4 Common Reasons Why Entrepreneurs Get Hacked

As an entrepreneur, you must maintain the integrity of your data. After all, your data is your business — if your valuable information is stolen, it could do irreparable harm to your enterprise. And if you don't think a cyberattack could harm you, then think again.

The world loses billions of dollars to hackers every year, with the figure steadily rising. Cybersecurity experts predict that ransomware attacks alone could cost over 20 billion in damages by 2021.

Let's look at some common reasons why entrepreneurs get hacked:

They're Too Trustworthy

As an entrepreneur, you must avoid oversharing on social media or those with malicious intent can piece together your information and hack your login credentials. Remember, cybercriminals are very patient. Some groups collect data for years before they execute an attack.

Similarly, avoid trusting your devices to anyone. Someone posing as an IT professional can quickly install spyware like a keylogger and copy your data before you know it.

They Rely on Default Antivirus Software

Your default antivirus software is competent but not sufficient to protect your devices from sophisticated malware like ransomware. Such malware can hijack your files, folders, and systems until you pay a bounty to a cybercriminal through an untraceable medium. Experts find that Windows Security offers inadequate ransomware protection.

Unfortunately, it's rare for the nightmare to be over even after you pay the ransom. Many entrepreneurs pay the fee only to learn that they must pay more in several other installments. After they finally gain complete access to their system, they face a long road to recovery ahead. Moreover, entrepreneurs who pay cybercriminals usually get targeted again, sometimes weeks later. 

Enhance your computers' cybersecurity by using an advanced anti-malware system like Malwarebytes for Windows that protects your machines from all kinds of malicious software, from viruses and worms to ransomware, spyware, and adware.

They Fail to Secure Their Home and Office Networks

Cybercriminals are always on the prowl for network weaknesses. To secure your networks, update your operating system and other software regularly to plug network security holes, and activate the firewall on your computer and your router. Set the highest available security protocol on your router and use a strong password for the device to keep criminals out.

They Use Unsecured Networks When Traveling

As an entrepreneur, you probably travel a lot to meet clients and investors to showcase your products and services. While on the road, it's easy to use public WiFi at airports, cafes, and malls to connect to the Internet and even do some business.

Although public WiFi is convenient, it's also unsecured. Many traveling entrepreneurs are targeted by cybercriminals at popular WiFi hotspots, who either create dummy networks with the same name to trap unsuspecting users or simply breach the network.

A cybercriminal needs only a few minutes to steal your confidential information and sell it to the highest bidder. To secure your public WiFi, subscribe to a Virtual Private Network (VPN) service that uses the latest technology and is recommended by experts. Of course, don't use free VPNs or free Proxys because they are full of security holes.

These are four common reasons why entrepreneurs get hacked. While some of the precautions can seem tedious, they're worthwhile to protect your hard work.