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Business executives, business owners, C level executives, and business managers share Blockchain information. One of the outstanding leaders of IT service companies across the globe is known as Infiniwiz. Our IT service strives to educate and train professionals in the business arena who seeks knowledge of the newest, most up-to-date trending IT technologies.
Through the combined efforts of our team of professionals, companies across the globe realize a significant increase in profitability. Infiniwiz increases the efficiency of companies; thus they see a vast improvement in staff morale. The businesses we cater to report improved communication between business owner and employees. This higher technology is improving all levels of customer satisfaction. The outcomes we see are essential to business owners, CEOs, presidents, and technology decision makers.

The Blockchain, Changing Technologies

Our computer technology is forever changing and with these changes come more elaborate digital technologies to learn and adapt to. Business owners must keep up with current and trending digital changes to keep their businesses profitable. Even though the public arena adopted Blockchain in or around 2008, many novice computer users never heard of this form of encrypted records storage. This article targets business executives, business professionals, industry specialists, or executives of any company with a 10-250 employee base who seek knowledge about a relatively new and vital step towards the storing of essential digital data. There is now a mass collaboration over the same network on a global level.

A Bit of History

This highly technological concept came into being through the work of someone known only as his alias Satoshi Nakamoto, in 2008. The original consensus was that blockchain was to serve in the function of a ledger for the bitcoin cryptocurrency. This technology came into being with one focus in mind; to solve the problem of spending without the need for trust in another individual or a central server. The design of the bitcoin prompted the invention of other applications that could be widely used and easily read by the public using cryptocurrencies. In the beginning, the blockchain, developed for business use only, is not commonly used in the public domain but fast gaining momentum due to its incorruptible design. Cryptology is the process by which an ordinary text converts into unintelligible text and vice versa or the digital technology of the Blockchain

The Definition of The Blockchain

In the simplest of terms, the Blockchain is a growing list of digital records that link together, using cryptography that contains three elements; cryptographic hash, timestamp, and the transaction data. According to Don and Alex Tapscott of Blockchain Revolution, the Blockchain is just a chain of blocks forming digital information in each block and data stored in a digital chain; the Blockchain offers as an incorruptible digital ledger of economic transitions. According to reports from Blockchain Revolution, the Blockchain is programmed to record not just financial transactions but everything of value. The Blockchain allows senders to transfer information from a plain text to an encrypted document to the receiver with a single shared key. The Blockchain is a decentralized and distributed public ledger. There are no retroactive alterations; it’s an independent form of verification, with autonomous management.

The Blockchain, for instance, has a network with no centralized point and operates within that network. Imagine thousands of computers in the same network system receiving the same spreadsheet with the same daily updated information. This information comes as shared encrypted data over many computers in the same network with one single point of storage for the data. A Blockchain is merely a chain of blocks containing digital information in each block. Transition information, participant information and distinguishing information comprises the Blocks in a chain.

This Technology Offers Heightened Security

This data is for public use and easily verified. The great thing about this is that hackers cannot hack into the information because there is no centralized point, as millions of people share the host computer.

• Blockchain has a decentralized network.
• No one person controls the information in the chain.
• There is no single point of failure.
• Everyone in a network is accountable.
• No one can miss a transaction.
• There is no such thing as a machine error.
• This system verifies transactions through the recording of that transaction on a main shared ledger.
• This process is secured.
• This technology offers transparency.
• This technology offers automatic ten-minute checks by the system.
• This system is self-auditing
• Information is uninterruptible, non-altering, in which data cannot be manipulated or overridden inside or outside the network.
• This new technology offers a more accurate way in which to verify transactions using an encryption technology versus the traditional username and password that is so vulnerable to hacker attack.
• This technology is incorruptible.
• Offers no infinite reproducibility
• Single transfer confirmation
• Maintains title rights
• Compels offer and acceptance

How does Blockchain Work?

There must be a transaction that occurs. That transaction must be verified and stored, and the block must have a hash. The advent of a blockchain used extensively in the financial industry on a global level demands the education and training of more developers for this technology. Soon, we shall see the ability to decentralize sensitive and personal identity information. Sensitive data currently held in a central location is at risk for hackers. However, the blockchain eliminates those risks because there are no centralized locations. Confidential information before the Blockchain remains vulnerable to hacker attack due in part to substantial security problems.

How Does One Access Their Blockchain?

A Public Key

This system allows for public and private keys of entry. A key is a random group of numbers automatically generated for the individual. This group of numbers becomes one’s address within the blockchain. These numbers identify each recipient as the owner.

A Private Key

This system requires a private key to gain access to personal digital information. When individuals store sensitive information in the blockchain, hackers cannot gain access. The block protects all the digital data and assets such as stored bitcoins, safeguarding the information with your private key. This storage is known as a paper wallet.

The Future of The Blockchain

2017 was the year that saw a massive launch of blockchain technology for large-scale use, dispelling a considerable amount of public skepticism. This technology increased to nearly 650 percent since 2015! Advancements and strides continue in this field every day; even though this technology is in its early stages and so far shows new concepts changing the way the world does business. There are many other options that blockchain offers private citizens and companies. The following list is just a very few ideas that utilize the Blockchain.

• Sharing sensitive documents
• Crowd-funding
• Auditing
• Predictions of markets
• Intellectual property
• Identity management
• Smart contracts
• Data management
• Stock trading
• Sharing economy
• Government entities possibly starting at the voter booths
• Smart contracts
• Crowdfunding
• Supply chain auditing
• File storage, decentralizing traditional file storage
• A new incorruptible, safe, hack-free network
• A total internet made up of only decentralized websites
• Securely protected intellectual properties
• Now the Disadvantages of The Blockchain

Contact Infiniwiz of Chicago to become your quality IT service provider. We have a staff of genius high-technology professionals working hard, 24/7 for businesses across the globe.

With the ever-increasing rate of digital interconnectedness and accessibility, IT systems are more at risk of attack by hackers and spies than ever before. Yet, many companies still haven’t seriously addressed the issue of cybersecurity in their organizations. If you have concerns about the preparedness of your business, now is the time to start taking steps to protect your data.

A Growing Threat

The last few years have seen the largest data breaches in computer history. Billions of people have been affected by having their personal and financial information exposed and in many cases, used in criminal activities. The Equifax breach in the fall of 2017 compromised the data of over 143 million Americans. Attacks skyrocketed in the first half of 2018, with 765 million occurring from April to June alone. Many other large breaches have been reported since then. Almost every individual has been affected in one way or another, and businesses have lost hundreds of millions of dollars to cybercrime. It’s become so common that people have become complacent and fatalistic about it, accepting that their information is out there somewhere, or soon will be. Nevertheless, despite such a high risk, in 2017, a major survey revealed that more than 58% of companies failed to effectively measure their vulnerability to cyberattacks. Businesses simply can’t afford to be so indifferent.

Addressing The Risk, Finding Solutions

Decision-makers and leaders in the top echelons of every organization need to make identifying and addressing their cybersecurity needs a top priority. You can begin by starting a conversation between your IT team and managers and employees at all levels of your company about information security and how best to protect sensitive data, but you need to know the right questions to ask. Here are four questions to ask to get the discussion started and moving in the right direction.

4 Questions Every CEO Needs To Ask About Cybersecurity

How informed is your team about the vulnerability to and potential impact of cyber attacks on your company?

It’s important to assess the current awareness of everyone in your organization about cyber threats and the potential damage from data breaches. It’s likely that everyone has heard of the many well-publicized breaches that have occurred over the last several years, but possibly haven’t considered them within the context of their own organization. This is the first step to developing an educational initiative to get everyone up to speed on the problem and identifying the at-risk areas in your system. After that, you can begin to develop a chain of communication to take immediate action in case of a breach and set protocols and expectations for response times. A fast and effective response is critical to limiting data exposure.

What are the specific risks to your infrastructure and what are the best steps to take to address them?

Have your IT team prepare a comprehensive risk assessment at all levels of your organization and prioritize the most urgent areas. Remember that the threat isn’t limited to just hackers. Many breaches occur because lower-level employees click on a link in a phishing email, leave a password lying around where it’s easily seen, or by unknowingly becoming a victim of a social engineering scam by giving it to someone over the phone who is impersonating a company employee. Then they can begin to identify the resources needed to protect your data, including third-party security software and updated equipment. Simply informing your employees of the threat of such low-tech risks can greatly increase your cybersecurity. If you don’t already have one, you should assign a dedicated security manager within your IT department.

How many security incidents are detected in your systems in a normal month or week, what type are they, and how we’re others informed about them?

You should have a system in place to detect, monitor, analyze, and record any type of potential security incident no matter how small or seemingly insignificant, and disseminate that information to the appropriate personnel, or perhaps to all employees to raise awareness. You should discuss hiring a managed services provider or buying software to do this, and identify which ones would best serve your needs. You should also consider a cloud-based solution.

Does your company have an incident response plan? How effective is it, and how often do you test it?

The only way you can quickly react to prevent or limit the damage from a breach is to have a clearly defined response plan in place. It should document how every pertinent department in your company should react in the event of an emergency from the top down, including your public relations team and your attorneys. This plan should be available to all employees. It should be tested on a regular basis, at least once each quarter, and updated whenever significant changes are made to your IT infrastructure.

Cyberattacks are just a fact of life these days, and that’s not going to change anytime soon. But by asking your team the right questions, starting a dialogue about how to address the threat, raising awareness and implementing training, and having a response plan in place, although you’ll never completely eliminate them, you can reduce your risks significantly.

The sudden development of IT problems can quickly throw your team’s workday off track. Even simple login issues can prevent you and your employees from getting any work done until you can fix the problem. To do so on your own, you may have to spend hours troubleshooting, sometimes without getting anywhere. If you have managed IT services, however, resolving the issue could only take a quick phone call to a team of dedicated professionals on standby.

The rapid resolution of IT issues is worth its weight in gold alone, but there are many other benefits of managed service arrangements. With their ability to handle everything IT, from preventing issues in the first place to dramatically increase your network security, managed service providers bring immense value to the table.

To get the most out of this type of service, you will need to select the managed service options that support your daily operations best. Here’s what you need to know.

Range of Managed Service Options

Managed service companies offer a full range of services to support business operations of all kinds. You can acquire everything from basic help desk support to data recovery services from these professionals. They can also handle network security, system backups, computer maintenance and IT planning for your company. Managed IT providers can also help with the creation of custom software solutions and the management of your local servers.

You will need to reflect on your business needs to find the best level of service to acquire. With an understanding of your business operations and tech requirements, your managed IT provider can help you build a plan that will help you achieve great results.

Benefits of Acquiring Comprehensive Managed Services

When you elect to work with a managed IT service provider, you can boost the efficiency of your operations while decreasing expenses. Your team will have the support they need to stay on track with their daily tasks. Explore these benefits of acquiring managed services to see why this is a great option for businesses of all sizes.

IT Issue Prevention

With oversight from skilled computer techs, you can actively prevent IT problems from developing. These experts utilize protective software and techniques to keep IT issues from disrupting your workday. They may use ghost imaging, for example, to restore a fresh version of your operating system on every PC each day. With this approach, you do not have to worry about slowdown and data corruption that can occur otherwise.

Decrease in Expenses

Depending on the level of service you select, you may be able to minimize your expenses by acquiring just the services you need, when you need them. You can build your tailormade service plans by selecting only the services that pertain to your company. If you do not have local servers in need of management, for example, you can leave that service out of your plan. With this arrangement, you do not need to attract, acquire and retain a full team of IT professionals of your own. You can save on the costs of talent acquisition, benefit plans and other human resources tasks needed to build and maintain a team of skilled IT experts.

Data Security Improvements

When you have a managed IT service plan, you can keep your data safe by utilizing the newest technologies as efficiently as possible. Using high-tech security tools and practices, your IT team can protect your network from attacks and preserve the integrity of your data. You can also receive the assistance you need to remain in compliance with any data security regulations in your industry.

Potential Impact of Unresolved IT Issues on Your Business Operations

When computer and network issues keep your team from working, your company starts to lose money. Each minute your systems stay down could end up costing hundreds to thousands of dollars, depending on your company size and operations, if you cannot source a swift resolution.

Unresolved IT issues can cost even more if they allow security breaches that compromise your data. You have to stay on top of the latest software updates and hardware upgrades to keep your data secure and uncorrupted, for example. Data security breaches that leave you out of compliance with the regulations in your industry have the potential to be even more devastating.

Thankfully, by partnering with a managed IT service provider, you can keep computer and network problems from affecting your company’s bottom line.

How to Find a Skilled Managed Service Provider

You can find a skilled managed service provider to partner with by looking toward the thought leaders in the industry. The professionals that share their industry knowledge and expertise online give you an idea of their service quality and approach. You can narrow down your options by looking at the websites and blogs of the top companies on your list. Although you can check that their services match your company’s needs, it is usually a lot more helpful to speak to someone directly about that.

Once you find your ideal managed IT service provider, you can schedule a consultation and discuss your company’s exact needs. You can have a custom service plan built to your specifications to ensure your company receives the support it needs. With this level of service, you can rest assured that time-consuming or outright unsolvable IT problems will be a thing of the past for your organization.

Your employee innocently clicks a link within an email or visits a sketchy website and the next thing you know your digital assets are being held hostage by a cyber attacker. It only takes a few keystrokes to cause potentially irrevocable damage to your systems, and hackers are always looking for new victims. With ransomware, you may be able to regain full access to your files and other digital assets — but at what cost to your business? No size of business is immune to cybersecurity assaults, and ransomware is on the rise in small businesses. In this Ultimate Small Business Owner’s Guide to Ransomware, you’ll learn more about the threat, tips to protect your business and suggestions on how to recover after your business has been infiltrated.

What is Ransomware?

Ransomware is a specific type of malware that results in you losing access to your digital assets until a ransom is paid to the attacker. The assumption is that as soon as you have paid the cybercriminal, you’ll regain access to your information — but there is no guarantee that hackers will unlock your files after payment. The loss of access to your information and business systems can be crippling for your business, sending productivity into a downward spiral and frustrating customers and vendors alike. The faster you or your IT security provider are able to react, the more you will be able to limit the damage done to your organization and reputation due to ransomware. The three primary types of ransomware are:

• Data encryption or fundamentally changing the format of your files
• Programs that hijack your desktop files and require payment to unlock them
• Mobile ransomware that prompts you with payment instructions

Each type of ransomware presents particular challenges for your organization.

Dangers of Ransomware

Aside from losing access to your files, your business may effectively be at a standstill with a widespread ransomware attack. Computer and phone systems, your website, your email servers — all are interconnected and can be vulnerable to this type of aggressive malware. Today’s data and technology platforms are often tied tightly together which expands the reach of a particularly malevolent attack. The effects can be far-reaching, from an inability of customers to place orders or check order status to causing your automated production lines to grind to a halt. Until you are able to regain access to your data and files, your business may be relying only on printed information. This is particularly damaging when you consider how many of today’s offices are going paperless.

How is Ransomware Spread?

Ransomware is spread in a variety of ways, but the most common is through someone clicking a link within an email or visiting an infected website. These back doors to your systems provide hackers with easy access to business-critical systems and information, allowing them to virtually lock the door to your digital assets. Social engineering is another way that unsuspecting staff members are tempted to provide the keys to the virtual kingdom. Hackers are becoming extremely deft at using information stored on social networks to create ads or messages that seem to be from trusted colleagues — yet lead to malware.

Are Small Businesses Vulnerable to Ransomware?

You may think that only larger businesses with deep coffers would be tempting to cybercriminals, but small businesses are considered quite vulnerable and may be ideal targets for a quick attack. Small business owners are often lulled into having a false sense of security thinking that they are too small to be a target. A 2018 data security report by Verizon shows that 58% of malware attack victims were small businesses. Stealing your customer information can be the work of a few hours for a hacker, and these data points are extremely valuable on the dark web. It’s relatively easy for individuals to gain access to the tools that are required to break through basic security measures. It’s crucial for small businesses to stay informed and enhance their security profile in order to protect sensitive competitive and customer information.

How Can I Protect My Small Business from Cyber Attacks?

Protecting your small business from cyber attacks begins with assuming a more aggressive security posture. It’s no longer a matter of simply scanning emails for viruses and adding a firewall. The increasing scope of data breaches means you will need to either invest in internal security infrastructure or work with qualified professionals who specialize in cybersecurity. Protecting your business from ransomware and other cyber attacks requires a range of protective measures, including:

• Staff training on creating adequate passwords and the importance of never sharing passwords
• Limiting data and systems access for unauthorized users
• Thorough review of endpoints, including secure employee and guest WiFi access
• Close monitoring and review of when and how contractors are allowed access to systems
• Maintenance of government regulations and compliance mandates
• Advanced antivirus software, preferably with active monitoring
• Regularly reviewing and enhancing backup and recovery strategies
• Applying software patches and updates in a timely manner

Each of these strategies will take time and effort to implement, and they all work together to help protect your organization from being the target of a ransomware or other type of malware attack.

Recovering After a Ransomware Attack

Understanding the type of ransomware that has been added to your system is the first step in recovery. This will help you or your technology service provider determine the next steps for restoring full system usage. If you planned ahead and have a solid backup and recovery program, this is likely when you’ll begin taking those steps. IT security professionals recommend taking these steps to recover from a ransomware attack:

• Disconnect everything to limit infiltration to unaffected systems
• Take pictures or screen captures of the ransomware screen, including the payment requirements and information
• Begin taking steps for recovery
• Learn more about the specific type of ransomware that is affecting your system
• Determine whether you are able to completely restore your systems from backups

Finally, create a crisis communication strategy that will allow you to provide customers and employees with the information they need to continue working after the attack.

The best option for your business to survive a ransomware attack is to avoid it — but that’s not always possible. Become educated on the dangers of this particular type of malware and how you can prevent it, or you risk becoming yet another statistic in the ongoing fight against cybercriminals.

Many companies password protect their files and applications and for good reason. There are hackers trying every day to break into a system and obtain files and information. Most businesses are smart about applying passwords to protect their information. However, many of them fail to think about sharing them within the organization. Anything can happen at any time and if one person holds the passwords, that can result in unforeseen problems and delay within an organization.

QuadrigaCX exchange did not expect anything to happen to the owner and chief executive who held the password to a digital wallet which fueled their entire organization. He was the only one with the password and when he died unexpectedly, their business came to a screeching halt. Not only was the company not able to do business by paying money to their customers, it left them open to rumors and theories as to why the company wasn’t honoring their commitment to their customers. People were and still are upset, and the company’s reputation was on the line simply because one man held the key to unlocking the digital vault. Weeks after his death, the company still could not unlock the virtual vault to pay their customers. No organization should find themselves in this predicament because it is a simple one to fix.

Why Do Businesses Need Passwords?

Simply put, passwords are the best and easiest way to protect information. Passwords can prove identity when logging into accounts, including email, various websites and even into the computer itself. Most companies require employees to enter a user name and password to log into their work computers. The stronger the password, the better protection it provides against hackers. Strong passwords are ones that are not easy to break. They contain a series of numbers and letters, upper and lower case, and often a symbol.

Why Do Businesses Need a Plan to Share Passwords?

In many organizations, employees are sharing passwords. Even when the company forbids it, employees share anyway. It makes the job easier and companies do not find themselves stuck when one person isn’t available. Sharing passwords enables employees to get work done more efficiently. Sharing passwords is not a bad thing as long as it is done with proper guidance and parameters.

Password managers are an excellent way to enable password sharing without any one employee knowing the password. All employees store their credentials in a secure virtual vault. The password manager allows them to share credentials with each other. These managers provide ultimate encryption because it provides a unique key, which protects them from those who shouldn’t have access. A manager should control the sharing process. A manager should put rules in place as to how the passwords are shared. The passwords should stay within the organization and only authorized individuals should have access. The password manager controls who can access which passwords, so each employee won’t have to make the decision to share, or not. It will ensure all employees have access to the most up-to-date passwords, which allows everyone to be in synch.

A password manager also allows an administrator to see who is sharing passwords with whom. These applications leave a trail to show when passwords are being shared. Administrators can also revoke someone’s rights to password sharing, or change the passwords as needed. Businesses should always have a backup plan, even when using a password manager. There should be a plan in place for emergencies, or in some cases, natural disasters. There should be a plan in place for when someone leaves the business. Backing up data is always a smart move. Accessing the data should also be easy. The password manager makes sure that there isn’t one person that can access the passwords, and data.

Reviews, testimonials and referrals are important to growing a contracting business. In fact, reviews are the backbone upon which a business can establish a working relationship with their local community. In today’s world, people can come to know you, like you and trust you (or not) via the reviews they read about your business. This makes reviews a tremendous tool to use in expanding your contracting business.

The Internet has added a new dimension to the importance of business reviews and testimonials. The more people use the Internet as their main source of reference for selecting a particular business or service provider, the more impact online reviews will have on your firm. In fact, recent studies show that most homeowners today use online reviews and recommendations as their main criteria for evaluating a contractor before they hire him.

Importance of Google Reviews

Google reviews play a key role in how your company website is ranked in search engines online. A high ranking will attract more visitors to your site. The more traffic your site receives, the greater your chances of getting new customers and increasing sales. Good reviews will prompt consumers to research your business online. A professional website that clearly explains your portfolio, is responsive to mobile devices and has excellent reviews is sure to attract new clients.

By soliciting Google reviews from customers, colleagues and clients, you can boost your online presence and optimize your marketing strategy. Ongoing positive reviews will give your contracting business greater visibility and credibility with consumers in your area. Online reviews can build trust between you and consumers; people are more likely to hire a contractor they feel they can trust.

The Effect of Positive Reviews on a Contracting Business

As consumers place so much weight on reviews and testimonials, online reviews have the potential to make or break a contracting business. Here are some recent statistics to back this claim. Studies show that:

• Approximately 90% of consumers looking for a contractor check online reviews before giving them a call. Of these, 92% will contact you if you have a 4-star rating or above.
• Consumers will spend up to 30% more for contracting work if your company has excellent reviews.
• Good reviews can generate up to 18% more sales for your business and increase your conversions by as much as 11%.

Even negative reviews can have a positive impact on your business if handled right. Studies reveal that approximately 86% of consumers will bypass your contracting firm if it has received negative reviews. By responding positively to these reviews, however, you could turn these stats around. Rather than criticize individuals for giving bad reviews, offer solutions to the problem. Consumers respect contractors who try to make things right.

In addition to reviewing the quality of your services, reviews and testimonials, provide a forum to add valued content to your website. The more reviews you get, the more content you generate for your site. This can help boost your site’s SEO. Local reviews are particularly important for your contracting business as they reveal the opinions of customers in your local community.

The Benefits of Soliciting Google Reviews

There are various ways Google reviews can benefit a contracting business. Positive reviews and testimonials can be used as a marketing tool to promote your business. At the same time, reviews can reveal areas in your business structure that need to be improved. Reviews can also increase your company’s online presence to attract more traffic to your site.

Having said this, however, it’s imperative you use Google reviews correctly to benefit from what they have to offer. Genuine reviews from customers who have used your services is what you’re after – not fabricated reviews or reviews that were “bought” by offering a reward in exchange for people’s opinions and thoughts. It never pays to offer an incentive such as a free product or service in exchange for a review. This practice goes against the terms Google has laid out for this service and will hurt your rating. It can also undermine customer trust.

Importance of Testimonials and Reviews to SEO Strategy

In addition to what your company does, Google uses how others perceive your business to deliver relevant search results to people looking for information in your line of work. This is where testimonials and reviews come in. Google uses the number of reviews and testimonials you have on your site along with customer rating to determine how you rank in local searches. Reviews and testimonials also add valued content to your site which will contribute to a higher rating.

If you have a fair number of positive reviews and a high customer rating, you’re more likely to show up on top of local Google searches for your line of work. A high rating will give your business greater credibility to consumers in your community.

As a contractor, you have much to gain by soliciting Google reviews for your website. At the same time, Google reviews aren’t the end-all in getting the recognition you desire. Business reviews can be found on such sites as YouTube, Trip Advisor, Yelp, Facebook and numerous others. When you solicit Google reviews for your website, however, you have greater control over the reviews you post. This allows you to maximize the effect these reviews have on your target audience.

How Do You Solicit Google Reviews for Your Site?

The best way to encourage your customers to write a testimonial or review is to provide them with excellent service. Satisfied customers will be more than happy to provide you with a positive review.

Additionally, you can incorporate a way to solicit reviews in your marketing strategy. You can start by asking family, friends and colleagues to write a review of services your company rendered. Then create ways to make it easy for customers to post reviews on your site, such as putting a link where they can easily see it. Encourage your customers to use this link to post a review of completed contracting services or projects. This keeps your reviews fresh and current.

It takes time and effort to obtain positive Google business reviews. Your first step is doing great work so customers will be motivated to write up a positive review of your business. Positive reviews are worth their weight in gold. They improve your standing in Google, generate customer trust and help you build a loyal customer base. In short, Google reviews are a foundational building block that can help your business succeed both now and in the future.

Why Small Companies is the First Target for Online Hackers

According to the SBA, small business employs less than 500 people and realizes less than $7 million in profits annually. This standard defines a small company across the global business world. A large percentage of these smaller businesses operate as privately owned companies. Hackers are especially targeting these smaller businesses with 10-250 employees. Many of these companies use a weak online security system.

It is vital that business executives of these smaller companies sharpen their IT systems. Additionally, it is critical that all large company CEOs in this twenty-first century become educated about hackers targeting small businesses. Many business executives, business owners, C level executives, and business managers may ask.

What does this information have to do with my corporation?

Times have dramatically changed. The small business owner is now a big target to get to larger companies. This little fish in the world of trade leads to a much bigger catch, namely larger corporations. This method that hackers now use has seen an increase of over 250 percent over a year ago, an unnerving thought.

We live in a dramatically different world today. We live in a digital world, like it or not. Small business owners, especially aged business owners can no longer do things from an old school perspective. No longer can business be done via pencil and paper. If owners do not have an active internet presence, the company does not thrive. This increasing and necessary internet presence are dangerous. This internet presence is an immense playground for hackers who can close the doors of many small business owners and do irreparable damage to larger corporations.

Protecting Company Assets and Great Reputations

All business owners must protect their excellent reputation and a company’s assets. It is critical that business professionals across the globe seek to increase knowledge and information on how highly secured IT systems is so vital to their business and online presence. Sharpened IT technologies can protect your company from hackers targeting smaller businesses. Hackers now utilize the small business owner first as a stepping stone to gaining sensitive information from large corporations worldwide.

What is Drawing Hackers to Small Businesses?

Hackers are working hard to send dangerous viruses, malware, or phishing attacks through small business systems. Hackers are leveraging extortion against small business owners to get to larger corporations. Perhaps the small business owner does not have a quality, highly secured IT system to protect their company from these hackers. Hackers use information gained from small businesses linked to large companies to con the smaller companies into handing over sensitive corporate data.

The smaller business has a more significant presence online. These smaller companies use Cloud service which is grossly unprotected, unencrypted, and readily accessible to hackers.

What Do Hackers Want With Company Files?

There is a lot of personal customer information hackers find vital to their existence such as names, dates of birth, Social Security numbers, phone numbers, financial numbers, and more personal details. Hackers use this personal information to get money, or they sell this information to other entities who will use them. This private and sensitive information equals millions of dollars to hackers.

The methods by which hackers use to infiltrate companies cycle in popularity. IT systems find that the use of ransomware is dramatically increasing in popularity over the last few years. Ransomware infects a companies PC which in turn encrypts those files denying that company access to their records. Hackers hold this vital information for money. Companies know that the information contained is worth a lot more money than the pirates demand. This method leaves small business owners no choice but to pay up. Hackers target small businesses across the globe as a vital link to infiltrate larger companies. The best security a CEO can have is firm security for online presence. IT professionals highly recommend an up-to-date and secure computer system. Additionally, recommendations are for an offsite backup.

How Can Small or Large Companies Avoid Attacks by Hackers?

Companies across the globe must follow strict guidelines and laws in place protecting sensitive data. If companies do not follow these laws, there are severe penalties. These penalties can be so expensive to the company that it must close its doors. These set guidelines tell businesses the following.

• How to store vital, personal information
• How to safely access sensitive information
• How to protect confidential information
• How to save and protect a customer’s financial information such as credit card, and banking numbers.

A breach in any company’s files is a nightmare which is liable to ruin the reputation of an excellent company. It takes many years for that company to regain the trust of clients. Some corporations never recover the confidence of their clients.

It is vital that all businesses have reliable and secured IT systems to ward off online attacks by hackers.

Educate employees never to hand over sensitive information to people unknown to them. Employees must protect information about their companies customer base, their vendors, and their suppliers.

Stress the importance of employees developing strong passwords and frequently changing passwords.

Checking and deleting all emails sounding sketchy is vital.

Employees must be aware of all of their online actions.

Never store sensitive information in the Cloud services. This service does not offer encryption, and it is easy for hackers to access.

Security systems are continually changing as much as hackers change their methods of breaching firms. Initiate sound online security systems, backup sensitive information offsite, install updated software, remain vigilant concerning severe hacker attacks and possible damage to the company.

Large and small companies across the globe yearn to be a trusted entity for clients. Trust may take years to earn and longer to get back when lost. Sometimes trust, once acquired is never regained once lost to hackers.

Many companies are finally taking cybersecurity seriously and have implemented programs to meet their organization’s specific needs. Having a program in place, however, is only the first step. Measuring the effectiveness of a cybersecurity plan is equally important. There are several steps a company should take to adequately measure the effectiveness of their plan.

How Does A Company Measure Security Efforts?

There have to be specific ways to measure security efforts in order to determine their effectiveness. Before beginning this process, it’s important to understand the difference between measurement and metrics. The United States National Institute for Standards and Technology (NIST) states that measurement is defined as observable and quantifiable. Metrics, however, are normally something that can be supported by measurement. Metrics are to be used to assist in decision making and to improve accountability and ultimately performance. Cybersecurity metrics should include accurate data that can be compared in different time periods. In particular, it must include specific and objective data. Cybersecurity effectiveness can generally be divided into three areas. These include systems, incidents, and people.

What Metrics Should a Company Choose?

Establishing a few key metrics to determine cybersecurity effectiveness is a good place to begin. An organization will need to start by tying in their business goals with how increased security can help meet those specific goals. This would include establishing a company’s threat profile and identifying scenarios that would potentially cause the greatest impact to an organization. The following are examples of various metrics that can be used.

• State Current Capabilities – An organization should be able to list their current security capabilities. What programs are in place? What exactly are they expected to do? How does the current program address each high-risk scenario that the organization may face?
• List Vulnerable Assets – To understand the risk an organization incurs, it’s necessary to know the number of all vulnerable assets. This will enable a company to create a vulnerability management plan that will likely include scans of all appropriate assets. This will indicate what specific action, such as managing patches and updates, should be taken to improve security.

After a few general metrics have been established, a company will want to put in place those that are more specific. The following are just a few examples of specific metrics that can be used to assess the effectiveness of a cybersecurity plan.

• Track Patching and Updates – Patch management is a critical aspect of addressing vulnerabilities in software. Companies will want to specifically track how many system patches have been put in place over a particular time period or how many updates have been installed. How often patching is completed can be compared to the number of incidents that occur within a particular time period.
• Response Time – Keeping track of response times for a variety of incidents is a relatively objective and efficient way to measure overall effectiveness. How many spam messages have been intercepted? How many attacks from worms, viruses, or ransomware have been identified during a specific time period and how much time lapsed been identification and resolution? How long did it take to remediate vulnerabilities that are found in software?
• Monitor Data Transference – Monitoring the volume of data that is being transferred will help an organization identify misuse. If employees are downloading videos, software, and applications that are unnecessary or potentially dangerous, this can open the door for malware.

How is the Company Comparing to Peer Performance?

Another way to gage cybersecurity performance is in relation to how other organizations in similar industries are doing. After deciding which metrics to use to determine security effectiveness, an organization will want to find out how successful other companies are in these areas. Comparing performance to other companies is also known as benchmarking.

How many security breaches have occurred when compared to other companies in the same industry of a similar size? How did they handle different types of incidents? What percentage of the budget is being spent on cybersecurity? These are just a few questions to ask when making valid comparisons. There are a variety of peer networking forums and online meetings that can be used when finding out how other organizations are doing when it comes to cybersecurity.

What Steps Can a Company Take to Address Gaps in Performance?

Finally, how an organization addresses gaps in performance will determine how effective their cybersecurity program will ultimately be. After metrics have been in place for a specified time period and then evaluated, the company will want to implement the following to strengthen weak areas.

• Educating Employees – Ongoing employee training is the first, and for most organizations the most important aspect of cybersecurity effectiveness. Organizations need to have clear company policies in place that specifically address weaknesses and gaps that have been discovered.
• Updating Systems – Whether it’s improving hardware security, automatically updating software, or creating a new firewall, a company’s systems must constantly be monitored and updated to improve cybersecurity effectiveness.
• Ongoing Testing – Is employee education effective? Has the number of times employees have responded to online scams or clicked on a dangerous link decreased? Part of testing will be to record and analyze recovery time whenever an incident occurs. Cybersecurity effectiveness can be calculated by how much time lapses between the detection of a threat and when appropriate action is taken. An organization needs to find an objective method of calculating recovery time.

After completing the previous steps, an organization will now have a better understanding of how effective their cybersecurity program is and how it aligns with their overall business goals. They should also have a plan in place for improvement and specific ways to track and monitor improvement. Finally, it’s important to remember that assessing cybersecurity effectiveness is an ongoing process. This means it’s necessary to continually update and tweak the metrics that are used so they align with the ongoing security needs of the organization.

Technology is the backbone of every business from, the smallest family-owned retail store to the largest international corporations. Companies everywhere depend on their technology to help them to reach their goals and stay competitive in a rapidly growing marketplace. However, when you combine the importance of technology with the reality that it is continuously evolving, you wind up with a major IT problem for many smaller businesses.

Keeping up-to-date with these changes used to require hiring costly full-time IT professionals, but not anymore. Today, an increasing number of small- and medium-sized local companies are enjoying the experience of IT professionals, without the expenses of having to pay for their own IT department. They are able to do this by outsourcing their IT needs to an MSP.

What is an MSP?

The acronym MSP stands for ‘Managed Service Provider.’ MSPs are specialized IT companies which offer their services and expertise to other businesses, usually through a subscription-based payment model. Businesses contract with MSPs to take care of a variety of different ongoing IT issues for them, including:

• Deploying, maintaining, and updating servers;
• Securing company data from hackers and other cybercriminals;
• Monitoring and managing critical applications and websites;
• Answering technical questions for employees and clients;
• Installing maintaining, and safeguarding company e-mail, and
• Providing data storage, regular backup, and recovery services.

Five Advantages of Hiring an MSP For Your Local Business

• Lower your upfront costs. Purchasing and replacing technology doesn’t come cheap. Can your business justify the need for spending tens of thousands of dollars on its own servers and other hardware when you know just a few years down the road you will have to replace all of it. Using an MSP eliminates a large initial outlay of money and guarantees you never have to worry about upgrading your system in the future.
• Reduce your costs. The average annual salary of an IT professional is more than $80,000 a year. That can be a significant strain on any company’s labor budget, especially if you don’t need a full-time, on-site tech expert. However, when you hire an MSP to take care of your company’s tech needs, you only need to pay a fixed monthly fee for the security of knowing you can still receive the same level of support you would get from a full-time employee at a fraction of the cost.
• Become more competitive. Hiring an MSP gives your business instant access to much of the same technological resources that larger companies have, and your local competitor down the street probably doesn’t. That means your employees will be more productive and have the ability to provide better and faster service to your clients allowing you to grow your business quicker than ever before.
• Lets you concentrate on your primary business. Your company is outstanding at what it does, but it just doesn’t ‘do’ tech. And why should it? You and your employees need to be focusing on what you get paid to do, and not having to worry about coming up with ways to find a workaround when your tech fails. Give your staff members the peace of mind of knowing that whenever they have an IT question, there is always someone who can help. One phone call to your MSP can get everything back up and running in no time.
• Reduce the risk to your business. Hackers love to target smaller businesses for their perceived lack of security. In 2017, over 60 percent of US small businesses were victims. How secure is your company and are you doing all you need to do to protect your clients’ data from cybercriminals? Your MSP can help keep your data safer and ensure that your company complies with the most-up-date PCI security standards and other tech laws.

Not Ready To Completely Transfer Your Company IT to an MSP? Try a Hybrid Solution.

If you already have employees who handle the IT for your business, it doesn’t mean that you can’t benefit from having an MSP as well. Lots of companies decide to keep some aspects of their IT support in-house well outsourcing other tasks to an MSP. This arrangement allows your IT guys the opportunity to concentrate on mission-critical tasks why letting others worry about routine jobs like backing up data.

So, whatever the size of your business, or whether or not you currently have your own IT staff, managed service providers can be an essential part of your business plan.