In the wake of prominent cyberattacks targeting major entities such as casinos, tech giants, and power grids, there is a common misconception that small and midsize businesses are less susceptible to such threats.
However, recent research conducted on over 2,000 enterprises in this category reveals alarming statistics. Approximately 52% of small and midsize businesses and 71% of midmarket firms experienced ransomware attacks in the past year. Additionally, 56% of small and midsize businesses and 88% of midmarket firms faced various other forms of cyberattacks.
Dismissing the assumption that cyber adversaries only target large corporations may lead to overlooking crucial signs indicating otherwise. Here are three indicators that your business might be on the radar of cyber adversaries:
1. Targeting Multiple Companies in the Same Industry:
Cyber threat actors strategically exploit their knowledge of specific industries to launch targeted attacks on entire classes of enterprises. This involves taking advantage of vulnerabilities in widely used software within a particular sector, such as file transfer applications in regional banks or credit unions. Other instances include targeting healthcare facilities relying on new online services and interconnected devices, as well as exploiting major online sales events in sectors like retail, travel, and hospitality.
2. Repetitive Attacks on the Same Company:
Businesses falling victim to ransomware attacks tend to fall into two categories: those that comply with the ransom demands and pay, and those that refuse. Once threat actors discern a company's willingness to pay, research indicates an 80% likelihood of a second attack, with the ransom amount typically escalating. This underscores the importance of understanding your environment and taking proactive measures to prevent recurring incidents.
3. Optimizing for Return on Investment:
Cyber adversaries often prioritize smaller businesses due to the lower level of effort and risk involved. Smaller enterprises typically possess limited security resources, lower security awareness, and fewer security tools and processes. Notably, only 32% of employees in small and midsize businesses understand phishing, and merely 15% have received security awareness training. Threat actors exploit these vulnerabilities to operate stealthily within the network, causing more prolonged and damaging impacts.
Addressing cybersecurity concerns in today's complex threat landscape requires a proactive approach. Entrepreneurs and business leaders can take the following steps to mitigate risks:
1. Collaborate and Share Threat Intelligence: Coordinate with industry peers to prepare organizationally and technologically for potential attacks. Sharing experiences and lessons learned from compromises can enhance collective preparedness. Utilize Information Sharing and Analysis Centers to gather open-source intelligence and network protection insights.
2. Learn from Attacks and Stay Informed: Stay abreast of security research and advisories provided by vendors, analysts, and government organizations. Understanding the tactics, techniques, and procedures employed by threat actors enables businesses to fortify their defenses. Seek recommendations from peers and security partners on valuable information sources.
3. Implement Security Basics and Engage with Managed Security Service Providers: Focus on fundamental security measures such as patching, email security, secure domain name system configuration, and browser security. Consider working with managed security service providers to enhance visibility into your environment. Regular security awareness training for employees is essential to bolster the human side of cybersecurity.
Moreover, cyber adversaries may possess more information about your business than anticipated. However, by comprehending their tactics, implementing basic security measures, and fortifying your security posture, businesses can significantly reduce the risk of falling victim to cyber threats.