Cybersecurity Peace of Mind: Protecting Your Business Legacy
Adapted from our recent webinar featuring cybersecurity experts Farzon Almaneih, Forrest Murray and Louise Lamb.
The Shifting Cybersecurity Landscape
"Cybersecurity can feel so overwhelming. People feel like just giving up. It seems like something only an expert in technology could navigate," opened Farzon Almaneih, Founder and CEO of One82, during our recent webinar. This sentiment resonates with many business owners who feel overwhelmed by the constant barrage of cyber threats.
The reality is stark: cybercrime costs the world $9 trillion annually—more than Japan's entire GDP of $6 trillion. What's more alarming is that this figure is projected to reach $10.5 trillion in the near future.
As Louise Lamb, VP of Marketing and Operations, pointed out, "We think that hacking happens in the moment, but it doesn't anymore. It happens by bad actors exercising a lot of patience and just waiting for that right time when you're at your most vulnerable."
Small Businesses: The New Prime Target
Gone are the days when cybercriminals focused solely on large enterprises. Today, small and mid-sized businesses are squarely in their crosshairs.
"In the past, about a decade ago, what we were worried about in cybersecurity were the script kiddies living in grandma's basement. It was all about disruption," explained Forrest Murray, VP of Client Services. "It wasn't about cleaning out your bank account."
Farzon added, "These days, cybercrime is a trillion-dollar industry. It's run by real business people—evil business people—but they treat it like a business because the revenue is there to support it."
What makes this particularly concerning for professional service firms is the interconnected nature of their work. A breach at one firm doesn't just affect that business—it creates a domino effect.
"Attacking one family law firm would be a gold mine," Farzon explained. "The attackers could not only run a ransom against the law firm but every single one of their customers would now become a target."
The Human Factor: Your Greatest Vulnerability and Asset
The most startling statistic shared during our discussion: 82% of data breaches are due to human error. While this number might seem discouraging, it actually represents an opportunity.
Louise emphasized, "That doesn't sound like good news, but what it does mean is that we have the power to change some of those stats."
Simple practices like using a password manager, enabling multi-factor authentication on everything, verifying emails before clicking links, and keeping your devices updated can significantly reduce your risk profile.
When asked if multi-factor authentication was necessary even for seemingly innocuous accounts like newspaper subscriptions, all three experts unanimously answered: "Absolutely, 100% yes."
Farzon explained, "These websites and things you just don't feel matter that much—those sites know a whole lot about you. Too much."
The Cost of Complacency
For small and mid-sized businesses, the statistics are sobering:
- Almost half of all cyber attacks are directed at SMBs
- 42% of SMBs experienced a cyber attack in the last year
- The average cost of a cyber attack for an SMB is around $3.3 million
- 60% of SMBs go out of business within 6 months after a cyber attack
Many business owners believe they're "too small to be on the radar," but this is a dangerous misconception. As Farzon noted, "Hackers can go after an easy target, figure out they have $50,000 cash liquid, and that's all they ask for. It takes them no time at all, and they can knock over 10 in a day."
Trust But Verify: Vetting Your Business Partners
Professional service firms don't operate in isolation. Your security is only as strong as your weakest vendor or partner. The experts shared several key questions to ask when vetting potential partners:
- Do they have cyber security insurance?
- How do they protect client data?
- What happens to your data if you part ways?
- Have they ever experienced a cyber incident, and if so, how did they handle it?
- Are they compliant with FTC Safeguards?
- How do they transfer sensitive data?
"If they're sending my tax return in just straight email unencrypted," Forrest said bluntly, "they're not for me."
Practical Steps for Protection
Our experts shared several actionable recommendations:
For personal cybersecurity:
- Use a password manager to generate and store complex, unique passwords
- Enable multi-factor authentication on every account possible
- Practice email vigilance and safe browsing habits
- Keep all devices updated (despite the inconvenience)
- Invest in ongoing education and awareness
- Consider identity monitoring services like Experian or LifeLock
- Monitor credit and financial accounts regularly
For businesses:
- Everything under personal cybersecurity plus the following
- Implement comprehensive security beyond just "antivirus and firewall"
- Train all staff regularly on cybersecurity best practices
- Have forensic capabilities in place before an incident occurs
Forrest acknowledged the frustration with constant updates: "I'm always in a hurry or right in the middle of something important. But I know well enough that the time I take to do that is way less time, way less painful, and way less impactful than actually having an incident."
When an Incident Occurs
If you suspect you've been compromised, time is critical. Farzon shared a particularly valuable tip: "If you're ever part of a wire fraud, contact a security professional immediately. If we can catch it within the first 72 hours, and if it's domestic, there's a good chance we can get that wire transfer reversed."
Protecting Your Legacy
At One82, we specialize in cybersecurity, compliance, and managed IT services with a focus on industries like accounting, finance, and law firms. We understand the unique challenges these industries face, from the intense pressure of tax seasons for CPAs to the need for airtight security in legal cases.
Our comprehensive approach addresses not just the technological aspects of security but also the human elements that often prove to be the weakest link.
Remember: complacency is your biggest threat. You are a target, but you can take meaningful steps to protect yourself, your business, and your legacy.
To stay informed about the latest cybersecurity threats and solutions, sign up for our weekly cybersecurity tips at One82.com/cybersecurity-tip-of-the-week or visit our blog at One82.com/blog.
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