what are the 5 biggest cyber security threats for SME’s?

There is a misconception that small businesses are unlikely to be effected by cyber attacks in comparison to large enterprises, but this is just not the case.

Attackers can target hundreds to thousands of small businesses at once and small businesses are less likely to have the technological defences, time, money and resources for cybersecurity than larger organisations.

Small businesses should be aware of the threats and how to stop them. This blog will cover the 5 biggest security threats facing businesses and how you can stop them.

Malware attacks

Malware attacks include a range of online dangers including viruses and trojans. Malicious code that hackers write to get into networks, steal information, or corrupt computer data is referred to as malware. Malware typically originates via connections to other infected computers or devices, spam emails, or malicious website downloads.

These attacks can disable electronics, necessitating costly repairs or replacements, which is especially harmful for small firms. They may also provide hackers with a back door to data, putting clients and staff at risk. Due to the time and money savings, small firms are more inclined to hire workers who bring their own devices to work. However, as personal devices are considerably more likely to be at risk from fraudulent downloads, this raises the possibility that they may be the victim of a malware attack.

Businesses that have robust technology defences in place can stave off malware assaults. Endpoint Protection solutions allow administrators a central control panel to monitor devices and make sure everyone’s security is up to date while defending machines from malware downloads. Additionally crucial is online security, which prevents users from accessing harmful websites and installing hazardous malware.

You can read verified user reviews of the top Endpoint Protection and Web Security vendors at Expert Insights.

Ransomware

One of the most frequent cyberattacks, ransomware affects thousands of organisations annually. Due to the fact that these attacks are among the most lucrative types of attacks, they have only grown in frequency. Ransomware encrypts corporate data so that it cannot be used or accessed, and then demands a ransom payment from the firm in order to decrypt the data. Businesses are therefore faced with a difficult decision: pay the ransom and risk losing potentially enormous quantities of money, or risk having their services compromised by losing data.

Small firms are particularly vulnerable to this kind of attack. According to reports, small firms are the target of 71% of ransomware attacks, with an average ransom demand of $116,000. Because their data is frequently not backed up and they need to be up and running as quickly as possible, attackers are aware that smaller companies are considerably more inclined to pay a ransom. This kind of assault particularly hurts the healthcare industry because it may force a company to shut down until a ransom is paid by locking patient medical information and appointment schedules.

Businesses must implement robust Endpoint Protection on all work devices to stop these threats. These will aid in preventing data from being successfully encrypted by ransomware assaults. SentinelOne, an endpoint security tool, even has a “ransomware rewind” capability that enables businesses to immediately identify and counteract ransomware assaults.

Businesses should also think about putting in place a reliable cloud backup solution. These systems securely backup corporate data on the cloud, reducing the risk of data loss. Organizations may choose from a number of data backup techniques, so it’s crucial to choose the one that will work best for yours.

By deploying data backup and recovery, IT teams can swiftly recover their data in the case of a ransomware attack without having to pay any ransoms or lose productivity. This is a significant advancement in cyber-resilience.

Insider Threats

The insider threat is a significant danger facing small firms. A risk to a company posed by workers, former employees, business contractors, or allies 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 negligence. According to a study by Verizon, insider threats were at blame for 25% of data breaches.

This is an issue that is becoming worse and might endanger consumers and staff or hurt the business financially. Insider risks are increasing in small firms as more workers have access to several accounts that contain more data. According to research, 62% of employees said they have access to accounts they probably didn’t need.

Weak Passwords

Employees who use weak or obvious passwords pose a serious threat to small firms. Numerous small companies utilise numerous cloud-based services, each of which calls for 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 organisations at risk for hacks since they are generally unaware of the harm they may do. Enterprise workers exchange passwords between accounts or use passwords that are simple to guess on average at 19 percent.

Users should think about utilising business password management systems to make sure that staff members are using secure passwords. These tools guide users in creating secure passwords for all of their accounts, making password management easier for staff members. Multi-Factor Authentication systems are something that businesses should think about deploying. These make sure that access to user accounts for business accounts requires more than simply a password. Multiple verification procedures, such as sending a passcode to a mobile device, are part of this. Even if an attacker manages to crack a password, these security measures aid in preventing access to company accounts.

You can read verified user reviews of the top Business Password Management and the top Multi-Factor Authentication solutions at Expert Insights.

Phishing Attacks

Phishing attacks are the largest, most dangerous, and most pervasive threat to small companies. 90 percent of breaches that companies experience are caused by phishing, which has increased by 65 percent in the past year and caused over $12 billion in damages to businesses. Phishing attacks happen when a perpetrator poses as a reliable source and persuades a victim to open a malicious file, click a malicious link, or provide sensitive data, account information, or login credentials.

Attackers are getting more convincing when they pose as trustworthy business connections, which has led to a significant increase in the sophistication of phishing attempts in recent years. Additionally, there has been an increase in corporate email compromise, which occurs when criminals use phishing campaigns to get the passwords of high-level executives’ company email accounts, then use those accounts to defraud employees by requesting money.

Phishing assaults are particularly destructive since they are incredibly hard to stop. Instead than focusing on technology flaws, they utilise social engineering to attack the people inside a company. However, phishing attempts are technologically protected from.

Phishing emails may be stopped from getting to your workers’ inboxes by putting in place a reliable Email Security Gateway like Proofpoint Essentials or Mimecast. Your company may be protected against phishing attempts by cloud-based email security solutions like IRONSCALES. These tools enable users to report phishing emails, which admins may then remove from everyone’s inboxes.

Security Awareness Training is the last line of defence against phishing attempts in emails. By testing and educating your staff to recognise phishing attempts and report them, these solutions enable you to safeguard your workforce.

You can read reviews of the top Email Security Gateways, Cloud Email Security Solutions and Security Awareness Training Platforms at Expert Insights.

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Talbot Jones Ltd is a family-run chartered insurance heritage specialist in the Third Sector and Professional risks. Get in touch for free insurance advice, review or quotation.