05/15/2018
Why Protecting Your Business From Cyber Crime Is More Important Than You Think
We’ve all heard the horror stories about cyberattacks: CryptoLocker virus, spearfishing, data breaches. What do all of these nasty things have in common? They can cost businesses big money if not properly guarded against.
Here’s another reason why it’s so critical to deploy proactive IT services to protect against such crimes: if a cyber thief pilfers money from your bank account, your bank may not be obliged to replace it. That was brought to light by a recent NPR story, which spotlighted several business owners who lost money because of stolen debit cards, social engineering, and the exact kind of business email compromise we wrote about last month.
Individuals are protected from fraudulent bank transactions under the Electronic Fund Transfer Act, but small businesses don’t enjoy the same level of protection. The Uniform Commercial Code states that banks must offer business customers a “commercially reasonable” set of security protocols. If those are followed, the bank is then entirely within legal limits to refuse to reimburse businesses that suffer from fraudulent money transfers or other cyber theft.
The numbers on such crimes be staggering; the FBI recently estimated that 8,000 businesses had been affected over the past two years, with losses estimated at nearly $800 million. So what can you do to protect your business? Quite a lot, actually...
Learn how to protect your business from cyber crime now.
