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Are small businesses most vulnerable
to cyber threats?

Many small and medium businesses avoid thinking about their cybersecurity because they think they are less appealing for hackers to target as opposed to large organisations. Another reason could also be due to financial constraints, resource issues, or lack of knowledge.

Unfortunately, small to medium-sized businesses are significantly the target of cyber threats. Did you know that it is easier for attackers to target hundreds, and if not thousands of smaller businesses at once as opposed to one large business? In addition, the Covid-19 Pandemic has left employees who are working remotely and on their own devices at threat. In a recent study, Deloitte explained,

“Cyber-attackers see the pandemic as an opportunity to step up their criminal activities by exploiting the vulnerability of employees working from home and capitalising on people’s strong interest in coronavirus-related news (e.g. malicious fake coronavirus related websites). Another important consideration is that the average cost of a data breach resulting from remote working can be as much as $137,000.”

It is important to be aware of all these types of threats and how to stop them. See below our top 5 categories of cyberattacks. These are:
Phishing Attacks
Phishing is a type of social engineering attack in which cybercriminals trick victims into handing over sensitive information or installing malware. More often than not they do this via malicious emails that appear to be from trusted senders.
Malware Attacks A malware attack is when cybercriminals create malicious software that’s installed on someone else’s device without their knowledge to gain access to personal information or to damage the device, usually for financial gain. Different types of malware include viruses, spyware, ransomware, and Trojan horses.

Ransomware
Ransomeware is a type of malicious software designed to block access to a computer system until a sum of money is paid. Ransomware is often designed to spread across a network and target database and file servers, and can thus quickly paralyse an entire organisation.

Weak Passwords
Relying on passwords for security has become increasingly problematic. Devising and remembering a complex password for every account and website is virtually impossible on your own. Yet using weak and simple passwords is a recipe for data breaches, account takeovers, and other forms of cyberattack.
Insider Threats Whether acting out of malice or negligence, insider threats pose a significant cyber security risk to all organisations. While the dangers posed by insider threats are becoming more widely recognised, not enough organisations are allocating sufficient resources to mitigate the risk they pose.
For all these reasons, small and growing businesses need to be aware of the threats and how to stop them. Are you future-ready? Are you taking the right precautionary measures to you protect your business, data, finances and overall reputation?

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