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On today’s Business Beat, Jeff Sloan shares cybersecurity trends and advice from a new IBM security division report.
Tune in below to learn how your business can take a defensive stance against cybersecurity threats:
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Good morning, Paul! One of the biggest issues small businesses face today is that of cybersecurity threats. Ranging from phishing attacks, where you’re asked to provide login credentials to your business’ accounts, which then provides access to the bad guys when you were thinking all along you were providing your information to a legitimate, all the way to the most draconian attacks in the form of what’s known as ransomware where, for example, sensitive data on your website is seized by the bad guys and the only way you can get it back is to pay a ransom sometimes in huge dollar amounts ranging from millions to even tens of millions of dollars. And if you don’t pay it, it can literally tank your entire business because you lose these key assets in the absence of paying the ransom. Now a new report from IBM security division helps us understand the threats and even maps the trends and patterns observed by IBM’s security force and it’s these patterns and insights that help us provide the defense against such attacks. The report indicates that ransomware is the top attack type with phishing and unpatched vulnerabilities as leading infection vectors. Cloud, open source and docker environments are the biggest areas of focus for malware. And the report also highlights the sectors being hit the most with manufacturing being the most attacked industry. The most attack region? Asia. Nonetheless, businesses in our area across all industry sectors are getting hit hard by these cyberattacks. Now there are two key things to focus on. If you want to protect your business, the first, make sure you consult with a good IT firm to create a good barrier against these attacks in the first place. Secondly, check out cyber insurance, where if you’re the victim of one of these horrible attacks, at least you can collect insurance that helps offset either the ransomware you have to pay and/or the value of the assets you may have. The key. In any case, don’t take this lightly. These cyberattacks can literally bring all of your lifelong dreams and all of the hard work you put into your business down in an instant. Don’t let this happen to you. I’m Jeff Sloan, founder and CEO of startupnation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.