Small to medium-sized businesses are hit with nearly 4,000 cyber attacks per day. The unfortunate reality is that facing a cyber attack is a constant threat. Hackers are getting smarter and cashing in. Threats like ransomware campaigns can bring cybercriminals billions of dollars. Cyber attacks can cost your organization thousands of dollars in recovery and legal fees. In fact, cyber attacks have shown to also affect shareholder prices. Cyber attacks can also lead to dismissals, with 31% of cyber attacks leading to job loss. Does your organization think they can bounce back from a cyber attack?

Source: University of Cambridge 

3 Cyber Attacks You Will Face

Ransomware: Ransomware usually spreads through malicious email attachments. Once opened, it takes over your computer and holds your files for ransom by locking them. You then receive a note demanding bitcoin as payment for the safe return of your files. Ransomware is a big threat for businesses but small towns and cities are also becoming victims. In one case, a town in Alaska had to resort to using typewriters after government computers were infected with ransomware. Phishing:  Phishing is the catfishing of cyber attacks. It targets victims by appearing as legitimate email correspondence. Once users open the emails and click on links, they become infected with malware or other viruses. Facebook and Google were once defrauded of $100 million by a phishing scheme. Banking Trojans: Banking trojans are a large emerging threat, with mobile banking trojans reaching an all time high so far this year. These trojans steal confidential information like online banking credentials. Banking trojans are usually disguised as legitimate banking apps. Once users download the app and login, they unknowingly give hackers access to their online banking information.

5 Things to Keep in Mind When Facing a Cyber Attack

You never know when a cyber attack will hit your business or what you will face. Don’t let these attacks cripple your business by using these tips.

Ready your Backups: Downtime can be very costly for a business. Make sure that you have a secure backup solution in place like Jolera’s Store IT. This can help you recover stolen or ransomed files that you are unable to access.

Work Remotely: If possible, workers should continue working by using their own personal devices or through remote access to your backup server. This will help you maintain business continuity during a crisis.

Maintain your Relationships: Keep open communication with your staff, stakeholders, suppliers and customers. Acknowledge the cyber attack and implement a plan to fix what happened and move forward. Perception of your company will already be low. How you handle a cyber attack will show your employees and the public your ability to maintain professional and transparent throughout the process.

Address legal requirements: It’s important to work with law enforcement to prevent unnecessary legal action. When contacting authorities, it’s important to bring documentation of the attack. Regulations like GDPR require organizations to inform relevant data protection authorities of data breaches.

Consider cyber insurance: Cyber insurance policies help mitigate the risk and damage of cyber attacks by offsetting recovery costs. More companies are starting to invest in cyber insurance and the market is expected to increase to $8 billion by 2020.