Social media is becoming a hotbed for businesses out there; now you don’t need a physical infrastructure - other than the warehouse - to start your business, all thanks goes to Social media platforms and related popularity.
Social media reached where a business website cannot think of.
Do I have to say - spend a few mins on social media and seek your desired clientele?
Frankly speaking, the craziest attraction to me being on Social media - other than SEO booster and varied demographics - is that I can address my customers’ concerns immediately.
Good goings aside, the most concerning thing that businesses are facing these days is the security and privacy of customers; you never know when the data of your customers become available on the dark web.
Why I am saying this?
CIO Insights states that worldwide security breach costs will grow from $3 Billion in 2015 to $6 Trillion in 2021, with social media being a key channel for cybercriminals.
Now, managing Social media business account is becoming next to financial auditing, to protect your business and to mitigate its security risks; if get hacked, your entire business would be a big disaster.
And yes, if you’re thinking that hackers would only be interested in the organizations with big numbers then let me wake you up in the deep sleep with these numbers;
- 43% of Cyber Attacks target small business.
- The majority (69%) of the attacks are due to outsiders.
- 39% originated from organized criminal groups.
- State-affiliated actors took part in 23% of the breaches.
- Internal offenders involved in 34% of the incidents - 2% of them proved to be partners and 5% were identified as multiple parties.
- 52% of the breaches are from hacking.
- Other tactics are social attacks (33%), malware (28%), events by errors (21%), misuse of users (15%), and physical acts (4%).
Small businesses are easy targets for hackers; thanks to their inadequate security measures.
Below are some common security threats that business on Social media can encounter.
The favorite target of every cybercriminal is online business sites or accounts because we always share our personal information like a credit card, passwords, and many other things on these platforms.
It's not only businesses and brands that engage with followers on social media sites; thanks to their convenience and popularity that are also helping big fishes of the pond.
This is the reason why hackers love social media sites a lot - a single account will reveal the personal data of all customers.
To lower the risk of data thief;
- Use SSL certificate to protect your site.
- Comply with the Payment Card Industry Data Security Standards to get more protection and the customers trust.
- And, also avoid sending important documents on social media chats, there is a secure yet encrypted option - faxing.
Thanks to the crash of cryptocurrency in 2018, that led many hackers to invest in the cryptocurrency, cryptomining malware is the most easy way out to gain unauthorized access to a device and mine for digital currency.
If you are not involved in the cryptocurrency business, your social media site can still be affected by that malware disguised as an add with a link. Protecting your site from this type of malware is like adding strong defense and mitigation of associated risk.
Employee-prompted breach or risks
Do you know, according to the Verizon 2019 Data Breach Investigations report 34% of all breaches in 2018 were due to insiders; employees with access to business social media accounts are the mast easy prey for hackers to install a malware to breach into a business account; it’s all happen due to employees’ seemingly harmless actions.
Control these risks with a sound social media policy and yes, training of employees is also a must.
Here are some helpful chunks for all the employees out there!
- Do not click any ads.
- Do not give out passwords to strangers.
- Do not accept the friend request of anonymous people.
- Do not open your social media on public WiFi.
In social media, phishing is also an easy way to intervene in a business account, where attackers pretend legitimate yet profitable entities or people or someone from a customer service representative.
This trick the followers by winning their trust to seek out their personal information; this gives the business, a bad image.
As the owner of the business, you should check the system and the account on a daily basis, check whether there is no fake account on the name of your business - if there is one, instantly report that.
Many companies have apps connected to their social media accounts, these may include your listening system, publishing system, your analytic system, etc. know that other application can be in access, it's very critical to use connected apps.
Make sure all the apps and systems are up to dated - often hackers find it easy to attack an outdated system.
So, are you ready to call an action plan
So, these are some threats you will face while making money from your online business, so be prepared for that and come with the strong protection plan to protect your social media accounts and the customers - who are the only asset of your startup. .
Author Bio: Ivan David is an IT Security expert at ReviewsDir, who specializes in security and technology. He has ample experience in cybersecurity having a background of Computer Sciences.