Small Business Cyberattacks: The Risks and How to Protect Yourself
In today’s digital age, cyberattacks pose a significant risk to small businesses worldwide. While major data breaches often make headlines, smaller-scale cyberattacks are more frequent and can result in significant losses for small and medium-sized businesses (SMBs). According to IT experts Laura Payne and Teresa Woolard, approximately 43% of all cyberattacks are directed at SMBs, with an average loss of around $25,000. In this article, we explore the risks associated with cyberattacks on small businesses and practical steps that you can take to protect yourself.
Understanding the Risks
Small businesses are vulnerable to cyberattacks due to several reasons, including outdated technology, insufficient data security measures, and lack of cybersecurity training among employees. Hackers use various techniques to target small businesses, such as phishing emails, malware, ransomware, and social engineering scams. These attacks can result in significant losses, including the theft of sensitive customer data, financial losses, and reputation damage.
Phishing Emails
Phishing emails are a common method used by hackers to target small businesses. These emails often contain malicious links, disguised as legitimate websites, that trick employees into providing sensitive information or downloading malware onto their devices. In some cases, hackers may use social engineering tactics to gain access to sensitive data, such as posing as a customer service representative or IT support staff.
Malware and Ransomware
Malware and ransomware are two other tactics used by hackers to attack small businesses. Malware is a type of software designed to damage computer systems, steal data, or perform other malicious activities. Ransomware is a type of malware that encrypts the victim’s files, demanding a ransom payment in exchange for restoring access to the data.
Social Engineering Scams
Social engineering scams are tactics used by hackers to trick employees into sharing sensitive information or performing an action that can compromise the company’s security. These scams often involve posing as a trusted individual or organization to gain access to confidential information.
Practical Steps to Protect Your Business
Despite the risks associated with cyberattacks, there are several practical steps that SMBs can take to protect themselves from such attacks. These include:
1. Conducting a cybersecurity risk assessment: A cybersecurity risk assessment can help identify potential risks and vulnerabilities in your business infrastructure, allowing you to take proactive steps to address them.
2. Updating hardware and software: To prevent cyberattacks, ensure that all software and hardware are up to date with the latest security patches and updates.
3. Providing cybersecurity training: Educate employees about the risks associated with cyberattacks and how to identify and respond to potential threats.
4. Implementing access controls: Restrict access to sensitive data and important systems to only authorized personnel.
5. Backing up data: Regularly backing up your data can help prevent data loss in case of a cyberattack.
6. Using multi-factor authentication: Implement multi-factor authentication for email accounts and other sensitive systems to add an extra layer of security.
7. Protecting mobile devices: Implement protocols for securing mobile devices used by employees, such as setting up lock screens, automatic updates, and remote tracking. It is also recommended to install VPNs on mobile devices that connect to public Wi-Fi hotspots.
Conclusion
Cyberattacks pose a significant risk to small businesses, with potentially devastating consequences. By implementing practical cybersecurity measures, such as providing cybersecurity training, using multi-factor authentication, and backing up data, SMBs can protect themselves from these threats. By staying vigilant and informed, small business owners can protect their businesses from the risks associated with cyberattacks.
Summary
Small businesses are at risk of cyberattacks due to outdated technology, insufficient data security measures, and lack of cybersecurity training among employees. Hackers use various techniques such as phishing emails, malware, ransomware, and social engineering scams to target SMBs. Practical steps that SMBs can take to protect themselves include conducting a cybersecurity risk assessment, updating hardware and software, providing cybersecurity training, implementing access controls, backing up data, using multi-factor authentication, and protecting mobile devices. By staying informed and implementing practical cybersecurity measures, small businesses can protect themselves from potential cyberattacks.
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The expert says that “43 percent of all cyberattacks are directed at small businesses, with an average loss of around $25,000.”
With more and more data breach stories hitting the news, IT expert Laura Payne and business consultant Teresa Woolard are on a mission to spread the word about cyberattacks and help small and medium-sized businesses (SMBs). locals to learn how they can protect themselves
“We only hear about major breaches in the news, but small breaches are happening all the time in organizations of all sizes,” said Payne, who will join Woolard to share online safety tips in a free interactive session with local experts. . on June 20 at Sandbox Center.
“Our session will provide small business owners with information on how common cyberattacks are, what is at risk, and key steps they can take to be more secure,” added Payne.
“Participants will also learn how to take advantage of free programs and grants to make SMBs more secure,” Woolard said.
Woolard says that cyberattacks on small businesses are more common than people realize.
“In reality, 43 percent of all cyberattacks are directed at small businesses, with an average loss of about $25,000,” Woolard said.
Payne says that SMBs often fall victim to opportunistic attacks, a kind of “spray and pray” approach by attackers.
“One example is that an attacker buys a list of business email account names from a dark web marketplace and creates a very generic phishing email that includes a malicious link,” Payne said.
These attackers, Payne added, send the phishing email to everyone on the list, which turns out to be potentially hundreds or even thousands of recipients.
“Even if only a few of the emails get through and the victim clicks, that’s enough to make it worth it to the attacker,” Payne said.
Woolard says that small businesses are an easier target due to insufficient or outdated hardware/software to help prevent and alert staff to a problem.
And, more importantly, the lack of cybersecurity training among employees, Woolard adds.
“Hackers are taking advantage of the fact that employees, being human, will respond on urgency or out of fear and curiosity and click on those links before really thinking about what they’re doing,” Woolard said.
Payne explained that companies with minimal IT basically have a few laptops or desktops and the rest of their services, such as email, file storage and the website, are hosted by other providers.
“The top three risks in this case include clicking a link in a phishing email or navigating to an infected site, having an email account taken over, or falling victim to a scam,” Payne said.
Payne says business owners should be on the lookout for unusual or suspicious activity.
“This could be unusual human activity, like a strange email from the boss that just doesn’t seem to fit what you would normally send, or unusual computer activity,” Payne said. “For example, the machine is running slowly or an online service is approaching limits.”
“Adding layers of security to detect, alert, and block suspicious activity like anti-malware, antispam, firewalls, alerts, and filters is critical,” Woolard said.
Payne noted that another important part of online security includes setting up multi-factor authentication for email accounts, enforcing good password hygiene and limiting who has access to them.
“All of (these steps) reduce the probability of a successful attack and the damage that can be done if an attack is successful,” Payne said.
“Experts talk a lot these days about recommending that employees use or bring their own devices to work to limit exposure to a company’s data, as well as provide safeguards for employee devices such as VPN, and a password manager, Woolard. saying.
Payne also referred to mobile phones as a gateway for cyberattacks, as they are another easy-to-carry computer that can fall victim to malware and be used to defraud employees.
“With the added risk of them being lost or stolen, they need to have layers of protection like lock screens, encryption, automatic updates, remote tracking and wipes,” Payne said.
Woolard recommends that mobile phone users who frequent free Wi-Fi hotspots such as coffee shops, malls, etc., have a VPN on their phone, which turns dangerous Wi-Fi into safe Wi-Fi.
“And never do online banking in a free Wi-Fi place.”
Woolard noted that companies in the healthcare, agriculture, transportation, finance and manufacturing industries are a particular target because they carry desirable data for hackers.
“Medical health card information or IP can cost more dollars on the dark web than even credit cards.”
Another reason hackers target small businesses is because they are interested in getting into their larger supply chains.
“While small businesses may think they are small, they also open doors into important supply chains where attacks could be devastating to large numbers of people and communities,” Woolard said.
For more information on the event It is never too early to secure your business, Click here.
https://www.orilliamatters.com/local-news/it-experts-helping-small-business-owners-fortify-online-security-7119088
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