Protect My Business

Understanding and preventing cyber fraud

Cyber fraud has become an everyday occurrence in the business world. While the threat is invisible, the outcomes can be extremely damaging. Major cyber-attacks have helped raise awareness about the risks to large companies, but smaller companies are just as, if not more, vulnerable to cyber fraud. Fraudsters know that smaller companies typically have less robust protections in place, making them easy targets to obtain financial information, customer data, and ransoms. In fact, Verizon’s 2021 Data Breach Investigations Report found that businesses with 1,000 or fewer employees were attacked more frequently than large companies.

Just as companies protect themselves against physical theft, it is critical that they also take measures to protect against cyber fraud. Educating employees is a key line of defense. It’s important they are aware of common types of cyber fraud, how attacks are carried out, and what they can do to help prevent incidents.