Small Businesses Are More Likely to Experience a Cyber Attack

Small Companies Tend to Spend Less on their Cybersecurity

When running a small business, prioritizing your budget can be difficult. You’re probably aware that cybersecurity is important, but it’s likely not something that’s on the top of your priority list. So, when this month’s cash runs out, your IT security gets pushed to next month’s wish list of expenses.  

Small business owners don’t spend as much as they should on their cybersecurity. They may buy antivirus software and think that’s enough to protect them. But with the vast expansion of technology to the cloud and threats becoming more sophisticated than ever, that’s just one small layer. You need several more security layers to have adequate protection for your company.  

Hackers know this, so they view small businesses as easy targets. It takes much less work to get a payout than they would if they were trying to hack into an enterprise corporation with top-notch security implemented.  

Every Business Has “Hack-Worthy” Data

Every business, even a 1-man shop, has data worth scoring for a hacker. Credit card numbers, email addresses, social security numbers, and tax ID numbers are all valuable to bad actors. Cybercriminals can sell these credentials on the Dark Web. From there, other criminals commit crimes using them for illicit activity, such as identity theft. 

Here are some credentials that hackers like to go after:
 

• Customer records
• Employee records
• Bank account or financial information
• Emails and passwords
• Payment card details

Small Businesses Can Provide an Entryway into Larger Companies

If a hacker can breach a small company’s network, they can often make a more significant score. Many smaller businesses provide services to larger companies, such as digital marketing, website management, accounting, and more. 

Vendors are many times digitally connected to specific client systems. This type of relationship can facilitate a multi-company data breach. While bad actors don’t need that connection to hack you, it is a nice bonus to their efforts. They can get into two companies’ networks by hacking one. 

Small Business Owners Are Typically Unprepared for Ransomware Attacks

Ransomware has been one of the fastest-growing cyber threats in the last decade. In 2022, over 71% of surveyed companies have reported experiencing a ransomware attack.  

The percentage of victims that end up paying the ransom to hackers is also increasing. Now, roughly 63% of companies pay the attacker money, hoping to receive a decryption key to recover their data from the ransomware attack. 

Even though hackers can’t get as much money from smaller businesses as they can from larger organizations, the payoff is still worthwhile. Especially when they can often breach more smaller companies than they can larger ones. 

When companies pay the ransom, it entices more cybercriminals to join in. Plus, attackers who are newer to conducting ransomware attacks usually select smaller companies since they are easier to breach. 

Smaller Companies Don’t Usually Enforce Cybersecurity Training for their Staff

Another thing not usually high on the priorities list for a small business owner is ongoing employee security training. They may be primarily focused on keeping good staff members. Plus, priorities are often placed on improving sales and operations. 

Training employees to spot phishing attacks and enforce password best practices are often neglected business essentials, leaving your network vulnerable to one of the biggest security dangers, human error.  

Most cyberattacks require help from an end user. Phishing emails are a device hackers use to get that unsuspected cooperation to launch an attack successfully. 

Even though hackers can’t get as much money from smaller businesses as they can from larger organizations, the payoff is still worthwhile. Especially when they can often breach more smaller companies than they can larger ones. 

When companies pay the ransom, it entices more cybercriminals to join in. Plus, attackers who are newer to conducting ransomware attacks usually select smaller companies since they are easier to breach. 

Phishing attacks cause more than 80% of data breaches.

A phishing email stored in an inbox cannot usually do anything by itself. The user needs to either open a file attachment or click a link that will take them to a malicious site. This action from the user will then launch the attack. 

Teaching employees how to spot these threats can significantly increase your company’s cybersecurity posture. Security awareness training is as essential as having a strong firewall or antivirus. Your staff is your first line of defense when it comes to your company’s cybersecurity.