A sobering fact to remind you of how vulnerable businesses are to cyber attacks. According to a 2019 report, there was a 424% increase in new breaches of small businesses in 2018 compared to 2017.

https://www.smartcompany.com.au/finance/fraud/cyber-crime-stay-ahead/

 

How they do it

 
 

One of the methods used

Today, they don't need to attack you directly, they just need enough details of someone you trust. They then play on that trust to steal your money and/or goods through fake invoices, orders, account changes, fake business's to name a few. They attack through emails, normal mail, phone calls, messages, anything that allows them to communicate across the globe.

They are very patient in this process as the returns are very high. They operate just like the big corporates with full HR departments, engineers, R&D teams, global call centres and tapping into other criminal networks to supply information. They are capturing data all the time and then watching for the right time to pounce when you think you are safe. You can't fight them on your own.

This chart only shows two of the common methods being used.


A $6 Trillion problem

Email Compromise makes up $12.5B of this.

And this is just the tip of the iceberg which is growing at 26% pa. With these type of returns, they are investing substantial money to keep ahead as is seen as easy money to take from you.

In 2018, the FBI detailed Business Email compromise at $12.5B and this is the reported cases and from the ACCC in Australia reinforcing this problem of $500M in 2018 - "In one case, a business was scammed out of $190,000 after a hacked supplier requested a change in bank details"

This value and growth rate clearly shows that current methods are failing and a new way of trust between each other needs to happen that is people based.


No one is safe

In fact, small business is seen as an easy target as they don't have dedicated IT teams like the bigger companies have, and they have higher value transactions compared to the consumer attacks. learn more…

These criminals are operating outside the local law enforcement network we depend on and small business don't have the power of a Google or Facebook to go after them.

And when they attack big business, they fight back as just seen recently with Google and Facebook being done for $123M and they spent the money to catch them and in the end they only got one person, the fall guy.

Recent story from News Corp about this.