There are five major threats to cyber security that every business needs to be aware of.

Cyber security threats may have an impact on both large and small businesses. A common misconception for small businesses is the notion of security via obscurity or that their business is too small to be a target. Sadly, that is not the case.

As cyber attacks grow increasingly automated, attackers can target hundreds or even thousands of small businesses at once. Small businesses usually have less robust technical defenses, less awareness of risks, and less funding available for cyber security. As a result, they make for a less challenging hacking target than bigger businesses.

Small businesses commonly partner with larger companies, so hackers may use them as a form of attack against such companies.

A serious cyber-attack can potentially have the most significant impact on small businesses. Recent research found that businesses with fewer than 500 employees experience an average loss of $2.5 million per attack. In addition to the damage to their reputation brought on by a cyber-attack, small businesses suffer considerably when they lose this much money.

For these reasons, small businesses need to be aware of the risks and how to mitigate them. In this post, the top 5 security threats that concern will be covered along with possible solutions.

1. The rise of phishing attacks

The biggest, riskiest, and most ubiquitous hazard to small businesses is phishing assaults. Phishing, which has grown by 65% in the last year and cost businesses over $12 billion in revenue, is to blame for 90% of breaches that harm corporations. Phishing attacks take place when a perpetrator impersonates a trustworthy source and tricks a victim into opening a harmful file, clicking a malicious link, or giving sensitive information, such as account information or login credentials.

Attackers are becoming more convincing when they assume the identity of reliable business associates, which has significantly raised the bar for phishing scams in recent years. In addition, there has been a rise in corporate email breaches, which is when criminals hack into high-level executives’ business email accounts using phishing scams to obtain their passwords, then use those accounts to trick workers into paying them money.

Phishing attacks are particularly harmful since it is quite difficult to stop them. They target the employees of a corporation through social engineering rather than concentrating on technological faults. Phishing efforts are, however, technologically prevented.

Cloud-based email security providers can shield your business from phishing efforts. Users may report phishing emails using these tools, and administrators can then delete them from everyone’s inboxes.

The final line of defense against email phishing attacks is security awareness training. These solutions help you protect your workforce by training and testing your employees to recognize phishing attempts and report them.

2. Viruses and malware attacks

Malware is the second biggest threat to small businesses. It contains a variety of internet threats, such as viruses and trojans. Malware is malicious software created by hackers to access networks, steal data, or destroy computer files. Malware often comes via downloads from malicious websites, spam emails, or links to other compromised systems or devices.

These cyberattacks have the potential to destroy devices, requiring costly repairs or replacements, which is particularly devastating for small businesses. Additionally, they may provide hackers access to data through a back door, endangering customers and employees. Small businesses are more likely to recruit employees who bring their own gadgets to work since it saves them time and money. Personal devices are much more likely to be compromised by fraudulent downloads, which increases the danger that they may fall prey to a malware assault.

Businesses can stave off malware attacks if they have strong technological defenses in place. Endpoint Protection solutions provide administrators with a centralized control panel that they can use to monitor devices, ensure that everyone’s security is current, and protect computers from malware downloads. Online security, which stops users from visiting dangerous websites and downloading dangerous viruses, is also essential.

3. The ransomware problem

Each year, ransomware, one of the most frequent cyberattacks, affects hundreds of organizations. Due to the fact that these assaults are among the most lucrative, their frequency has grown. Ransomware encrypts corporate data so that it cannot be used or accessed; in order to unlock the data, the organization must pay a ransom. Therefore, companies are faced with a tough decision: pay the ransom and risk losing what might be enormous quantities of money, or risk having their services suffer from data loss.

Particularly vulnerable to these attacks are small firms. 71% of ransomware attacks, according to reports, target small enterprises, with an average ransom demand of $116,000. Smaller companies frequently do not have their data backed up, and they are in a hurry to get back up and running, so attackers are aware that they are far more likely to pay a ransom. The healthcare industry is particularly hard struck by this kind of attack since the locking of patient medical information and appointment times can force a company to shut down until a ransom has been paid.

To counter these attacks, businesses must deploy strong Endpoint Protection on all workstations. These will help stop ransomware attacks from successfully encrypting data.

Businesses should consider using a dependable cloud backup solution. These programs reduce the danger of data loss by securely storing company data in the cloud. There are many different data backup methods available to organizations, so it’s important to pick the one that will work best for you.

In the event of a ransomware attack, IT teams may quickly restore their data without paying any ransoms or suffering any productivity losses by implementing data backup and recovery. This is a key action for boosting cyber-resilience.

4. Insecure passwords

Employees who use weak or obvious passwords pose a serious threat to small firms. Numerous small companies utilize numerous cloud-based services, each of which requires a distinct account. Financial details and sensitive data are frequently present in these services. This information may be hacked if weak passwords are used, or if the same password is used across several accounts.

Employees who use weak passwords frequently put small organizations at risk for hacks since they are generally unaware of the harm they may do. 19% of industry workers on average exchange passwords between accounts or use passwords that are easy to guess.

To ensure that employees are utilizing safe passwords, users can consider implementing company password management tools. Staff members may manage passwords more easily thanks to these tools, which provide users with instructions for setting strong passwords for all of their accounts. These ensure that user accounts for corporate accounts require authentication beyond a simple password. This includes a number of verification processes, such as sending a passcode to a mobile device. These cyber security measures help to block access to corporate accounts even if an attacker succeeds in cracking a password.

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5. Threats posed by insiders

The final serious concern for small businesses is the insider threat. An insider threat is a risk to a firm posed by employees, former employees, business contractors, or sympathizers. These people have access to crucial information about your company. They might hurt you out of greed, malice, or even plain carelessness. Insider threats were at fault for 25% of data breaches, according to Verizon research.

This problem is becoming worse and might put customers and employees at risk or affect the company’s finances. In small businesses, insider dangers are rising as more employees have access to several accounts with more data.

If small businesses wish to protect themselves from insider threats, they must ensure that their organization has a strong culture of cyber security awareness. In order to eliminate insider threats brought on by ignorance. Employees will be able to spot an attacker who has infiltrated or is attempting to breach business data early on.

Synopsis

Various hazards are now affecting small businesses. The best way for businesses to protect themselves against these dangers is to implement a broad range of cyber security tools and to employ security awareness training to ensure that people are aware of hazards and how to avoid them. Expert Insight is a leading resource for aiding organizations in locating suitable cyber security goods and services.