The global phenomenon of cybercrime is emerging. And the soft targets in this regard are the small and medium-sized business enterprises. Day after day, while a few cyberattacks on big corporations capture the headlines in the news, many SMBs experience similar attacks, but these never gain much attention. However, the damage inflicted on them can be just as debilitating as those affecting the large corporations.
Actually, SMBs are so vulnerable to cyber attacks for several reasons. For instance, most SMBs cannot afford to pay for professional and effective cybersecurity solutions. As compared to large businesses that budget millions of money for cybersecurity, SMBs only spend a small amount on the protection systems hence becoming easy targets. Small businesses usually have just a few IT staff who are not as skilled in dealing with the sophisticated nature of contemporary cybersecurity threats.
Another reason is that most SMB owners do not treat cybersecurity issues seriously enough. Cybersecurity is rarely on their priority list, and owners give more attention to ready operational issues rather than long-term digital security. In this area of complacency, the wide open window to many cyber threats, including phishing attacks, malware, and ransomware attacks, counts in favour of SMBs.
Cyber Threats Amongst SMBs
Among other problems facing SMBs is ransomware. Attackers of ransomware attack by locking or exfiltrating the company's valuable data. They then send messages demanding payment for the access to the data again. In the absence of proper data backup, an SMB will be caught between a rock and a hard place-to pay the ransom or to lose all the data.
Besides the ransomware, phishing attacks targeting SMBs involve hackers impersonating legit sources for extracting sensitive information. Malware and spoofing attacks may alter or camouflage digital communications to deceive the users.
In addition, cybercriminals often use SMBs as stepping stones to access larger businesses that they associate themselves with. Therefore, hackers can leverage any security loopholes in an SMB to their bad books by using such information to act against larger attacks.
Why Cybercriminals Prefer Targeting SMBs
Cybercriminals focus on SMBs as these are comparatively softer targets. Small organisations are unlikely to be as advanced in cybersecurity matters as big ones. Although they are applying widely used tools like Microsoft Excel, Outlook or cloud services, SMBs often fail to secure those platforms properly.
Furthermore, cyber attackers know that vulnerabilities in SMB systems may eventually find a way into more harmful attacks. For example, if the attackers succeed in stealing all the client or customer data in SMBs, they can use the same stolen information at later dates to link it with other available stolen information in conducting even more devastating cyberattacks.
How Small and Medium Businesses Can Avoid Cyberattacks
Small and medium-sized organisations will need to be proactive in preventing cyberattacks. Although investment in cybersecurity software is important, it is more than this. A good starting point would be implementing some easy security protocols, such as email authentication and spam filters, but training employees on the warning signs and what to do can make all the difference.
For example, one important step that an SMB must take is the development of a cybersecurity plan. The plan should detail the procedures for maintaining access and properly handling sensitive data, including permission management and regularly backing up important files. The IT departments of the SMBs need to be very vigilant with the monitoring of access to cloud-based and locally stored data, protecting it from unauthorised access.
Since SMBs can no longer claim to be immune from cyber threats, in the digital world of today, the SMBs must crack down and invest in measures aimed at protecting their businesses against cyber threats. Make haste to ensure that appropriate security measures are put in place and guard themselves against potentially costly cyberattacks that could jeopardise their operations and reputation otherwise.
