Cybersecurity experts are warning one in seven sole traders and freelancers in Europe and the United States that they are at increased risk of being targeted by cybercriminals. Unfortunately, these individuals often lack the resources of larger organizations, making them an easy target for hackers looking to steal sensitive client information, breach accounts, and even extort funds.
Threat actors are particularly attracted to these individuals as the return on investment is higher. Cybercriminals are often opportunistic, targeting low-hanging fruit such as poorly protected online accounts and outdated operating systems. In the absence of proper cybersecurity measures, sole traders with compromised systems can lose a lot of time dealing with the fallout of a security incident that could have been prevented.
Data breaches involving sole traders, unfortunately, do not get much attention from the media or cybersecurity firms, making it hard to quantify the real impact of such incidents. A breach could, however, have multiple adverse effects on the business, ranging from reputational damage and productivity losses to even worse outcomes such as the extortion of sensitive corporate files.
In light of this, sole traders and freelancers must prioritize implementing measures to protect themselves from cyber threats. It is not enough to just have off-the-shelf antivirus software and firewall installed; there are certain basic precautions that individuals must also take.
Firstly, backing up critical business data regularly is crucial to use it as a fallback measure in case of an attack. This must be done in a secure and reliable way, using cloud storage and removable hard drives as backup options. For further protection, sole traders and proprietors must also invest in anti-malware software and make sure to keep operating systems and other applications on all devices updated.
Another critical measure is to use strong, unique passwords and enable two-factor authentication for all accounts. Additionally, mobile devices used for work must have up-to-date antivirus software installed and a strong authentication method set up. Finally, solo entrepreneurs and small business owners must have an incident response plan. This plan should include a list of IT services that the business relies on and essential contact information to get in touch with if an incident occurs.
Sole traders should prioritize protection from cyber threats, as this could affect their corporate reputation, productivity, and profitability. Implementing simple yet effective measures is essential in keeping their businesses protected from opportunistic cybercriminals. By following these steps, freelancers and entrepreneurs can ensure that they are not another statistic in this growing trend of cybercrime.