Cybersecurity Meets Bookkeeping: Protecting Your Business Inside and Out
With cyber threats on the rise, cybersecurity is crucial for protecting small businesses—especially those handling sensitive financial data. According to the National Cyber Security Alliance, 60% of small businesses that suffer a cyber-attack go out of business within six months. Just like keeping your books in order, protecting your business from threats like phishing and ransomware is critical for your success. Both require precision, vigilance, and attention to detail—and when done right, they can save your business from a financial disaster.
Two of the most common threats to small businesses are phishing and ransomware. In this blog, we’ll break down how these attacks work, how to identify and prevent them, and what to do if you fall victim.
Understanding Phishing Attacks
Phishing attacks occur when cybercriminals pose as trusted entities—such as banks or popular websites—to steal sensitive information like usernames, passwords, and financial details. According to Cybersecurity Magazine, 30% of small businesses consider phishing their biggest cyber threat.
How to Identify a Phishing Attempt:
Suspicious Email Addresses: Look for misspelled or unfamiliar domains.
Urgent or Threatening Language: Phishing emails often create a sense of urgency to provoke action.
Unexpected Attachments or Links: Be cautious of unsolicited emails with downloads or links.
Poor Grammar or Spelling: Phishing emails may contain noticeable mistakes.
What to Do if You Suspect Phishing:
Don’t Click on Links: Hover over links to check the URL before clicking.
Verify with the Sender: Contact the company or person directly using official channels.
Report the Email: Forward suspicious emails to your IT department or email provider.
How to Prevent phishing:
Use Security Software: Install and regularly update antivirus software to detect threats.
Educate Employees: Train your team to recognize phishing attempts.
Enable Multi-Factor Authentication (MFA): Adds extra protection to your accounts.
What to Do If You Fall Victim:
Change Passwords: Update compromised passwords immediately.
Notify Financial Institutions: Prevent unauthorized transactions by contacting your bank.
Monitor Accounts: Watch for suspicious activity and report it.
For more details, check out this quick training video from the National Institute of Standards and Technology: https://www.nist.gov/itl/smallbusinesscyber/guidance-topic/phishing
Understanding Ransomware
Ransomware is a type of malware that locks you out of your systems until a ransom is paid. Cybercriminals often gain access through phishing emails, malicious attachments, or compromised websites. Once inside, the malware spreads, encrypting your files and making them inaccessible. Astra Security reports that 55% of ransomware attacks target businesses with fewer than 100 employees.
How to Prevent Ransomware:
Regular Backups: Keep frequent backups stored offline or in the cloud.
Install Security Software: Ensure you’re using reliable antivirus and anti-malware programs.
Update Software Regularly: Keep your systems up-to-date to close security gaps.
Limit User Access: Only give employees access to the data they need.
Employee Training: Teach staff to recognize phishing and avoid suspicious downloads.
What to Do if You Fall Victim to Ransomware:
Disconnect Infected Devices: Isolate affected computers to prevent the malware from spreading.
Notify Authorities: Report the attack to local authorities or cybersecurity experts.
Restore Backups: Use secure backups to recover your data.
Avoid Paying the Ransom: Paying doesn’t guarantee your data will be restored and may make you a target for future attacks.
Learn more through NIST’s ransomware resources and training video: https://www.nist.gov/itl/smallbusinesscyber/guidance-topic/ransomware
Conclusion
Phishing and ransomware attacks are significant threats to small businesses, targeting both financial data and operational systems. Phishing tricks individuals into sharing sensitive information, while ransomware holds your data hostage until a ransom is paid. By staying vigilant, educating your team, and implementing strong cybersecurity practices, you can protect your business from these risks. Keeping up-to-date financial records is just as important, as it helps you detect suspicious activity quickly and respond effectively, safeguarding both your financial and digital assets.
Sources:
https://www.sba.gov/business-guide/manage-your-business/strengthen-your-cybersecurity
https://www.nist.gov/itl/smallbusinesscyber/guidance-topic/phishing
https://www.nist.gov/itl/smallbusinesscyber/guidance-topic/ransomware
