June Update
June 16, 20204 Cyber Threats Preying on SMBs – and How to Escape Attack
Businesses put a lot of emphasis on remaining agile. Unfortunately, so do cybercriminals. Most are in a constant state of refinement, creating increasingly sophisticated attacks specifically designed to prey upon smaller, less resourced organizations.
With a single breach, they can take down all you’ve worked to build. It’s estimated that only 14% of SMBs are adequately prepared to face cyber attacks. For those that do, an alarming 60% will close within 6 months.
Take steps to defend against these four, omnipresent threats and hopefully you won’t be one of them.
Why SMBs Are Like a Magnet for Cyber Crime
Think you’re too small to be targeted? Bad actors seek out SMBs for precisely this reason. Don’t let this false sense of security blind you to these imminent threats.
Accenture’s Cybercrime Study reveals that nearly 43% of cyber attacks are on SMBs. Knowing why almost half of all breaches occur within business just like yours can help you see where you may be ill prepared.
Outdated tech. Lean operations are more likely to be working with older technologies and systems, which are all too easy to manipulate.
Weak security protocols. Poor password hygiene, unencrypted data, and lax access control measures are just a few common entry points.
Insufficient training. 95% of breaches have human error origins. If your cyber training isn’t comprehensive and recurring, start now.
Sensitive info. Between your employee and customer data alone, you have highly valuable information that can fetch top dollar on the black market.
Taking Aggressive Action Against Cyberattacks
Before you can truly defend your business, you first need to understand your enemy.
Though a cyberattack can come in many forms, these are the most common threats to watch for – and what to do about them:
1. Malware attacks.
Don’t let this simple attack method fool you. These worms, viruses, and trojan horses can create serious chaos in your system. Files can be corrupted, destroyed, or altered. Settings and permissions may be changed to allow hackers limitless access. Spyware may unknowingly monitor your every move, documenting your password and other sensitive activities along the way.
Prevent it: If you do nothing else, invest in a high-quality antivirus program to catch potential malware in downloads and run regular scans.
2. Ransomware attacks.
How much would you pay to unlock your data – $26,000? $2.25 million? That’s the range for most ransomware attacks, according to Verizon’s 2023 Data Breach Investigations Report. When your entire business is on the line (think: applications, payment info, personnel files, databases) you’ll go to extremes to get it back. That is, assuming you can get that kind of money together in 24-48 hours.
Prevent it: If you don’t want your files to be lost or shared publicly, make sure your network configurations are airtight and your firewall is perpetually up to date.
3. Phishing scams.
Also known as a social engineering attack, few threats are more prevalent and unsettling than this one. 83% of organizations faced a successful phishing attack in 2021. Because these scams mimic emails and texts that appear to come from known, trustworthy contacts, they can be tricky to spot. The aim is always the same: gather sensitive info like passwords or credit card numbers, fast.
Prevent it: Security software that includes spam filters and web filters is a great next step once you’ve sufficiently trained your staff in how to identify a possible scam.
4. Insider Threats.
Though your employees are one of your biggest sources of risk, it’s important to note that not all insider threats are malicious. Whether they are careless with a USB or external hard drive, enter the same weak passwords for all of their accounts, fall victim to a phishing attack, or use their work computers like their personal devices, they may simply not understand the potential consequences of their actions.
Prevent it: In addition to carefully screening new hires for potentially nefarious motives, watch for potentially problematic indicators on your team. Next, implement technical and administrative controls like user behavior analytics and least privilege access to detect and prevent issues.
Don’t fall victim to preventable cyber attacks. Though you can’t control their attempts, your SMB also doesn’t have to be an easy mark for cyber predators.
