What To Do If Your Small Business Falls Victim to Cybercrime

Data is one of the world’s most valuable resources today, making it more and more susceptible to corruption and theft. The best thing anyone can do to protect their information is to take preventative measures such as utilizing encryption services and staying educated about the most recent developments in data security and new trends in cybercrime. In spite of your best efforts, if you or your business fall victim to a cybercrime there are several things you can do to recover your assets.

Understanding Cybercrimes

Small to medium-sized enterprises (SMEs) are actually statistically more likely to fall victim to a cyberattack. In 2020, approximately 25% of SMEs suffered a cyberattack, which caused substantial losses. In the U.S., small businesses that were victims of cyberattacks lost an average of $25 thousand dollars a year. Globally, that adds up to billions of dollars in lost revenue. As a small business, every penny counts in your growth efforts. Many small businesses do not invest enough in cybersecurity, which is a vulnerability that hackers actively exploit. 

Those that commit cybercrime can make money in a variety of ways. The most obvious way is through stolen assets and fraud. Assets can consist of anything from liquid funds, to data, and more. Fraudsters commonly obtain funds by posing as legitimate and convincing investment opportunities that never pan out. Hackers can breach cybersecurity protocols to steal data – such as account numbers, customer account information, and personal information – then sell that data to other cybercriminals or even legitimate companies to use against you. Not only does this affect business operations immediately, but also has ramifications for years to come. For example, if those assets are uninsured and the problem is never solved, the losses could hurt your chances of gaining new investors and diminish the trust of your current and potential customers.

How Can I Protect My Business from Cyberattacks?

Although there are steps you can take to protect your business from cyberattacks, there is always a chance for a breach. Cybercriminals are constantly working out new ways to breach even the most secure networks. Staying ahead of the curve is the first step in prevention. Utilize your resources to prioritize and invest in the appropriate cybersecurity measures. Train your employees extensively on cybersecurity and the importance of following protocols. Create a system of fail-saves to jump into action the moment a breach has occurred. Monitor all networks and collect as much information on any attempts made against your network. Create a damage-control plan in the event of a breach. Outline all responsibilities within your team and make sure that your company is following the appropriate containment and disclosure protocols.

If you experience a data breach, there is no time to delay. STARNet provides solutions by being able to swiftly and expertly mobilize legal, technical, forensic, and investigative tools to combat your breach. STARNet is capable of working across jurisdictions to retrieve your assets in criminal and civil cases. Our global network of representatives is here to guide you. Contact our network to set up a consultation.

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STARNet, which is short for Stolen Asset Recovery Network, is a global alliance of independent law firms created to provide financial institutions and governments with multi-disciplinary services across countries and jurisdictions for locating, freezing, and ultimately recovering stolen assets related to cyber heists, fraud or corruption.

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