How Cybercriminals Use Social Media to Attack Businesses

1. According to a Creditsafe report, more than 50% of companies lose over 30% of their total revenue annually due to fraudulent activities. Fraudsters commonly use social media (37%) 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 examine how businesses are 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 among the most common methods cybercriminals use on social media. They create fake profiles that impersonate company employees or business partners and send fraudulent links to employees or customers to steal sensitive information like bank account details, Social Security numbers, passwords, etc.

Con artists sometimes 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 con artists target the company itself, 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, making 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 for misleading a business’s customers and jeopardizing its reputation.

Such deceptive advertisements result in companies suffering financial losses and driving potential customers to competitors.

If left unaddressed, the consequences can become increasingly 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 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 to respond to social media attacks that will help you recover quickly. When the attack takes place, don’t wait until it causes serious damage. Act promptly 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 have 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, allowing access only to staff responsible for managing social media accounts would be wise.

5. Regularly Update Your Systems

Keep all systems, including social media management tools and third-party applications, updated with the latest security patches and updates. One reason for this is that most apps and tools add new features or improve the existing ones 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 for attacking 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 a brand’s reputation.

There are, however, techniques that can help you avoid your business fall from grace and lose customers.