May 19, 2022
  • May 19, 2022

A small local business almost fell victim to a cyberscam

By on January 17, 2022 0

Every 11 seconds there is a ransomware attack. It’s high-tech theft that could wipe out everything you have.

CHARLOTTE, NC – When you hear about cyberattacks, you usually think of the large businesses being targeted, but the truth is that criminals are now focusing on small businesses because they’re the ones who don’t expect it—small companies like TDR Plumbing in Charlotte, North Carolina.

“When we started, we used a notepad and a pen for most things we did,” said David Olstad, Jr.

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He and his father have been growing TDR Plumbing for over 10 years.

Not so long ago, the company was attacked by a cybercriminal who gained access to the email account of Olstad Jr’s father.

Olstad, Jr. explained, “They emailed our office manager requesting a payment of $60,000 to a specific account posing as my father to my office manager. He was not at the office at the time so she, she was actually proceeding to do it for him and there was another phone call from her about a separate item and she interviewed him on the phone and we found out that it was someone impersonating him and of course demanded this payment after sending to a fake account.”

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It was this exchange with the office manager that allowed the company to avoid sending money to a scammer with no way to get it back.

Cybersecurity expert Taylor Busby of SeedSpark said small businesses like TDR Plumbing need to have a plan, but often they don’t.

With limited resources and tight budgets, cybersecurity is simply not a top priority and criminals are banking on it.

Busby said: “A lot of its data breaches. A huge problem is phishing attempts. phishing attempts, but what it really does is prey on individuals and employees of small and medium sized businesses to get them to click on a link and take some action and in many cases , that action is a wire transfer or some kind of money transfer that can be really, really devastating for businesses.”

In fact, SeedSpark said that when a small business suffers a cyberattack, 60% go bankrupt within six months.

So take that as a warning…

Busby said: “I think every small entrepreneur if they don’t have some kind of cybersecurity standards in place they need to do an assessment and look at it carefully because the threat is real.”

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