Digitisation has its dark side, and that comes in the form of cyber attacks and threats. Even as we amp up digitisation we also have to boost our cyber security measures.
We hear about cyber security incidents increasing nowadays. Whether it's an individual, a small business or huge corporation, nobody is immune to it. The mentality of "It won't happen to me" is a luxury we cannot afford. It would do us all a world of good to step up on our security measures. And this goes beyond just having one single measure. Perhaps you already have an anti-virus software, but remember, it is like the vaccines for the recent biological virus. They are not foolproof, in some cases, they just make you feel less sick.
Cost of cyber crime is inching towards $10.5 Trillion annually By 2025.
YES. Cyber crime is real. Fans of Black Mirror on Netflix will understand this well. Technology is amazing, and it also has a very dark side if we are not careful. As a business, you need to have best practices for your cyber hygiene. You don't want to be in a situation where you are desperately putting out (virtual) fires because of data breach.
'46 percent of organisations had suffered damage to their reputations and brand value as a result of a breach. Another 19 percent of organisations suffered reputational and brand damage as a result of a third-party security breach or IT system failure.' - Forbes, The Reputational Impact of IT Risk
Your business probably has quite a few social media channels for marketing purposes. Social media's reach is across the entire planet, and they connect your business beyond to other pages, websites, forums, groups etc. All the time, money and effort you spend on the content and design for these sites will go down the drain if the account is compromised. Monitor your channels. It could be a prank where someone impersonates you and uses your business account, but if it's not caught in time it could cause a lot of confusion and generate mistrust.
Phishing
Pronounced 'fishing', this is far from being a peaceful activity. It's when criminals use emails, social media, phone calls or text message to scam people. They pretend to be a trusted organisation and weave a lie to trick you into doing things such as revealing your bank account information, paying fraudulent invoices, or giving them remote access to your computer etc.
Phishing has become more sophisticated over time, so you need to be alert. Beyond emails, have a healthy dose of paranoia if your instincts tell you something is 'phishy' about the messages you receive for urgent requests for money, changing your bank account or checking your login details.
Be on the alert if you receive messages that run on an extreme emotion. It usually sounds urgent and it generates a strong emotion in you to either panic or get your hopes up. It usually sounds like an authority figure, and they promise you things that are simply too good to be true. These criminals do their homework, so they often make the message out to be related to current events to get your attention.
If you think you are experiencing some sort of phishing, do not access the links or contact the said entity. Check against their official websites, contact details etc.
Malware
These are the nasty cyber bugs. Call them viruses, spyware, trojans or worms, they eat their way into our confidential and sensitive information such as bank information and passwords. They steal our data or intellectual property, and this can lead to identity theft or fraud. They spy on what we do. If you're not careful, this is where your Evil Twin could emerge.
To protect your business against malware, update your operating system and software applications regularly (just set it to automatic). And always remember to back up your information. Be safe, not sorry.
Ransomware
Nowadays criminals are smart. They don't kidnap children or pets and demand money. That's too much physical work. Nowadays, criminals seize your computer in cyber space, lock it down by encrypting your files until you pay them money to release it.
They get into your devices when you visit unsafe or suspicious websites. If you open links, emails or files from unknown sources, or have little or no security on your servers or devices, you are at risk of such attacks.
The tricky thing about this is, paying the ransom is not a guarantee you'll get your files and information back. Worse still, your data could already be sold for other crimes. The upsetting thing about this is, if unstopped, the crime gets passed on to the next victim.
If you unfortunately experience this, call the 24/7 Hotline on 1300 CYBER1 (1300 292 371). The ACSC encourages victims to report to them via ReportCyber to help protect other Australian businesses.
As with other types of cyber threats, make sure you backup your important data regularly. A few minutes of this ensures good cyber hygiene and and prevents a lot of angst should anything happen. Set your operating systems, software and apps on automatic updates. If multi-factor authentication is available to access services, activate it.
It may be well worth getting the services of an IT professional to audit and secure your devices. The cost of a cyber attack will far outweigh what you pay for prevention.
The marketing automation platforms you use should be reputable and make sure you first of all, actually have a privacy policy, and also to regularly update them on collecting data from users and customers. Make sure you know how data is sourced, maintained and who owns it.
At Vermilion Pinstripes, we simply love technology, so speak to us if you are not sure about the cyber security of your business. It's a lot more manageable than you think. Here's to good cyber hygiene practices so we can all stay safe, even in cyberspace!
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About Vermilion Pinstripes
Vermilion Pinstripes is a modern sales marketing and communications agency driven by a singular mission:
To help businesses thrive with confidence.
We harness the power of our collective expertise in business, communications, marketing and technology to help brands achieve their goals. This is through our Modern Marketing framework which guides teams to orchestrate the customer’s journey as one voice, one brand.
We are operating in The Experience Economy today. Workshops are part of our integrated plan to empower experienced B2B business, marketing and communications professionals on their journeys of growth for their brands.
Sales office: AUSTRALIA - Sydney, Port Macquarie, Melbourne and SINGAPORE