Although large companies continue to be the primary target for cyberattacks, small businesses are fast becoming equally vulnerable. According to the Hiscox Cyber Readiness Report 2019, the proportion of small firms (less than 50 employees) reporting one or more incidents is up from 33% to 47%, while for medium-sized firms with between 50 and 249 employees, the proportion has jumped from 36% to 63%.
Unfortunately, most small businesses are still under the misconception that cybercriminals are not likely to target them. A January 2020 research study by BullGuard states that nearly 60% of SMB owners believe their business is unlikely to be targeted by cybercriminals, while 43% of SMB owners have no cybersecurity defense plan in place at all.
If you are a small business owner, you need to be aware of the impending cybersecurity threats and take the required security measures. Here are the most common six cybersecurity threats that you should be aware of.
1. Phishing Attacks
In a phishing attack, cybercriminals often pose as a trusted entity and trick people into opening an email, instant message, or text message containing a malicious link. When you open the link, malware, spyware, or a virus gets installed on your device. Cybercriminals may freeze your computer asking for a ransom, or steal your sensitive information as you continue to use your device.
Cybercriminals are using increasingly sophisticated phishing attacks to target small businesses. Recently, cybercriminals posed as the US Small Business Administration (SBA) in a phishing scam, prying on several small businesses across the US that were already hit hard by the COVID-19 pandemic. This scam consisted of three phishing attack waves that led to the installation of malware, theft of user credentials, and financial fraud.
Some phishing attacks are so sophisticated that even seasoned cybersecurity experts fail to identify them. However, a robust email security gateway can provide you with an added layer of security against such attacks.
2. Ransomware Attacks
A typical ransomware attack involves malicious software which, when installed on your device, freezes your system and demands money to unfreeze it again. Ransomware is fast becoming an immense security threat for small businesses.
According to a recent study, ransomware attacks targeted 46% of all small businesses. Almost three-quarters (73%) had to pay the ransom. While 43% had to pay ransom between $10,000 and $50,000, 13% paid more than $100,000. However, only 17% were able to get some of their data back.
In addition to the ransom, you also need to spend money on expensive repairs and restoration. As a result, a successful ransomware attack can bankrupt a small business with limited resources.
Getting the latest anti-malware and endpoint protection can help you reduce the risk of ransomware attacks. Robust endpoint protection can prevent your employees from downloading malicious applications or files. You should also have a good-quality firewall that prevents access to suspicious websites and domains.
3. Denial of Service (DoS) Attacks
In DoS attacks, cybercriminals usually flood a target with fake web traffic or send information that crashes or shuts it down, making it inaccessible to genuine users. As the services are unavailable, your business could lose revenue and existing customers to your competitors.
Again, most small businesses think that DDoS attacks target large companies. However, small businesses are relatively easy DDoS targets as they often use a shared network or a Virtual Private Server (VPS). They also don’t know what a DDoS attack is and how it can affect their business. That’s why, as an IT support company in Denver, we often recommend our clients to pay more attention to their DDoS attack preparedness.
To secure your IT network against a DDoS attack, you need to use a Web Application Firewall (WAF). It can protect your website from suspicious web traffic. You also need to monitor your web traffic patterns to detect any unusual spikes that could lead to a potential DDoS attack.
4. Malware
Malware is malicious software that cybercriminals create and secretly install on targeted devices. The purpose of a malware attack is to steal sensitive information, damage devices or data, or threaten to do so for financial gain. All types of devices, including phones, tablets, and computers, are susceptible to malware attacks.
Malware attacks are becoming increasingly sophisticated. As a result, most users continue using their devices without realizing how vulnerable their data is. However, simple steps can help you reduce the risk of malware attacks.
For example, train your employees not to download any suspicious files or applications, especially the ones ending with the “.exe” extension. If you are downloading such files, make sure to scan these files before downloading them.
Also, keep your software updated as it often fixes a bug or a security patch. Beware of suspicious emails, text messages, and instant messages asking you to download a critical update from an unknown source. They might be cybercriminals trying to trick you into downloading malware.
5. Insider Attack
Sometimes, one of your current or ex-employees may try to steal your data or corrupt your applications, out of greed or anger. It could also be the outcome of simple carelessness or ignorance. One of your employees may accidentally open a link or download an application that may result in a ransomware or malware attack.
For your current employees, you need to set a hierarchical access system. Never allow all your employees access to everything. You can also use two-factor authentication to control access to critical data and applications. You should also train your employees regularly about IT best practices. It should also be a part of your onboarding process.
Whenever you fire an employee, make sure to rescind all their access to your office immediately. Inform all your third-party vendors and customers about the termination. It will help you reduce the risk of insider threat.
6. Easy-to-Crack Password
Weak passwords are often the root cause of many cyberattacks. Passwords are an integral part of your digital network. Your employees will need to use more than one password when working.
To be able to recall them quickly, most people use easy-to-remember passwords such as names of places, birthdays, and personal information. They may also use the same password for multiple accounts. However, this lack of awareness can compromise the security of your business data and applications.
You can use a password management tool to help your employees manage their passwords. Multi-Factor Authentication (MFA) systems can also help reduce the risk of data breaches resulting from weak passwords. MFA can help you keep your accounts safe even if the passwords get leaked.
Wrap Up
Small businesses are as vulnerable to cyber threats as their multinational counterparts. If you are a small business owner, you need to be aware of the potential cybersecurity threats and how you can keep your business protected. Hopefully, understanding these six most common cyber threats will help you take the necessary steps to secure your enterprise. What cybersecurity measures do you think your business should take? Do tell us in the comments section.
