A National Small Business Association survey of business owners reports that small businesses lost an average of $32,000 to cybercriminals through their business bank accounts in December 2015. This is only for one month and the problem is actually bigger. The FBI has reported that more than 7,000 U.S. companies of all sizes have been victimized since late 2013, with losses of more than $740 million. In its “2012 Business Banking Trust Study,” the Ponemon Institute surveyed business owners and executives of 998 small and medium sized businesses nationwide regarding such commercial banking cyber fraud losses.
Now proliferation of Internet-connected “smart” devices and commercial car and truck telematics is exposing fleet businesses to greater risk of cyber-attacks and most are not prepared for one, or any, according to a new survey. The Nationwide insurance company’s poll found nearly eight in 10 small business owners don’t have a cyber-attack response plan, even though a majority of them (63%) say they’ve been victims of at least one type of cyber-attack. Of those businesses without cyber-attack response plans, 46% believed their current software is secure enough, while 40% doubted they’d suffer a cyber-attack.
Last year, a hacker/reporter for a well-known tech magazine invented a $100 device that attacks GM’s OnStar communication systems to unlock, and start the vehicle. A would-be thief/hacker need only plant the device on the target vehicle to unlock, start it, then hop in and drive away with the contents. The other likely motivation for vehicle hacking: theft of personal and business banking information. Capable of impersonating a friendly Wi-Fi network, then tricking a nearby Smartphone into connecting silently with it, the same device can glean commands from a driver’s smartphone as well; the vehicle could be stolen or sabotaged and the driver, the company or both risk sensitive information, making them vulnerable to fraud, or worse.
So, how can businesses with fleets protect themselves from cyber-attacks? There are plenty of ways to stay one step ahead of the cybercriminals and the right planning will help ensure your business bank account is protected. Here are the best tips to beat the crooks so you can focus on productivity and not fraud issues:
- install cutting-edge security software/antivirus software and spyware
- change passwords regularly; create smart passwords
- avoid opening unknown emails or visiting unknown websites/links
- back-up your system through cloud computing/internet technologies
- educate employees and have strict Internet use and password policies
- get an insurance policy that will cover losses from cybercrime
