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Cyber Threats Every Entrepreneur Should Be Wary Of

cyber threats

Cyber threats get more intelligent and aggressive every year, but today’s unprecedented circumstances have only driven this point home. A recent study by cloud computing company Iomart found that large-scale breaches have increased by 273% in Q1, compared to the same time last year. Hackers and other malicious entities are taking advantage of the fact that people are now working on their personal and less protected routers, deploying their schemes more frequently.

As an entrepreneur, you’re a prime target for these kinds of attacks. Whether they’re after the sensitive customer information that you hold or your money, malicious entities can gain a lot. Here are some of the major cyber threats every entrepreneur should know to avoid.

Ransomware

Ransomware is a type of malware that infects its victims’ files. Usually, the hacker uses the program to lock you out of your own system and demand a fee before they can be opened. And since you won’t be able to operate without access to your files, you’ll be forced to give up your money. The only way to avoid ransomware is by securing your data. Hire a professional to beef up your firewalls, for example, or store files into a local drive.

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Then again, Entrepreneurship Life‘s guide to avoiding ransomware informs that you should be prepared for the worst-case scenario and always have a backup file. When you find yourself in such a situation, ignore the hacker’s demand, delete the breached data, and continue operating with your backup.

Chargeback Abuse

Chargeback abuse is when customers call the bank directly to ask for a credit refund. If the bank follows through with their request, they will forcibly take money from your account. Chargeback’s main purpose is to protect customers from untrustworthy sellers, but this system can be abused. In fact, Expat Bets, a site that reports on online gaming across Asia, writes that credit card fraud and chargeback abuse are some of the most common types of fraud experienced in online gaming. TechHQ, a well-known tech resource, notes that many online sellers fall victim to this as well, especially now that e-commerce has become the norm.

There’s no stopping dishonest customers from calling their banks, but you can avoid chargeback abuse if you keep good records of your transactions. If the bank sees that everything—such as payment amounts, authorizations, and other factors—checks out, then there’s no reason to issue a chargeback.

cyber threats
Cyber threats are becoming more aggressive everyday

Phishing Attacks

Phishing schemes are some of the most common and most damaging cyber threats that face entrepreneurs globally. Last year, CNBC reports that it cost businesses US $200,000 on average. Additionally, nearly half of these attacks were targeted at small businesses. Phishing attacks are deceptively simple: malicious entities pretend to be legitimate business contacts who send you money or information requests over email. If you and your team are not careful, the results could be damaging. Fortunately, phishing emails are easy to spot. Simply check if the email address used to send them is legitimate. Don’t just check the name—see if the domain email is company authorized, too.

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But as a general rule, it’s best to avoid asking and receiving sensitive information via email. There are plenty of encrypted communication channels online, like Microsoft Teams and Telegram, for you to use. Much like emails, they also allow attachments and such.

“One thing customers will readily pay for is peace of mind,” says entrepreneur Chris Danquah, one of our notable writers here at The Spirited Hub. If you ensure that your security is up to par, not only will your data and money be safe, but customers will trust you more. Eventually, this could be one of the reasons they come back to make another purchase.

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How to Gain Self-confidence as a Professional Trader

Confidence is one of the key ingredients which will allow you to trade the market like a pro trader. If you wish to build your career in the investment world, we strongly recommend that you learn to take the trades with strong confidence. It might take a while to get used to the overall concept of trading but once you become good at analyzing the market data, you can build your confidence level. But developing your skill in the retail trading industry is not that easy. You have to follow some specific rules and only then you can expect to become a full-time trader.
In this article, we are going to give you some advanced tips which will allow you to trade the market with a high level of precision. Once you become good at following the tips mentioned in this article, you will never struggle in the ETF trading industry.

Forget about the past trades

The novice traders get biased with the losing trades. They keep on monitoring the market and repent of their mistakes. On the contrary, the professional traders take smart steps and without any repentance, they look for the next trade signals. If you wish to develop yourself as a professional trader, we strongly recommend that you forget about your past trades. You can’t undo your past. Instead, look for the next trade signals strategically and try to find the solutions to this market.

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Trade with long term goals

You must take the trades in the market with long-term goals. Without setting up long-term goals in the investment business, it is very hard to stay tuned with the market changes. View the website of Saxo and learn about the importance of having strong determination in the trading business. Unless you are determined with your actions, you will keep on losing money most of the time. So, follow a conservative way and systematically take the trades. Once you become good at evaluating the key direction of the market, you can easily change your life.

Analyze the high impact news

Learning about fundamental analysis will improve your decision-making skills to a great extent. Very few traders in the retail trading industry have the skills to evaluate the fundamental data in the market. If you want to survive in the retail market, you must learn to take your trades systematically. Forget the fact that you are know everything about this market. See how the news data changes the course of the trend. As you become skilled in analyzing high-impact news, you will slowly learn to take the trades with strong confidence. This will also make you a better trader and let you systematically trade this market.

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Create a trading routine

To build strong confidence in the trading profession, you should trade the market with a balanced trading routine. Unless you take your trades with a proper trading routine, it will be really hard to bring any positive change to your trading system. As a trader, you might be thinking that you know every bit of detail. But this is not all true. In your trading routine, you must define all the basic rules. If you don’t trade the market with predefined rules, it will be a big challenge to make bring changes to your trading system. Follow the basic rules and trade the market with long-term goals.

Trade with low risk

You should always trade the market with low risk. Once you start taking the trades with managed risk, it will become an easy task to develop self-confidence. The majority of novice traders don’t have the strong skills to deal with the complex market. Usually, they aggressively take the trades and they lose a significant portion of the trading capital. So, trade with only 2% risk in the trades and it will help you to build strong confidence at trading.

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