Last Updated on December 21, 2022 by Umer Malik
By Verizon’s 2021 Data Breach Investigations Report, small and medium enterprises were harmed by 46% of breaches. Surprised? Never be. Because there are so many choices to be made when opening a small business, cybersecurity precautions are frequently neglected. If they don’t concentrate on bolstering their security, they can unintentionally leave points of entry wide open for hackers. That might be a significant issue. Having a thorough cybersecurity plan and Managed Security Services in place is one of the most crucial things businesses can do to safeguard themselves from cyberattacks.
Since they frequently lack the resources or knowledge to protect themselves from threats completely, small businesses are a prominent target for cyberattacks and are commonly viewed as “easy” targets. For instance, according to alert Logic, 58% of malware attack victims are small businesses, and 94% of assaults are carried out using phishing or malware-infected emails that appear to be bills, invoices, email delivery failure alerts, or notifications of package deliveries.
What is Cybersecurity?
Cyber security shields systems, networks, and programs from online threats. These hacks frequently access, modify, or delete sensitive data and impede normal business operations.
Since there are now more devices than people, and hackers are becoming more inventive, it isn’t easy to implement adequate cybersecurity safeguards. Organizations must first understand their Threat Profile to put cybersecurity measures into place that will be effective. This will make it easier to spot where they are most vulnerable and choose the most important actions. Next, organizations should implement a multi-layered cybersecurity strategy incorporating technical and human security measures.
How Much Does a Cyber Attack Cost Your Business?
Small firms can suffer significant losses from cyberattacks, both financially and in other ways. So let’s begin by discussing money. Unfortunately, money is king in the world of internet businesses. Research evaluating the cost of insider-related cyber incidents for small to medium-sized enterprises has been published by the Ponemon Institute. According to the report, insider-related cyber events cost each victimized organization, on average, $7.68 million in losses.
Depending on the size of the organization being attacked, the cost of the cyber-attack varies. The sum cited above is the average amount small firms spend each occurrence. Large corporations are not what we are talking about. Only businesses with fewer than 500 employees are discussed here.
So what makes you a target?
Small firms lack the financial resources that large corporations do. So why do hackers consider them such a lucrative target? Here are a few primary causes:
1. Valuable Data
Hackers know that even tiny businesses deal in sensitive data like credit card numbers, Social Security numbers, bank account logins, and other details that may be sold on the Dark Web for a profit. Cybercriminals always look for novel ways to steal this data. Exploiting flaws in electronic systems is one way cybercriminals might steal data. Social engineering techniques are another tool that cybercriminals might use to deceive people into disclosing personal data. Lastly, hackers can also steal information by breaking into companies and stealing information on computer systems.
2. Links to the Large Companies
Businesses today rely on digital connections to carry out transactions, control supply chains, and exchange information. Hackers target smaller partners to gain access to large firms’ systems since it is assumed that larger companies are more difficult to breach. Smaller businesses are more susceptible to hackers because they are more likely to have lax cyber security procedures. Additionally, smaller companies could lack the means to closely monitor their networks as much as larger businesses, leaving them more open to intrusion.
3. Computing Power
Sometimes hackers are simply interested in utilizing a company’s systems to create an army of bots that will launch large-scale DDoS attacks. DDoS works by artificially creating colossal amounts of web traffic to interfere with a company’s or group’s ability to conduct business.
Hackers are frequently referred to as “network attackers” since they can disrupt a company’s network using the same method. The most typical method used by hackers to bring down a network is to overwhelm it with a deluge of UDP packets. The packets suck up resources like memory, computing power, and bandwidth, making it more difficult for authorized users to use the network.
4. Business Cash, Pure and Simple
When you stop considering it, cybercriminals primarily target small businesses—or any other company—for financial gain. Sure, some attacks aim to cause disruption, like DDoS, but most of the time, the goal is to generate revenue. Ransomware’s popularity is most likely a result of the money it may make for the hackers that use it. And hackers will continue to use an attack strategy as long as it is profitable. As a result, consumers frequently have to pay a ransom to get their data back.
What are the Cyber Threats?
Small businesses lack the whole personnel needed to manage cybersecurity as large corporations do. Because of this, hackers are particularly likely to target small firms.
Small business owners need a robust security strategy to feel secure against evolving threats. That level of readiness begins with a thorough comprehension of the present threats:
1. Malvertising
The phrase “malvertising,” which combines the terms “virus” and “advertising,” refers to this practice. Malvertising is a popular method attackers use to spread malware since it frequently mimics actual adverts. Malvertising is more accessible for sophisticated malware detection systems to spot than other kinds of malware.
2. Phishing
Phishing works by tricking people into clicking a URL or email attachment. Phishing is getting increasingly sophisticated, and it might be challenging to recognize a phony message because hackers target particular people with messages they know they can’t ignore.
3. Clickjacking
Like malicious advertising, clickjacking includes concealing connections to compromised websites within those of trustworthy websites. Then it prompts users to share private information that hackers have stolen to harm.
Conclusion
SMBs must be mindful of the risks posed by emerging technology if they hope to thrive in the contemporary economy. The study indicates that SMBs may more effectively install fundamental cyber protections since they bear the main burden of cybersecurity. Unfortunately, the cybercriminals of today have an advantage over small business owners. Let’s hope SMBs collaborate successfully to find the most practical and cheap answers to significant security risks. Failure to do so puts all of us in danger.
Apart from this, if you are interested to know about 4 Reasons Why Every Small Business Needs IT Support then visit our Business category.
