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Safeguarding Your Business from Phishing Attacks: A Guide for Edmonton SMBs

Of all the threats to cyber security that Edmonton SMBs face, phishing attacks are perhaps the most prevalent and damaging. For local business owners, understanding and defending against these attacks is critical for maintaining operational integrity and protecting sensitive data. In this blog, we’ll delve into what phishing is, common techniques used to target SMBs, their impacts on cyber insurance, and best practices for safeguarding your business through proactive risk management.

So, What Is Phishing?

Phishing is a form of cyber-attack where hackers disguise themselves as trustworthy entities to deceive individuals into handing over sensitive information such as usernames, passwords, and financial details. These attacks are often carried out via email, social media, or malicious websites that appear legitimate. The goal is to trick the victim into clicking a harmful link or downloading an attachment that can compromise their data.

SMBs are especially common targets for phishing attacks for a few reasons. Compared to larger companies, they often lack the extensive resources needed in implement comprehensive, durable cyber security measures. Regardless of their size, SMBs still handle plenty of confidential information that could be extremely valuable to hackers, from customer data to financial records and even intellectual property. On top of this, many attackers assume SMB staff won’t have the same level of cyber security awareness and training as those of larger corporations and therefore may view them as easy targets that they can use infiltrate and use to carry out an attack on a larger, more valuable business.

Common Techniques for Phishing Attacks

Knowledge is the first step towards planning an effective defense. With that in mind, let’s break down three of the most frequently used phishing methods and explore how they could impact your business (and how you can tackle them).

  1. Email Phishing

Email phishing is far and away the most common type of phishing attack. Cyber criminals send fraudulent emails that appear to come from legitimate sources, such as banks or trusted partners. These emails often contain malicious links or attachments and are becoming increasingly convincing, meaning anyone who’s not vigilant could be caught out.

Business Implications: Falling victim to email phishing can lead to data breaches and financial losses, which is an especially significant hit for SMBs. Cyber insurance policies may cover some of these costs, but they can be contingent on having adequate security measures in place. Besides, even the best cyber insurance in the world can’t rebuild lost customer trust.

How to Safeguard Against Email Phishing: There’s no real way to reduce the frequency of these attacks – in fact, since ChatGPT was released, there’s been a 1,265% increase – but you can minimize the number that your team engages with. Implement email filtering solutions, educate employees on recognizing phishing emails, and enforce strict policies for verifying unexpected email requests to reduce the chances of a successful attack.

  1. Spear Phishing

Unlike broad email phishing campaigns, which target a wide range of potential victims, spear phishing targets specific individuals within an organization. These attacks are more personalized and tend to use spoofed email addresses from colleagues, plus more casual, friendly language, making them even harder to detect.

Business Implications: Spear phishing can result in significant financial losses and legal liabilities if sensitive data is compromised. Although there’s less potential for widespread damage, this type of scam could target those at a higher level who are privy to more sensitive information than the average employee, making them just as damaging. Relying on cyber insurance payouts to cover these damages may again disappoint, unless you can provide evidence of the proactive risk management practices you’ve taken to protect your digital assets.

How to Safeguard Against Spear Phishing: Deploying measures more focused on individuals is the best way to prevent successful spear phishing attempts. Use multi-factor authentication (MFA) across any accounts your team use day-to-day, conduct regular security awareness training, and enlist the help of IT experts to monitor unusual network activities.

  1. Smishing (and Vishing)

Smishing (SMS phishing) and vishing (voice phishing) involve using text messages and phone calls to deceive individuals into divulging personal information. These methods are increasingly used to target mobile users, and just like email approaches, the growing sophistication and availability of AI makes vishing in particular harder than ever to spot.

Business Implications: These attacks can lead to unauthorized access to your accounts and, you guessed it, data breaches. It may sound like a broken record, but data is the most commonly lost asset after any phishing attack, as well as the most consequential. If it’s corporate details that get out, you stand to lose money. If it’s your clients’, you stand to lose their trust. And, if it’s your employees’, you stand to lose the very people who make your SMB what it is.

How to Safeguard Against Smishing and Vishing: Educate employees about the risks and establish standardized protocols for verifying the legitimacy of phone calls and text messages. Ensure that both of these measures are reviewed and re-visited regularly to account for the ever-evolving landscape of phishing threats.

How To Spot Phishing

Now you’re familiar with the type of phishing attacks you’re most likely to encounter, it’s time to help you spot and avoid them. Regardless of the means of attack, the following red flags signal illegitimate intentions:

  • Unusual Sender: Check the sender’s email address carefully. Phishing emails often come from addresses that mimic legitimate ones – Gmail accounts, in fact.
  • Suspicious Links: Hover over links to see the actual URL before clicking. Phishing links often lead to fraudulent websites, and sometimes the URL can clue you in before making an ever-so detrimental click.
  • Urgent Requests: Be wary of emails or messages that create a sense of urgency or demand immediate action, particularly if they come from a business partner.
  • Trigger Words: Scammers aren’t the most original bunch, and they’ll often use the same words in subject lines – any featuring invoice, new, message, verification, or required should all be opened under close scrutiny.
  • Unexpected Attachments: Avoid opening attachments from unknown or untrusted sources. This sounds like a given, but employees dealing with new clients, software, or other IT tools might be used to receiving emails from unfamiliar senders. In an increasingly hostile digital environment, it’s important they stay mindful and avoid slipping into old habits.

Best Practices for Safeguarding Against Phishing

So, we’ve covered what phishing is, the most popular forms of attack, and how to spot attempts. Lastly, let’s discuss five key strategies to implement across your business in order to reduce the risk of finding yourself at the mercy of a cyber-criminal and bolster your chances of meeting cyber insurance compliance standards.

  1. Prioritize Employee Training and Awareness

The importance of education can’t be overstated. 1 in 3 employees fall victim to phishing attacks without sufficient training, and for SMBs, that’s a substantial proportion of your workforce left at risk. To better your odds and strengthen the shield that’s already built into your business, conduct regular cyber security training sessions. Cover topics spanning all kinds of threats, including how to spot, avoid, and report the latest phishing techniques.

  1. Implement Advanced Email Security

An easy way to stop scams from landing in your teams’ laps and keep resources concentrated on core operations instead of threat detection is to ensure your cyber security does some of the work for you. Use email security solutions that offer features such as spam filtering, anti-phishing, and sandboxing to detect and block malicious emails.

  1. Conduct Regular Security Audits

It should be clear by now that digital dangers are changing week by week, which makes proactive risk management an absolute essential. Conduct periodic security audits to identify any new vulnerabilities in your systems and processes. Address any weaknesses promptly to stay a step ahead of cyber criminals and reduce the risk of exploitation.

  1. Develop A Robust Incident Response Plan

Just as your preparations should be watertight, SMBs also need to have a clear, actionable plan in place for responding to phishing incidents (any other digital attack, really) should they happen. This should include steps for containing the attack, mitigating damage, and reporting the incident to relevant authorities and stakeholders.

  1. Review Your Cyber Insurance Policy

As you begin to upgrade your phishing defenses, it’s important to check your cyber insurance policy. It’s a great guide as to which cyber security measures you’ll need to implement to meet any necessary requirements, saving you from introducing improper protections that waste time and funds. Then, if you do find yourself on the receiving end of a phishing attack, you know you won’t be left without coverage, having to front the funds yourself.

Don’t Get Hooked by Phishing Attacks

Phishing attacks pose a significant threat to SMBs in Edmonton and Alberta, but with proactive risk management and the right defense strategies in place, you can protect your business. By understanding the common phishing techniques and their implications, educating your team, and implementing robust security measures, you can reduce your vulnerability and ensure your cyber insurance coverage remains effective. Stay vigilant, stay informed, and make cyber security a priority to safeguard your business from the modern threat landscape.

Tier 3 IT Solutions: Trusted Managed IT and Cyber Security Partners in Edmonton and Alberta

Our mission is to empower businesses in Edmonton and Alberta to get the best from what technology has to offer to them. If you need assistance with strengthening your defenses, enhancing your cyber insurance profile, or want to learn more about proactive risk management, don’t hesitate to reach out. Your business’s safety and success depend on staying ahead of cyber threats, and we can help you do just that.

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Hi, I'm Jesse and I look forward to speaking with you.

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