Why Small Businesses Are Prime Targets for Cyber Attacks

Key Takeaways:

• SMBs are more likely to be targeted if they have limited cybersecurity resources.
• Common attacks: phishing, ransomware, and data breaches.
• Cybersecurity strategies that reduce risks: password management, employee training, and software security updates.
• Tapping into affordable cybersecurity services can prove vital for SMBs.

There has been a huge uptick in newly opened small businesses since circa 2020, and this probably piqued hacker ears. You might think hackers don’t really benefit from small companies; after all, big corporations offer big payouts when hacked, but that's not entirely true. Sure, big companies have more data, but smaller ones have less infrastructure to protect themselves.

Hackers are looking for an open door. And sadly, many SMBs don’t realize just how vulnerable they are until an attack occurs. So if you feel like you have a target on your back, this article is a step in the right direction. We’ll uncover common cyber attacks and what you can do to keep your business safe.

Why Small Business Attacks Are So Popular

Hackers are aware that smaller businesses often lack IT security teams or strong defenses. These businesses still have important data, so it’s no wonder it’s appealing to criminals. Most hackers don’t do it for fun either. There’s so much data they can harvest to sell or to extort business owners:

• Payment info
• Personal customer data
• Compromising images on the cloud
• Business secrets

But this negligence affects the entire business ecosystem. Small businesses offer a direct line into larger networks. If a hacker compromises a smaller company’s system, they may reach their partners or suppliers. That’s why it’s important, now more than ever, to close the gaps in cyber violations.

So what’s stopping SMBs from protecting themselves, their customers, and their partners? Budgets are a problem.

Many business owners can barely juggle their day-to-day operations, let alone allot the time or resources to focus on security. Cybercriminals quickly find and exploit those vulnerabilities, as they’ve got nothing but time with their automated hacking tools.

Common Types of Cyber Attacks

When you think of a cyber attack, you may think of something intricate or complicated. However, hackers have gotten a bit more creative when it comes to hacking SMBs.

Hackers often gain access because they are invited in – sometimes knowingly, sometimes not – through ordinary human behavior or even insider activity. Either way, employees often let cybercriminals in in the most inconspicuous of ways. Here are a few:

Phishing and Social Engineering

Social engineering is a human manipulation tactic where attackers use your feelings to get you to commit to compromising acts without thinking them through. These can be feelings of panic, inquisition, or mutual benefit. For instance, you might be prone to clicking a link that asks you to reset your password. You do so because you fear a breach, only to find that hackers were stealing your password. That’s phishing.

Hackers will do just about anything. They’ll pretend to be tech support, send fake bills, or create emails that look like they’re from your boss. If you click on the wrong link, they can access your entire business network.

Ransomware Attacks

Ransomware is when attackers hold your customer info, financial records, or anything else you need to run your company hostage. Hackers can break into your infrastructure, lock up your important files, and make you pay to get them back. And even if you pay, your data may never be returned or may have already been sold to the highest bidder on the black market, so it’s a lose-lose situation. This can be really bad for business, especially for small businesses.

A ransomware attack can make you miss deadlines, lose customers, and damage your reputation indefinitely, especially if you can’t afford the cost of being sued.

Easy Cybersecurity Strategies

If you run a small business in this day and age, you need to get serious about cybersecurity. Here are some simple methods to keep your business safe:

Use Strong Passwords

Using weak passwords is like leaving your door unlocked in a crime-ridden part of town. Developing good password habits is the first step to keeping cybercriminals out.

• Make passwords complicated
• Change your passwords often
• Don’t use the same password for everything
• Use a password manager to do the heavy lifting
• Turn on multi-factor authentication for all employees

Employee Training

Your employees can be your best defense against attacks or your weakest link. Teaching them about cybersecurity turns them from targets into soldiers.

• Hold regular cybersecurity training
• Show them how to spot phishing emails
• Make security a priority in your office
• Have a clear way to report anything suspicious

Keep Software Updated

Old software is basically an invitation for hackers. Keeping your software up to date is a simple but effective way to defend your business on the front lines.

• Install security updates right away
• Turn on automatic updates if you can
• Keep your antivirus software running on the latest version
• Back up important data securely and regularly

Check with your email provider to see what safeguards they have to protect your data against phishing

Get Expert Help

Small businesses do have outsourced resources they can tap into. If you have the budget, you should work with cybersecurity services that can help protect your business. It isn’t as costly as you think; plus, they already understand the problems SMBs are facing right now. Organizations like the Cybersecurity & Infrastructure Security Agency (CISA) and the National Institute of Standards and Technology (NIST) can also help you create strong cybersecurity plans.

Securing Your Small Business Against Cyber Threats

It’s nearly impossible to get rid of online crime altogether, but that doesn’t mean your business has to succumb to cyber attacks. Small business owners can put up a fight by following the latest cybersecurity tips and taking the necessary precautions to protect themselves.

If you’re ready to get to work, make security a priority and put a plan in place to mitigate your risks. And know that hackers don’t sleep, so neither should your protective efforts.