Top 5 Cybersecurity Threats to Small Businesses

Running a small business? Pay attention to cybersecurity! It’s not just big companies getting hit anymore. With COVID-19 pushing more of us to work from home, cyber threats are on the rise.

Small businesses often assume cybercriminals go after the large companies, but that’s not the case. nearly 70% of small businesses get hit by cyber attacks! Without a solid cybersecurity plan, they’re flirting with disaster.

In fact, around 60% of small businesses that suffer a cyber attack or data breach end up shutting down within just 6 months. That’s why having a plan to stay safe online is crucial for small businesses to survive and thrive.

Top Cybersecurity Threats to Small Businesses

Here are five cybersecurity threats that are affecting online businesses mostly today.

1. Malware

Malware is malicious software that executes unauthorized actions on a victim’s system. It includes ransomware, viruses, phishing, and other tactics. The main types are Trojan horse, virus, and worm:

Trojan Horse: Deceptive malware hidden in seemingly harmless applications.

Virus: Malicious code that infects programs, files, or the operating system.

Worm: Self-replicating malware that spreads across networks.

Each type presents distinct cybersecurity threats, requiring vigilance and preventive measures.

1. Viruses

Viruses are harmful programs designed to damage hardware. They can corrupt files, slow down performance, or delete data. Viruses spread through file sharing, infected emails, malicious websites, or downloads. Signs of a virus infection include increased pop-up windows, unauthorized password changes, deleted files, and network slowdown.

1. Ransomware:

Ransomware is a cyber threat that encrypts a company’s vital data, demanding a ransom for its release. This can include passwords, financial information, files, and applications. If the ransom isn’t paid within a specified time frame, the data may be permanently lost or leaked. Ransomware is commonly spread through email spam or network attacks, often targeting small businesses.

In a notable incident in July 2021, the REvil gang orchestrated a major ransomware attack via Kaseya, a provider of IT and security solutions for small and medium-sized businesses. This attack left hundreds of small businesses vulnerable, with potential consequences such as financial losses, data breaches, and reputational damage. Victims may incur expenses for investigations and be required to notify customers if sensitive information is compromised.

1. Phishing

In a phishing attack, cybercriminals attempt to steal personal information such as credit card details, bank account information, social security numbers, and passwords. These attacks typically involve deceptive emails or text messages that appear legitimate. Phishing and business email compromise (BEC) pose significant threats to small businesses.

Criminals often disguise phishing emails as invoices or links to payment portals, tricking recipients into divulging sensitive information. This deception can have dire consequences for both businesses and their customers. It is crucial for businesses to have robust cybersecurity measures in place and to educate employees and stakeholders about the risks of cyber attacks. Staying vigilant and informed is key to mitigating the impact of phishing attacks and safeguarding sensitive data.

1. Password Hacking:

Password hacking is a persistent issue in cybersecurity. Surprisingly, many people still use common and easily guessable passwords like “123456” or “password”. Even more concerning, a large portion of individuals use the same password across all their accounts.

Cybercriminals exploit these weak password practices using high-speed programs to quickly test passwords. They often succeed when victims use common passwords or personal information like birthdates or pet names.

How to Protect your Business

By utilizing reliable cybersecurity products like NetworkFort, both small and large businesses can fortify their defenses against cyber attacks such as phishing, password hacking, and ransomware. These solutions offer comprehensive protection, including threat detection, secure authentication measures, and proactive network monitoring. With NetworkFort’s robust security measures in place, businesses can safeguard their sensitive data and minimize the risk of costly breaches.