The Types of Cybercrimes You Need to Know About

Summary: All small and midsized business (SMB) owners need to become familiar with the most common types of social engineering used by hackers.

What Is the Most Common Social Engineering Used by Hackers?

Cybercrime has become increasingly more diverse and pervasive. Every year, the potential target landscape grows, and hackers create new ways to attack unsuspecting users. As a result, everyone needs to learn about the kinds of cybercrimes out there and how to spot them.

Phishing is the most common cyberattack employed by hackers. Cybercriminals use various methods to trick users into giving them access to their personal information. Usually, hackers impersonate well-known, trusted websites or fake social-media profiles to attract their prey. By mimicking the appearance of the “real” website, criminals convince victims to trust a fake site’s security. Often, a special offer will lure the user into filling out forms or updating personal information. On the low end, the successful cybercriminals gain the user’s name and address. At their worst, phishing websites can have malware scripts that grab personal info, including banking information, without the user filling out anything.

Q: What is business email compromise (BEC)?

A: Business email compromise (BEC) occurs when a hacker gains access to or spoofs a company email account to request fraudulent payments or sensitive data. Attackers often impersonate executives or trusted vendors, instructing employees to transfer funds urgently. These scams are highly targeted and can be difficult to detect. Without verification procedures in place, businesses can suffer significant financial damage.

Small businesses’ cyberattacks are generally launched by hackers pretending to be vendors. Unfortunately, some of them are so difficult to spot that even someone who is tech-savvy might miss the signs of a scam. Here are some simple ways to protect against phishing attacks:

• Check Domain Names and Social Networking Profiles – Hackers might change one letter of the trusted domain’s URL to fool potential targets. For example, not everyone would see that “q” has replaced the second “g” in “gooqle.com”
• Secure Websites Have a Padlock at the Beginning of Their URLs – Expand your awareness of things added to or missing from a URL
• Do Not Open Attachments from Unknown Senders – When in doubt, delete email attachments. One wrong click could open the door to cybercrime

The best advice to guard against phishing is to pay close attention and always think before you click.

What Are the Other Common Types of Cybercrimes Affecting Small Business?

Internet fraud is another type of cybercrime. Almost everyone has heard of the “Nigerian Prince Scam.” This type of scam is generally a request for money or banking information. It pre-dates emails and was originally executed via phone calls and faxes. But the advent of the internet allowed for massive, widespread distribution with just a couple of clicks. If a stranger contacts you about a financial scheme, you can be confident they are attempting to scam you. Delete the communication without reply.

Intellectual property theft, another common type of cybercrime, comes in many forms. For example, the hacker might pirate content (data, music and other media), create and sell counterfeit goods or infringe upon a registered patent. This type of scam is not readily visible and can take a long time to discover.

Identity theft is one of the most dangerous cyberattacks. There are two main types of identity theft: impersonation and monetary fraud. Impersonation usually involves misusing the user’s basic contact information, such as name and address. Monetary fraud occurs when the hacker has gained access to passwords, banking and credit card information. The best way to avoid identity theft is to avoid sharing private data and personal information as much as possible.

Cyberstalking and cyberbullying are on the rise. These cyberattacks are launched through social media posts, comments, direct messages and emails. The statements contained therein are usually threatening or damaging to the target’s reputation. The attacks can be directed at businesses and individuals and then distributed publicly or directed at friends and colleagues, who get drawn into the fray. The attacker generally will try to slander a victim to ruin their reputation or blackmail them for money or some other asset. Also, political activists sometimes use cyberstalking to attack their enemies and advance their agendas. Unfortunately, some cyberstalkers and bullies just do it for fun.

Ransomware is increasingly popular with cybercriminals. It is a type of malware that encrypts a victim's files, making it impossible to access them. The hacker then demands a ransom. Generally, when the ransom payment has been transmitted to the attackers, they will provide a decryption key to allow the victims to restore access to their data.

Q: How does ransomware play a part in small business cyberattacks?

A: Ransomware is malicious software that encrypts a company’s data, making it inaccessible until a ransom is paid. Small businesses are particularly vulnerable because they may not have secure backups or dedicated IT teams. An infection can halt operations, disrupt customer service, and cause financial losses. Even if the ransom is paid, there is no guarantee that data will be fully restored.

Malware protection is not a simple matter. As our use of online technology now encompasses so many areas of our personal and business lives, cybercriminals stay in step and continue to find new ways to attack your private or business data. Unfortunately, smaller businesses have neither the time nor the budget for a full-time IT department. However, it is essential to employ IT experts to assess your cyber vulnerability and help you design the best layers of protection for your hard-earned data.

Q: How does malware threaten small business systems?

A: Malware refers to harmful software designed to damage, disrupt, or gain unauthorized access to computer systems. It can enter a network through infected email attachments, compromised websites, or unsecured downloads. Once inside, malware may steal data, monitor activity, or create backdoors for further attacks. Small businesses without updated security software are especially at risk of prolonged exposure.

What Can Businesses Do to Stay Safe from Cyberattacks?

Reach out if you’re looking for a New York based IT company or contact a small business IT expert near you to learn more about the most common types of social engineering used by hackers and getting the best cybersecurity for small business.