You may think as an online business that you do not need burglar bars; right?
Your data is one of your most valuable assets, and cyber criminals are ready to exploit it. You should not only have your virtual burglar bars in place, you should be armed and ready for action.
Cyber crime is at a peak in South Africa and does not show a decline, in fact cyber criminals are only getting smarter.
We all know that there are various forms of cyber crime and most of us know not to fall for the long lost aunt email, we do not however know or realise the extent of the profoundness of the cyber criminals.
A word of advice from the Head of U.S. & International Cybersecurity for BDO: “To implement threat-based cybersecurity, organizations must fully understand: the cyber threat actors targeting them; the cyber threat vectors the cyber attackers are using; the cyber attackers’ most likely methods and tactics; and the information and intellectual property the cyber attackers are seeking to steal, disrupt or destroy. Understanding these variables are crucial to developing a customized cyber defence strategy and then implementing a timely and cost-effective cybersecurity risk management program.”
The Business Email Compromise (BEC’s) has seen an international rise as a crime in 2019 as in 2018. BEC scammers typically rely on social engineering techniques to dupe their victims and obtain critical information. Just highlighting the fact that you should be educating your employees to be cyber crime savvy and aware. You might have the best firewalls in place but your employees might just be your weaker link.
According to BDO’s Cyber Threat Insights 2019, Second Quarterly Report; Describes the WannaCry malware and its continued destruction across the world, even that a Honda plant in Japan had to shut down its operations in June after its systems was infected. It describes that even keeping the operating system up-to-date and/or using a proprietary software does not guarantee that a critical infrastructure system is fully protected.
Think about educating the employees of your online business, as if it is; investing in an alarm system or a security vault when you have a physical store. Your employees is the key to your vault. Educating them to look out for red flags keeps your key safe and your money in your vault. Having policies in place for your employees to adhere to closes gaps in your burglar bars and makes it tougher for cyber criminals to break through. Minimalizing your liabilities.
Protecting your online shop against cyber criminals does not however stop with educating your employees and we have compiled a list of things that you have to keep in mind before moving into 2019:
Train your employees, and have cyber policies in place;
Have a plan of action should your business fall target to a Cyber attack;
Update your systems regularly, make sure you use the latest firmware;
Take part in vulnerability assessments and penetration tests for your business;
Have a cyber insurance policy in place and understand the fine print of your policy;
Have Terms and Conditions and Privacy Policies in place for your website;
Consult with us to draft your cyber policies, draft your terms and conditions and protect your E-commerce business.
Jana Doussy September 2019
- BDO, Cyber Threat Insights Report Second Quarter 2019