wanting less than it would cost for you to call an IT expert in to restore access to files, then many business owners will just pay the ransom.

For instance, if the thieves are only asking for $3,000, wouldn’t it be cheaper to pay them than get a bunch of high-priced IT consultants in to fix things?

From the point of view of the thieves, if they can successfully pull off this same ransomware crime several times a day, they’re earning pretty big bucks. Living in Eastern Europe isn’t all that expensive. Everyone gets a big paycheck each week and no one ever gets caught or placed in jail. There’s no downside to being a cyber thief.

For business owners, it’s a nightmare. How do you make sure each and every employee understands the severity of clicking on a malicious link? It feels like an uphill battle. And yet, by taking a few precautions, you can greatly reduce the probability that your company will ever face such a bleak day.

Get IT Security Pros On Your Team

The best thing that business owners can do is take every precaution not to fall into their web of crime. One thing that can be beneficial is to hire a good, experienced IT company like Tektonic. We’ll come out and do a full assessment of your security programs. We’ll:

  • Conduct Pen testing.
  • Ethical hacking to see where you have a weak perimeter.
  • Security training for employees so they know what to look for.
  • Check and make sure there are no viruses currently lurking in the background.
  • Suggest improvements to make your security perimeter as tough as it needs to be.

Do you need help with your Internet Security? Tektonic can help you stay out of the reach of cyber criminals. Contact us to learn how.

Date: October 22nd, 2018, Author: Jorge Rojas

Toronto IT Support  /  Tektonic Blog  /  Businesses Face $7 Trillion In Losses Due to Cybercrime