As you are reading this article, so for sure you had clicked the link sent to you from cloud networks solutions Email address, or the one in our website.
But have you stopped for a moment before clicking the link and thought whether the email is a spam Email, or the link maybe a phishing link??
If you did, or you didn’t, you are here anyway and no one alerted or prevented you from doing that, and that’s why whatever your business size is (small, medium or big) you need to use a cybersecurity solutions to protect you and your data.
And now, as you are here, let’s continue reading to know more about what kind of cyber threats can affect small businesses? And Why SMB cybersecurity is essential?
What kind of cyber threats can affect small businesses?
So many cyber threats can affect the SMBs; below we had counted the most popular:
- Social engineering and phishing attacks: where the hackers try to trick or manipulate the victims to share sensitive information with them, it can take several forms including: Phishing Emails, Phishing or fake websites, phone spoofing and Smishing.
- Ransomware: Ransomware is one of the most common methods hackers use to target businesses, where the hackers encrypt the victim data and ask him for a ransom to decrypt it and make it available again, Reports have shown that as many as 71% of ransomware attacks target small businesses, with an average ransom demand of $116,000. SMBs are often more likely to pay ransom demands since their data might not be backed-up and they need to get up and running as soon as possible.
- Malware: malicious software designed to cause harm to a user’s device or network. It encompasses a variety of cyber threats such as Trojans and viruses (and in fact, ransomware is a form of malware). Malware attacks are damaging for small businesses as they can cripple devices, requiring expensive repairs or replacements. They can also give attackers a back door to access data, putting both customers and employees at risk.
- Botnet: A botnet is a network of computers which have been compromised and infected with malware, allowing them to combine processing power to carry out cyberattacks. They have been considered a threat for larger organizations for some time, but in recent years, small and medium-sized businesses have been targeted as well.
- DDoS: A Distributed Denial of Service or DDoS attack aims to bring down a website by flooding it with traffic from numerous different sources. A successful DDoS attack can take your website offline altogether, making it impossible for customers to access it.
- SQL injection: If your business has a database on SQL, then you are potentially vulnerable to SQL injection. SQL injection refers to injecting a piece of malicious code into an SQL database. Depending on the nature of the malicious code, the consequences can be very serious. For example, it can delete data, compromise sensitive user information, and in extreme cases, shut down the whole system. It is one of the most common forms of website attack.
So Why SMB cybersecurity is essential?
There are various reasons why cybersecurity for small businesses and SMB security in general must be taken seriously:
- The possibility of financial losses:
A cyber incident can destroy a small business’s finances, sometimes terminally. The cost of recovery, loss of income during downtime, plus any financial penalties for non-compliance with legislation can seriously affect your bottom line. - Reputational damage:
If your business suffers a data breach which affects customer details, then depending on the scale of the attack and how it is handled, it can have a serious impact on your company’s reputation. This could affect your ability to retain and attract new customers and employees. - Putting your employees at risk:
If sensitive employee information – such as confidential HR files, dates of birth, financial information and so on –is stolen by cyber criminals, those employees will be at risk of identity theft and other cybercrimes. - Ability to continue operations:
Businesses of all sizes have become heavily reliant on computer systems, especially since the Covid-19 pandemic. The reliance on cloud services, smartphones, the Internet of Things and AI means that any disruption caused by a cyber-attack seriously hampers your ability to operate and transact normally. - Compliance with regulation:
Jurisdictions around the world have increased their regulation in relation to the internet. For example, in Europe, there is the General Data Protection Regulation (GDPR) and in California, the California Consumer Privacy Act. Regulations like these impose obligations on organizations which collect and store data, with penalties for non-compliance – underlining the need for businesses of all sizes to take data privacy seriously. You can read more about laws governing the internet here. - The threat landscape continues to evolve:
Both the volume and complexity of cyber threats are increasing. It’s estimated that globally, over 30,000 websites are hacked daily, and that more than 300,000 new pieces of malware are created each day. Cyber criminals are always looking for new ways to exploit and attack businesses of all sizes. Just because your business may not have experienced an attack so far, it doesn’t mean you are immune.