The Greatest Cybersecurity Threats to Small Businesses
In this digital age, almost every organization is vulnerable to cybersecurity threats. However, small businesses are at a higher risk of cyberattacks from various threat actors. Most small businesses lack robust cybersecurity strategies, and thus they are often vulnerable to most online threats. Here is a roundup of the greatest cybersecurity threats that heavily impact small businesses:
Malware
Malware is the most common and one of the greatest cybersecurity threats to small businesses and any organization with an information system. Malware can be designed to create unauthorized access, deny access, disrupt network services, steal information, infect and corrupt data, and perform other malicious actions.
Small businesses face malware such as trojan horses, rootkits, worms, viruses, and ransomware. When well executed, malware attacks can be hard to detect, mitigate, and recovery can be costly. These attacks can cripple various business operations and even put small businesses at a standstill.
Most small businesses are at high risk of malware attacks since they deploy weak (free to use) endpoint security solutions, ineffective device management policies, lack employee training on cybersecurity, and few have expert cybersecurity personnel.
Phishing Attacks
Phishing is a common cybersecurity threat preferred by most cybercriminals when attacking small businesses. This old social engineering technique has been refined over the years and accounts for most losses in many organizations.
Phishing attacks rely on psychological manipulations and usually target employees and other personnel in the organization. Usually, phishing attacks use emails to trick or convince employees to involuntarily or forcefully divulge sensitive and confidential information unknowingly. The information can then be used to access the business infrastructure, spread malware, commit identity fraud, breach other systems, and propagate further attacks.
Small businesses are most vulnerable to spear-phishing – a type of phishing usually aimed at a specific employee. The employee can be the front desk operator, operations manager, or CEO.
Phishing attacks are hard to prevent since most are not aimed at the technology. Even with proper cybersecurity awareness, phishing attacks remain a menace to small businesses.
Poor Access Control
Most small businesses have ineffective access control mechanisms and device management policies. This combination opens a gateway to cybersecurity threats that can cause data breaches or further attacks that can go unnoticed.
These threats include password hacking, credential stuffing, and unauthorized access from stolen or compromised employee devices. Password hacking and credential stuffing are relatively easy to execute in small businesses. Threat actors with basic password hacking tools can quickly brute force and gain access to the business infrastructure.
This is because employees prefer using a weak password, and businesses usually don’t have a robust authentication system to verify access.
In other small businesses, employees use the same password and usernames for both business and personal accounts. If a personal account is compromised, the business accounts will be at high risk of credential stuffing. The risk increases if employees use their devices for work or to access the business network remotely.
Ransomware
Ransomware has gained traction among small businesses as the most damaging cybersecurity threat. Unlike other malware, ransomware encrypts or blocks access to valuable, sensitive business information until a ransom is paid. Most ransomware specifies how payment will be made – usually through cryptocurrency, which is untraceable – and there is a time frame.
If the ransom is not made by the specified time, the sensitive information can be permanently inaccessible, made available to the public, or sold to other cybercriminals.
Organizations sometimes cannot recover their data even if they have paid the ransom. This happens with poorly designed ransomware. Cybercriminals often target small businesses with ransomware because they are likely to pay up than cease to be operational. Additionally, small businesses lack the capacity and resources to recover data from ransomware.
Insider Threats
A significant percentage of most cybersecurity breaches in small businesses result from employees’ actions. For instance, employees can be phished to give out sensitive and confidential data. Other times, cyber-unaware employees can engage in actions that put small businesses at risk of cyberattacks. Disgruntled and former employees can sabotage the business by leaking critical information to outsiders.
Conclusion
Cybersecurity threats pose a greater risk for small businesses. Although there’s no perfect solution to all threats, small businesses should be prepared to prevent, mitigate, and recover from cyberattacks. Small businesses must implement a comprehensive security plan with effective security controls and management. It should have policies for a secure environment, adequate technological defenses, and ensure a cybersecurity awareness culture. A robust plan will ensure business continuity and reduce cyber threat risks.
