Small businesses are just as vulnerable to cyber security attacks as huge corporations. A prevalent fallacy for small businesses is the notion of security via obscurity, or that your company is too small to be a target, however this is not the case.
As attackers’ attacks become more automated, it is possible for them to target hundreds, if not thousands, of small businesses at once. Small organisations frequently have weaker technological defences, less awareness of dangers, and less time and resources to devote to cybersecurity. As a result, they are a more appealing target for hackers than larger enterprises.
But, at the same time, they are no less lucrative targets. Even the very smallest businesses can deal with large sums of money, or have access to huge amounts of customer data, which, under regulations such as GDPR, they are obligated to protect. Small businesses also often work with larger companies, and so they can be used by hackers as a way to target those companies.
Small businesses also arguably have the most to lose from being hit with a damaging cyber-attack. A recent report revealed that businesses with less than 500 employees lose on average $2.5 million per attack. Losing this amount of money in a cyber breach is devastating to small businesses, and that’s not to mention the reputational damage that comes from being hit by a cyber-attack.
For these reasons, small businesses need to be aware of the threats and how to stop them. This article will cover the top 5 security threats facing businesses, and how organizations can protect themselves against them.
1) Phishing Attacks
Phishing attacks are the most serious, damaging, and prevalent threat to small businesses. Phishing accounts for 90% of all breaches that organisations suffer, has increased by 65% in the last year, and causes over $12 billion in company losses. Phishing attacks occur when an attacker poses as a trusted contact and convinces a victim to click a harmful link, download a malicious file, or provide sensitive information, account details, or credentials.
Phishing attacks have grown much more sophisticated in recent years, with attackers becoming more convincing in pretending to be legitimate business contacts. There has also been a rise in Business Email Compromise, which involves bad actors using phishing campagins to steal business email account passwords from high level executives, and then using these accounts to fraudulently request payments from employees.
Part of what makes phishing attacks so damaging is that they’re very difficult to combat. They use social engineering to target humans within a business, rather than targeting technological weaknesses. However, there are technological defences against phishing attacks.
Having a strong Email Security Gateway like Proofpoint Essentials, or Mimecast, in place can prevent phishing emails from reaching your employees inboxes. Cloud-based email security providers such as IRONSCALES can also be to secure your business from phishing attacks. These solutions allow users to report phishing emails, and then allow admins to delete them from all user inboxes.
The final layer of security to protect emails from phishing attacks is Security Awareness Training. These solutions allow you to protect your employees by testing and training them to spot phishing attacks and report them.
2) Malware Attacks
Malware is the second big threat facing small businesses. It encompasses a variety of cyber threats such as trojans and viruses. Malware is a varied term for malicious code that hackers create to gain access to networks, steal data, or destroy data on computers. Malware usually comes from malicious website downloads, spam emails or from connecting to other infected machines or devices.
These attacks are especially detrimental to small firms because they can cripple gadgets, necessitating costly repairs or replacements. They can also provide attackers with a back door into data, putting customers and employees at danger. Small businesses are more inclined to hire employees who use their own devices for work since it saves time and money. This, however, increases their vulnerability to malware attacks, as personal devices are considerably more vulnerable to malicious downloads.
Business can prevent malware attacks by having strong technological defences in place. Endpoint Protection solutions protect devices from malware downloads and give admins a central control panel to manage devices and ensure all users’ security is up to date. Web Security is also important, stopping users from visiting malicious webpages and downloading malicious software.
Ransomware is a type of cyber-attack that affects hundreds of organisations each year. These attacks have only grown in popularity as one of the most profitable types of attacks. Ransomware encrypts firm data so that it cannot be used or accessed, and then demands a ransom payment to unlock the data. Businesses are forced to choose between paying the ransom and potentially losing large quantities of money, or crippling their services due to data loss.
Small businesses are especially at risk from these types of attack. Reports have shown 71% of ransomware attacks target small businesses, with an average ransom demand of $116,000. Attackers know that smaller businesses are much more likely to pay a ransom, as their data is often not backed-up and they need to be up and running as soon as possible. The healthcare sector is particularly badly hit by this type of attack, as locking patient medical records and appointment times can damage a business to a point where it has no choice but to close, unless a ransom has been paid.
To prevent these attacks, businesses need to have strong Endpoint Protection in place across all business devices. These will help to stop ransomware attacks from being able to effectively encrypt data. Endpoint protection solution SentinelOne even provides a ‘ransomware rollback’ feature, which allows organizations to very quickly detect and mitigate against ransomware attacks.
Businesses should also consider having an effective cloud back-up solution in place. These solutions back up company data securely in the cloud, helping to mitigate against data loss. There are various methods of data back-up available to organizations, so it’s important to research the method that will work best for your organization.
The benefit of implementing data back-up and recovery is that in the event of a ransomware attack, IT teams can quickly recover their data without having to pay any ransoms, or lose productivity. This is an important step towards improved cyber-reselience.
4) Weak Passwords
Another big threat facing small businesses is employees using weak or easily guessed passwords. Many small businesses use multiple cloud based services, that require different accounts. These services often can contain sensitive data and financial information. Using easily guessed passwords, or using the same passwords for multiple accounts, can cause this data to become compromised.
Small businesses are often at risk from compromises that come from employees using weak passwords, due to an overall lack of awareness about the damage they can cause. An average of 19% of enterprise professionals use easily guessed passwords or share passwords across accounts.
To ensure that employees are using strong passwords, users should consider Business Password Management technologies. These platforms help employees to manage passwords for all their accounts, suggesting strong passwords that cannot be easily cracked. Businesses should also consider implementing Multi-Factor Authentication technologies. These ensure that users need more than just a password to have access to business accounts. This includes having multiple verification steps, such as a passcode sent to a mobile device. These security controls help to prevent attackers from accessing business accounts, even if they do correctly guess a password.
5) Insider Threats
The insider threat is the last significant danger facing small businesses. A risk to a company posed by employees, former employees, business contractors, or associates is known as an insider threat. These individuals have access to vital information about your business, and they have the potential to cause harm out of avarice, malice, or even just carelessness. According to a study by Verizon, insider threats were to blame for 25% of data breaches.
This is a growing problem and can put employees and customers at risk, or cause the company financial damage. Within small businesses, insider threats are growing as more employees have access to multiple accounts, that hold more data. Research has found that 62% of employees have reported having access to accounts that they probably didn’t need to.
To block insider threats, small businesses need to ensure that they have a strong culture of security awareness within their organization. This will help to stop insider threats caused by ignorance, and help employees to spot early on when an attacker has compromised, or is attempting to compromise company data.
You can read verified user reviews of all of the top Security Awareness Training solutions at Expert Insights.
At the moment, small businesses face a variety of threats. Businesses can best protect themselves against these dangers by implementing a complete set of security tools and utilising Security Awareness Training to ensure that users are aware of security threats and how to prevent them.
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