According to a Creditsafe report, more than 50% of companies lose over 30% of their total revenue annually due to fraudulent activities. Social media (37%) is among the means commonly used by fraudsters to dupe organizations.
Ginni Rometty, the former CEO of IBM, has stated that cybercrime is the greatest threat to every company in the world. Even giants like Yahoo, Target, Uber, Facebook, and Google have faced significant cybercrime incidents at some point, showing that no matter how advanced your organization is, there’s always room for improvement in cyber security.
When it comes to social media attacks, small businesses are particularly susceptible.
In this article, we’ll take a look at how businesses get scammed on social media platforms and how to prevent it.
Top 5 Ways Through Which Cybercriminals Attack Businesses on Social Media
1. Phishing Scams
Phishing scams are some of the most common methods cybercriminals implement on social media. They create fake profiles that impersonate company employees or business partners and send fraudulent links to employees or customers in an attempt to steal sensitive information like bank account details, Social Security numbers, passwords, and more.
In some cases, con artists also send links to fraudulent websites to install malware on users’ devices.
Some people think that clicking on links is harmless, when in reality it’s one of the easiest ways to steal money and data.
2. Social Engineering
Social engineering is the technique through which scammers manipulate people into revealing personal information or performing certain actions such as downloading suspicious software, clicking on malicious links, or sending money to criminals.
They impersonate executives or high-ranking employees to trick lower-level staff or customers into performing actions they otherwise wouldn’t, such as wire transfers or sharing sensitive information.
3. Credential Stuffing
Credential stuffing is a cyber attack in which stolen credentials are used to log in to another account. Cybercriminals obtain login account credentials from a data breach and use them to perform actions like sending spam, stealing data, or spreading malware.
Since all this is sent through an official social media account, some users don’t hesitate to open it, which results in them losing their money or personal information.
4. Negative Campaigns
When the target of con artists is the company itself, and not its customers, they might launch campaigns to damage a company’s reputation by posting false information, reviews, or complaints. This leads to a loss of customer trust and may affect the business’s public image.
In addition, such actions can result in financial losses due to decreased customer loyalty, reduced sales, and potential legal expenses if the company chooses to pursue legal action against the perpetrators.
In some cases, if negative campaigns are too sophisticated, the negative publicity can have long-lasting effects, which might make it difficult for a company to recover its reputation even with effective methods.
5. Targeted Advertising
Cybercriminals exploit social media advertising platforms to run fraudulent ads that can mislead users or redirect them to malicious sites. This is an effective tactic to mislead a business’s customers and jeopardize its reputation.
Such deceptive advertisements result in companies suffering financial losses and driving potential customers to competitors.
If left unaddressed, the consequences can be more and more severe. That’s why it’s important to take measures as soon as possible.
How Businesses Can Prevent Social Media Attacks
The more prompt the response to attacks, the more effective the recovery. Here are some protective measures organizations need to implement if they don’t want to fall victim to scammers or even if they already have:
1. Use Strong Passwords for All Social Media Accounts
It may sound like a cliché, but this step can’t be ignored. Ensure your business’s social media accounts are protected with strong and unique passwords to avoid hacking or, if an incident has already occurred, to protect your company’s reputation from further damage.
2. Respond Quickly to Incidents
Develop a plan for responding to social media attacks that will help you recover as fast as possible. When the attack takes place, don’t wait until it brings serious damage. Act promptly in order to protect your business and its customers.
3. Educate and Train Your Employees
Provide training sessions on recognizing and responding to phishing attempts, social engineering tactics, and other cyber threats. Educate employees about the importance of safeguarding social media accounts and the potential risks associated with social media interactions.
All employees, especially those in charge of company data, must be equipped with the necessary knowledge to prevent damage.
4. Manage Access and Permissions
The fewer employees have access to the company’s social media accounts, the better. Use role-based access controls to ensure that employees have the appropriate level of access based on their job functions.
In some cases, it would be wise to allow access only to staff who are responsible for managing social media accounts.
5. Regularly Update Your Systems
Keep all systems, including social media management tools and third-party applications, up to date with the latest security patches and updates. One of the reasons for this is that most apps and tools add new features or improve the existing ones in order to address weaknesses. By not updating, your system could be exposed to exploitation through these weaknesses.
Let’s Sum Up
Cybercriminals are constantly improving their methods that help them attack businesses on social media. From phishing attacks to social engineering and targeted advertising, there are many ways they use to steal money and personal information or damage the reputation of a brand.
There are, however, techniques that can help you avoid your business fall from grace and lose customers.
