The period before the Christmas holidays and the end of the year is the busiest time of the year for most small and medium-sized companies. And the same goes for cybercriminals. In proportion to the rapid increase in the number of online transactions, the activities of cybercriminals who try to exploit possible vulnerabilities, especially in the systems of small and medium-sized enterprises, are also increasing. According to a recent survey by Mastercard, 95% of Slovak and Czech companies faced a cyber attack last year.
“A successful cyber attack can cause enormous financial and reputational damage to companies. The most common reason for a successful attack is human failure or inattention, but in addition to education, proper cyber security of the company is also necessary for effective protection. Experience shows that a well-prepared crisis plan can mitigate the effect of cyber attacks,” points out Barbora Tyllová, product director at Mastercard for Slovakia and the Czech Republic.
According to a recent report on the state of IT in small and medium-sized enterprises, the damage caused by a cyberattack worldwide is most often between 110,000 and 1.14 million euros per case1. Small and medium-sized businesses are a very frequent target of cyber attackers – in 2023 alone, almost 43% of all cyber attacks targeted small businesses.
This year’s survey by Mastercard among two hundred Slovak and Czech companies shows that only 29% of small and medium-sized companies employ a worker whose only task is cyber security. The reason is often tight company budgets. Small businesses are the basic building block of economies, as they make up roughly 90% of all businesses, provide 60% to 70% of jobs and make up almost half of global GDP.
A fifth of the companies surveyed also have no formal plan or guidelines in place in the event of a cyber incident. According to this survey, 86% of companies that had a plan in place for such an event successfully defended against an attack, compared to only 76% of companies without a plan.
“Although more and more small businesses are acutely aware of the threats they face, many still feel at risk. They are therefore looking for a straightforward, effective and simple solution that would bring them strong protection. Above all, however, they are looking for a trustworthy partner. One that allows them to protect themselves and focus on what’s important to them: growing their business and taking care of their customers.” explains Michele Centemero, Executive Vice President, Services Europe, Mastercard.
As small businesses around the world digitize, so do the number of risks that threaten them. Mastercard offers six strategies to help small and medium-sized businesses stay safe in the lead-up to Christmas and into the new year:
1. Keep your devices updated
Businesses can strengthen their digital immunity against threats such as viruses or spyware by consistently updating the systems on their devices. Software updates usually include security patches that provide protection against new threats. Therefore, it is necessary to set the devices to update continuously and automatically.
2. Use strong passwords
Instead of simple passwords, it is recommended to use phrases that only you can remember. Use multi-factor authentication with passcodes, biometric verification, and more to secure your accounts against hackers.
3. Prevent phishing and malware attacks
Antivirus programs and ad blockers also help protect against attacks. Using a VPN then adds another layer of protection by encrypting data, making it harder to break into a company’s systems.
4. Back up your data regularly
Up-to-date backups are an absolute must when recovering from an attack. However, backing up is a good practice under any circumstances. It is best to store backups in another location or at least on a device that is not continuously connected to the computer being backed up.
5. Protect your email and your reputation
Protect your e-mail addresses and Internet domains from fraudsters by using the DMARC (Domain-based Message Authentication, Reporting, and Conformance) protocol. This verification protocol helps protect domains from attacks such as spoofing emails.
6. Assess the risks of your partners
You will also contribute to the protection of your data and systems by knowing the level of security of your suppliers and other partners. Verify exposure to cyber threats on external systems connected to yours and respond appropriately to findings.
About Mastercard
Mastercard helps grow economies and improve people’s lives in more than 200 countries and regions around the world. Together with our customers, we are building a sustainable economy in which everyone can prosper. We support a wide range of digital payment options that ensure secure, simple and smart transactions. Mastercard’s interconnectedness of technology, innovation, partnerships and networks creates a unique set of products and services that enable people, businesses and institutions to fulfill their potential. www.mastercard.com
Source: www.nextech.sk
