The Biggest Cyber Security Threats to Small Businesses

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Cyber Security Threats to Small Businesses

Simply put, a small business is always at a risk of failing due to several issues. One of the biggest hurdles in the growth of a small business is cyber security issues. One of the most popular myths that continues to hound small businesses is, this option is too small for a target. However, the truth be told, every business is at a strong risk of getting attacked and hounded. Now that technology has undergone a lot of changes, it is easier for hackers to automate attacks without much effort. Small businesses usually have less stringent defences, less time and less awareness of threats to invest in cybersecurity. This makes them the easier target for the hackers. In this feature, we will shed light on the biggest cybersecurity threats to small businesses:

  • Phishing Attacks

There’s no running away from the fact that the biggest and most popular cyber security threats hounding every small business are phishing attacks. As of the current stats, 90% of the cyber security attacks are central to phishing attacks. Furthermore, as time has grown, they have exponentially grown in the last few years. If you don’t know, a phishing attack occurs when an attacker hounds you through an email, pretending to be a trustworthy source. They will compel you to click on a malicious link or download a shady file, so you give access to your sensitive information or credentials. The problem with phishing attacks is, they can quickly deteriorate a business image.

  • Ransomware

As the name implies, a ransomware attack is one of the most popular attacks across the globe. They hit millions of businesses every year. They’ve only grown exponentially since the technology itself has evolved as well. A ransomware attack is carried out in the pursuit of earning money without any effort. A ransomware attack is usually guided towards small businesses, so they can quickly grow without much effort. As of now, ransomware attacks have increased by 71% in the last few years. To avoid such an attack, a business needs to have strong protection on all business devices. So now is the best time to install a firewall on the computer, so you can rest assured about the hackers not making it to your information.

  • Malware Attacks

No wonder, the malware itself is one of the most malicious cyber security threats that has ever existed. This term has been coined because it gives an open opportunity to the hackers, so they can steal data and gain access to different networks. These attacks can easily damage small businesses and even crumble their existence without any effort. You might consider using a good vpn to keep the location of your workstation discreet. Once the attacker lays their hands on your data, they will continue to hound your business. However, if businesses employ strong technological defenses, it will be easy for them to avoid such attacks. As of now, malware attacks have destroyed hundreds of businesses globally.

  • Weak Passwords

Simply put, weak passwords are the biggest reason why hackers can easily get a hold of your data. Although many small businesses have decided to settle for cloud-based services, still they are skeptical if it will work or not. During such confusions, they eventually waste time and hackers assume the opportunity to penetrate the system. On the other hand, small businesses are at risk of getting compromised due to the weak passwords used by employees. According to recent research, around 19% of enterprise professionals will settle for guessed passwords, which is why they get caught up by hackers. It’s always good to use some kind of password manager to help strengthen the password.

  • Insider Threats

Last but not the least, the final and major threat to any small business is the insider threat. Although this might sound weird but is true to every inch. Most of the time, a business is vulnerable to the actions of former employees, current employees, the associates or the business contractors. Because these people have access to critical data of your business, their ignorance can pose a major threat to you. Especially when the previous employees are concerned, they are much likely to cause damage to your business or gain information to help your competitors. Therefore, to get rid of such insider threats, it is important to create a strong culture of internal security.