Protect Your Business from Cybercrime

Info provided by Tomorrow’s Technology Today

At a recent event hosted by Citizens National Bank and Tomorrow’s Technology Today, banking and cybersecurity expert Erin Moreno warned that small and medium-sized businesses (SMBs) are increasingly becoming prime targets for cybercrime and can’t afford to delay action.

Cybercrime losses have skyrocketed, with FBI reports projecting $16 billion in damages incurred in 2024 (up from $4.2 billion in 2021). SMBs face over 164 million attacks each year, with the average ransomware attack on small and medium-sized businesses costing around $4.8 million and 22 days of downtime. “Hackers often go undetected for 90 days before striking, collecting, and mining info about you, your employees, and your clients. It’s important to take preventative steps because, if you get a ransomware attack, you’ll contact the FBI, and while it’s a big deal to you, to the FBI, you’re just one of many victims. You may not be their priority,” states Moreno.

Most attacks start with employees clicking on a bad link or downloading something that infects their computer. These phishing or business email compromise (BEC) scams are the gateway for cybercriminals to wreak havoc on your business. Weak passwords, unauthorized cloud storage, and unsecured mobile devices make companies even more vulnerable.

Businesses also face steep financial risks: unlike personal accounts, business accounts only have 24 hours to report fraud before liability falls entirely on the company. Cyber insurance can be voided without safeguards like Multi-Factor Authentication, and new FTC rules require many businesses to meet stricter security standards. “If you get hit with ransomware, there are additional damages and costs that you may not be thinking of. On top of the cost of the attack, things like loss of profit during downtime, emergency IT services, potential loss of clients, etc., can all add up very quickly when it’s all said and done,” warns Moreno.

How to Protect Your Business

• Implement Multi-Factor Authentication and password managers
• Create a formal IT security plan
• Train employees on spotting threats
• Schedule cybersecurity assessments every 6–12 months
• Forbid personal use of work email
• Regularly clear caches and use private browsing

The takeaway? Complacency is the biggest danger. Taking proactive steps now can save millions and keep your business running when attacks strike. Whether you were able to attend the webinar or not, the full video is available here for you to watch or review.

If you are interested in training on how to become more aware of common fraud techniques, we offer free email awareness training for your employees through KnowBe4. You can view the 15-minute course here.