Cybercrime is on the rise worldwide. Large-scale cyber-attacks are now frighteningly commonplace. Cyber-attacks can cost companies upwards of a billion dollars and can significantly damage a company’s reputation and tarnish the public’s trust. Cyber-attack may seem like something you can brush to the side. It’s unlikely for a small company, right? Think again! The data shows that small and mid-sized sized businesses (SMBs) are at growing risk of cyber-attack. In fact, one in forty small and medium-sized businesses may experience a cyber-attack.   

or even mid-sized business could be catastrophic to its survival. Forgetting just the initial cost of the attack itself on the company infrastructure, you must also consider the cost of business loss. In this day and age, companies and even the regular person on the street cannot afford to take the risk of ignoring cyber security. Businesses must assess their risks and take the appropriate steps to secure their data and their systems. So what do we mean when we talk about cybercrime? Below are the two most common examples of cybercrime that SMBs and the public may face. 

Ransomware

This is likely the cybercrime you are most familiar with. Ransomware is the most common form of cybercrime in the modern world. Ransomware accounts for millions of dollars stolen every year. The concept of ransomware is simple: it’s usually a type of malware that affects your files, either locking them from your use or encrypting them entirely. You want your files back; you pay the fee. 

Ransomware, or more specifically the sinister malware it deploys, is often encountered and spread without the business or employee even realizing that anything has happened. Often this will be through an email or a program installed. Either of these scenarios could allow suspicious, unseen malware into your system. 

Make no mistake; while these might seem like simple tricks, the criminals behind these attacks are sophisticated and organized. The nature of the attacks is constantly changing and evolving, and you must do the same. 

Social engineering 

Most individuals and businesses have likely been the subject of some form of phishing attack since the internet was born.  Phishing attacks generally took the form of emails sent announcing some great news: you’ve won a large sum of money, follow this link to claim your prize. 

Nowadays, scams can be more elaborate. The term social engineering is used to describe the various ways these criminals will target you and your business. The emails or messages (even internal!) you receive may look exactly like you might expect them to look. They might even bring you to a website that looks exactly like the correct company website. As we said, the world of cybercrime is evolving and changing rapidly. Suppose you have clicked on a link or have given out some information to a fraudulent site. In that case, the hackers may either sell your information to someone else or use that very information to gain access to your computer, or even worse, your or your company’s financial accounts. Phishing attacks can target both individuals and companies, so always be aware.