Cybercrime has spiked in the last couple of years and shows no signs of slowing down. Cyber-related crime affects thousands of individuals and businesses every day. 86.2% of surveyed organizations were aﬀected by a successful cyberattack.
In our day and age, you can’t afford to not be protected against these crimes because it is not a matter of if they will happen, it is a matter of when. But, first of all, what exactly is cybercrime? Cybercrime is a type of criminal activity where a computer, a computer network, or a networked device is used as a primary tool for carrying out online crimes.
Most cybercriminals commit and execute cybercrime to rake in money. While some of these criminals are part of organized groups and use advanced skills to carry out cybercrime, others are simply novice hackers. And these criminals like to go after the vulnerable. The 2020 Data Breach Investigations Report from Verizon tells us that 43 percent of cyberattacks are directed at small businesses. And the types of cybercrime businesses that become targets are varied. To stay on the lookout and to be aware of these common scams, we’ve listed some out below.
1. Social Engineering
This involves criminals making direct contact with you usually by phone or email, emotionally manipulating you, or posing a situation to gain information and funds.
2. Phishing Scams
A type of social engineering scam, Phishing is when attackers send malicious emails designed to trick people into falling for a scam. Phishing was the top crime type reported to the Internet Crime Complaint Center (IC3) in 2020, with more than double the number of complaints seen in 2019. Not only this, but phishing is the number two type of threat action involved in data breaches, after denial-of-service following a hack.
3. Identity Theft
This crime occurs when a criminal gains access to a user’s personal information to steal funds, access information, or participate in other fraud. When they do access this information they can also open accounts in your name, and use your name to plan criminal activity. This is why it is always important for employees to set secure passwords.
Malware refers to any malicious code designed to interfere with a computer's normal function or commit a cybercrime. Types of malware include viruses, worms, and various hybrid programs as well as adware, spyware, and ransomware.
5. DDoS Attacks
These attacks are used to make an online service unavailable, taking a network down by overwhelming a website with traffic from a variety of sources. These attacks can be especially detrimental to businesses that conduct online purchases through their site, or businesses that provide any kind of online services.
If your business experiences a cybercrime, data breach, or attack of any kind, it can be devastating to the success and reputation of your organization. The aftermath of these kinds of attacks is something that no business can face alone. The good news is that cyber liability insurance and data breach insurance can protect you in more ways than most businesses even realize, helping you recover from the effects of an attack, and can truly make or break a business in the end. Contact our team of professionals to find the best plan for your business. Or, if you've found this information helpful, subscribe to our blog today to get notified with new content, delivered directly to your inbox!