Small businesses are targeted for fraudulent activity through cybersecurity and other methods more frequently than larger entities, says Lockbaud founder Sam Sapp.

“Small businesses are more often becoming the target for cybersecurity and fraudulent activities by bad actors. The reality is the businesses aren’t prepared, and they are more likely to succumb to easier tactics,” says Sapp.

• Accenture’s Cybercrime Study reveals that nearly 43% of cyber-attacks are on small to medium-sized businesses.
• 95% of attacks can be attributed to human error according to the World Economic Forum.
• 46% of cyber attacks were small businesses with 1,000 or fewer employees.
• On average, small and medium-sized businesses lose $25,000 due to cyber attacks.

Clearly, cybersecurity is a growing issue that should concern small businesses. Sapp discusses the issue at length in our interview. Fraud detection and prevention expert Krista Shelton of Focused Forensic Solutions and Sapp lead a workshop on May 8 that can you help protect your business and customers.

Are there particular industries or types of small businesses that are more susceptible to fraud and cybersecurity issues?

Finance and Professional Services rank among the top three industries attacked by cyber incidents.

Most people who use email and social media are aware of phishing. Why should my employees and I learn more to be better prepared?

While many people are aware that phishing exists, most aren’t aware of the extent that bad actors will go to achieve their goal – from hacking the local mayor and sending to their contact list to pretending to be your boss while they are on vacation. Phishing tactics are only improving. It takes modern solutions to combat a modern threat, including a modern understanding of the threat.

What forms of cybersecurity issues are there? It has never happened to me or my business (as far as I know). It’s hard to keep up to date and informed.

Just because you haven’t popped the tire on your car yesterday, it doesn’t mean today won’t be the day. Fortunately, a key part of this presentation is to get you up to speed on the modern tactics your office can prepare for to protect systems.

What is social engineering in relation to cybersecurity?

Social engineering in the cybersecurity world is manipulating people to achieve a certain means, often to click a link, or voluntarily provide access to your computer.

I suspect fraud or cybersecurity might be an issue that’s impacting my business. Will this workshop identify the best next steps?

We’re going to provide methods to help you “batten down the hatches,” so to speak, with some industry-leading tools and methods. There’s also a module focusing on the aftermath and some of the steps that can be taken.

Is fraud or a cybersecurity a one-time occurrence? Or can a business or individual be targeted again?

Not only can a business be targeted again, this is often the case with cybersecurity. Bad actors are aware the business has weaknesses that are easily exploited. They’ll often retry the same tactic, but also shift tactics to see if they can get more.

How can training and policies help with these potential issues as an ongoing process? I’m busy trying to run a business.

No wants to implement more training or policies than necessary, but we find in many cases for small businesses there is none. This presentation focuses on what is actively being seen in the market and what is shutting down businesses. We’ll provide the knowledge and tools needed to help prevent you from falling into the same traps.

“People who attend my presentations often learn what a $300,000 burger and ransomware have in common,” says Sapp.

To learn the answer to this comparison and gain practical information from Sapp and fraud prevention expert Krista Shelton, register today for their workshop.