In today’s swiftly evolving digital realm, it’s imperative that small businesses across all sectors remain fully aware of the constant cybersecurity hazards they face. The tactics of cybercriminals are in a constant state of flux, underscoring the urgent need for a robust cybersecurity strategy—particularly in light of the surge in cyber threats stemming from the impact of the COVID-19 pandemic. The proliferation of remote work has laid bare vulnerabilities in the infrastructures of numerous enterprises, intensifying the necessity for a comprehensive security blueprint.
Although it might be intuitive to assume that cybercriminals primarily target larger corporations, the actuality is distinct. Without a well-structured cybersecurity plan, these enterprises are in precarious positions, confronting potentially devastating outcomes.
Cybercrime has expanded its reach in the contemporary landscape, resulting in the heightened frequency and intricacy of cyber assaults. Effectively managing such incidents entails significant financial setbacks and reputational damage. While this challenge affects all forms of organizations, its impact is particularly pronounced for small and midsize businesses (SMBs).
Small businesses and midsize/mid-market companies are frequently a target of cybercriminals due to their perceived lack of resources to thwart attacks and navigate the aftermath adeptly.
Overview of Cyberattacks on Small and Medium Enterprises
While cyberattacks aimed at small and medium-sized enterprises (SMEs) might not always seize headline attention, they wield substantial menace, imperiling the livelihoods of professionals and the individuals they serve. Such attacks can have a more pronounced impact on SMEs than on larger entities due to the absence of comprehensive backup and mitigation services commonly available to larger organizations.
Instances of cyberattacks on small businesses demonstrate that hackers set their sights on SMEs because they often rely on free cybersecurity tools designed for consumer use rather than tools tailored for business needs. This practice exposes them to various attacks that might be more effectively detected by robust cybersecurity systems within larger corporations. The encouraging news is that SMEs can adopt equivalent cybersecurity tools major enterprises use to safeguard their workforce, leadership, clientele, and sensitive data.
Why Are SMEs Susceptible to Cybersecurity Threats?
Small and Medium-sized Enterprises (SMEs) face an elevated risk of falling victim to cyberattacks due to their possession of similar data, customer information, and digital infrastructure that attract cybercriminals targeting larger corporations. For instance, many small businesses store substantial amounts of customer payment information, which, if compromised, can yield significant profits for hackers—either through direct exploitation for quick monetary gains or by selling the data to other malicious actors.
Various cyberattacks are directed at SMEs, with specific methods prevailing more frequently. In numerous cases, hackers utilize tactics similar to those employed against larger enterprises. This is primarily because hackers sometimes employ identical attack methodologies across different entities by duplicating malicious code rather than creating distinct tools tailored for various business types.
This situation intensifies the challenge of cyber threats for small and medium businesses, primarily because the attack techniques employed are as advanced as those used against larger corporations. The replication of attacks also enables cybercriminals to expedite their assaults. Consequently, smaller businesses risk facing a barrage of intricate attacks.
Common Types of Cyber-attacks Impacting SMEs
SMEs contend with various cyberattacks, including malware, phishing, ransomware, and insider threats. Adequate email security can frequently thwart many external attacks, particularly those leveraging malicious links or content via email. However, specific email-based attacks, such as phishing scams, can prove more elusive for security systems to discern.
Motivated by financial gain, disruption of business operations, or even the allure of a challenge, hackers frequently employ the following attack techniques:
Viruses and Malware
Viruses propagate through user actions, differing from worms that self-replicate. The umbrella term “malware” is more precise, encompassing any malevolent software used in attacks. Despite being one of the oldest forms of malware, viruses continue to increase. Hackers can embed viruses in seemingly innocuous files, enabling them to evade detection by multiple users within an SME.
Insider Threats
Insider attacks involve disgruntled employees, profit-seekers, or individuals engaged in cyber espionage who utilize their work privileges to breach sensitive network areas. As certain employees access customer payment data, confidential corporate information, and sensitive communications, insider threats can profoundly impede or tarnish a company’s reputation.
Ransomware
Ransomware attacks entail hackers seizing control of a user’s computer and demanding payment to reinstate access. Ransomware can affect a range of devices, including servers, rendering recovery exceptionally challenging even if the ransom is paid.
Phishing
Phishing attacks manipulate users into divulging sensitive information like credentials, addresses, and payment details. These attacks exploit fear, tempting offers, or counterfeit websites designed to harvest data, often through email.
Distributed Denial of Service (DDoS)
Attackers inundate web servers with a deluge of fabricated requests, rendering the server incapable of serving legitimate users due to excessive processing demands.
Botnets
Botnets are automated tools comprising internet-connected devices running bots programmed to infiltrate systems. Bots can emulate human actions, execute commands for data theft or spam dissemination, and provide attackers access to networks and devices.
Cloud Hijacking
Cloud hijacking involves a third party intruding upon cloud computing systems. Once these hackers access an organization’s cloud infrastructure, they strive to reconfigure the underlying code to manipulate sensitive information, communications, and other data, to extend their dominion over the entire cloud environment. Additionally, cybercriminals exploit this opening to orchestrate phishing campaigns, resulting in various adverse outcomes such as data leaks and financial losses.
Software Patching
Outdated software and unpatched vulnerabilities constitute a prevalent cybersecurity risk for businesses. Neglecting software patch maintenance exposes businesses to an array of security vulnerabilities. When malicious actors exploit software vulnerabilities, they capitalize on these weaknesses to launch cyberattacks.
This cybersecurity trend is exemplified by two significant cyberattacks originating in 2018. These attacks exploited a critical flaw in the Windows operating system, EternalBlue. Organizations that neglected implementing the necessary updates were left vulnerable, leading to substantial financial repercussions.
Deepfakes
Deepfakes create counterfeit versions of organizations to deceive unsuspecting customers and gain unauthorized access to an enterprise’s sensitive information. This technique also contributes to advanced phishing attacks, wherein hackers manipulate the reputation of individuals or CEOs to issue fraudulent instructions to employees.
This cyberattack has been executed against individuals and organizations over recent years. It relies on AI technology that employs existing voice recordings, photos, or videos to manipulate an individual’s or organization’s image, fabricating false actions or speech.
Best Practices for Cybersecurity for SMEs
Implementing best practices to prevent cyberattacks on SMEs predominantly involves adopting a proactive approach before any threats compromise your systems. By adequately preparing your workforce and systems, you can thwart breaches or minimize the recovery effort required in the event of an attack.
Educate Your Workforce
Equipping your employees with knowledge about the latest threats and tactics positions them as essential contributors to your cybersecurity strategy. Often, employees need to understand how threats manifest, appropriate response procedures when detecting an attack, and their role in prevention and recovery. Training initiatives can effectively address these gaps and ensure secure connectivity for employees.
Conduct a Security Assessment
Performing a comprehensive security assessment involves a transparent evaluation of the strength of your network defenses. This entails identifying potential vulnerabilities, including employees, applications, and practices that might compromise your security posture.
Enhance Network Security
Strengthening your networks ensures that only authorized individuals with proper credentials can access sensitive information and devices. The more robust your access protocols, the lower the likelihood of experiencing a breach.
Utilize and Maintain Updated Antivirus Software
Opt for premium antivirus software, which typically surpasses the capabilities of free versions. Regular updates ensure that you have the latest protections against evolving attack methods.
Implement Multi-Factor Authentication (MFA)
Multi-factor authentication (MFA) requires users to provide multiple credentials to verify their identity. This poses a challenge for hackers armed only with essential information like usernames and passwords, thwarting unauthorized access.
Enforce Strong Password Practices
Frequently, overwhelmed by numerous online accounts and passwords, employees opt for easily memorable choices that hackers can exploit. Creating strong and intricate passwords incorporating characters, letters, and numbers can serve as a potent deterrent against opportunistic attackers.
Secure Remote Access Solution
Protecting remote workers involves a commercial VPN solution that encrypts all data transmitted to and from your network. This ensures that any intercepted data appears as unintelligible text even if transmitted over a public and potentially compromised network. Without the decryption key, attackers cannot utilize the stolen data.
Activate Advanced Firewall Measures
Deploying a next-generation firewall (NGFW) with cutting-edge threat intelligence lets you outwit hackers. The NGFW scrutinizes incoming and outgoing data, identifying packets that may harbor threats, which are automatically discarded. This approach safeguards your network and its users.
Regularly Back Up Your Data
Consistently conducting strategic backups is a robust defense against downtime caused by cyberattacks. You can swiftly regain control of your system by reverting to the latest backup. Frequent backups can even mitigate the impact of a ransomware attack.
Enhancing Overall Cyber Defenses
Strengthening your overall cyber defenses is crucial in the ever-evolving digital security landscape. As cyber threats become more sophisticated, fortifying your organization’s strategies to protect sensitive data and critical operations becomes necessary. Incorporating a VPN solution for small businesses emerges as a pivotal measure.
By establishing a resilient, encrypted tunnel for data transmission, a business VPN provides a formidable barrier against potential breaches, preserving the confidentiality and integrity of your communications.
Furthermore, implementing secure remote access for businesses adds an extra layer of resilience. This approach enables authorized personnel to connect to your network remotely while minimizing the risk of unauthorized intrusion.
By adopting these proactive measures and remaining vigilant against the evolving threat landscape, your business can confidently navigate the digital realm, ensuring a secure and dependable path forward.
