If you’re a small business, be prepared!

Most people think that cybercrime only happens to large companies, but be warned. Cybercrime is active and intense, and cybercriminals specifically target small businesses (organizations with less than 250 employees). Small business owners underestimate their risk, thinking they are not a target for
attack, but according to the 2018 Verizon Data Breach Investigations Report, 58% of cyberattacks happened small businesses.

Why attack a small business? Cybercriminals are aware that small businesses typically lack the resources and knowledge to protect their business from an attack. This makes them easy prey for hackers who know that small businesses have more digital assets than individuals but also have less security than a larger enterprise. If you have a digital presence, you are at risk of a breach.

The cyberattacks that make headlines are those against large corporations with massive amounts of stolen data and millions of dollars in damages. However, what is not highlighted is how the criminals were able to infiltrate the large network in the first place. Hackers gain access to large corporations by penetrating the network of a small business/third party affiliate network and stealing its access credentials.

Unlike larger corporations, the bottom line of a small business can be dramatically impacted by a cyber attack. Recent statistics show that 60% of small-to medium-sized businesses were forced to suspend operations after a cyber attack.

  • The most common types of Cyberattacks include:
  • Inside Attacks – when someone within your organization who has administrative rights, misuse their credentials to access confidential company information
  • Malware – its intent is to cause damage; malware includes viruses, worms, Trojans, ransomware, and spyware
  • Password attacks – obtaining login IDs and passwords
  • Phishing – most common type of cybertheft; phishing attacks look legitimate and often come through email, but aim to steal sensitive information collecting
  • Ransomware – the fastest growing type of security breaches – it infects your device and demands money in exchange for access to your own computers and devices

You cannot predict when the next attack will occur, but taking proper precautions can alleviate actions such as lost revenue, suspended operations, and reputational damage. Adopting a technological best practice and policy to alleviate vulnerabilities should factor into your preparation for the inevitable threat to your cybersecurity.

The professionals at Charles Leach can help you further protect your assets to help keep the doors to your business open!