The internet has transformed various aspects of modern life, from education to commerce, enabling people to conduct their activities online. This breakthrough has helped small businesses expand their customer base and boost sales. Nonetheless, one significant drawback is that cybercriminals have also leveraged these technological advancements to target businesses of all sizes. 

Statistics reveal that small businesses are more vulnerable to cyberattacks, accounting for 43% of all attacks due to their limited resources to counter sophisticated threats like ransomware. As such, small businesses must implement a strong cybersecurity strategy and take adequate measures to safeguard their data and systems. This article provides cybersecurity solutions tailored for small businesses to prevent data breaches and maintain online security.

Why is Cybersecurity Important For a Business?

Cybersecurity refers to preparing and enacting safeguards to prevent and recover from cyberattacks on an organization’s data systems, networks, devices, and software. The expansion of e-commerce and remote working has increased cybercrime worldwide, making cybersecurity a top priority for companies of all sizes. 

IBM estimates that by 2025, the cost of cybercrime will have ballooned to $10.5 trillion from its initial peak of more than $4 million in 2021. This is scary data for business owners but good news for cyber criminals.

As more businesses move away from traditional storefronts and toward online operations, they put more sensitive data at risk by storing it in the cloud. In addition, the rise of hybrid and remote work has widened the attack vectors that can be used to access sensitive information. Therefore, in order to keep any business, no matter its size, safe in today’s digital world, it is essential to develop and implement a comprehensive cybersecurity strategy.

Types of Common Cyber Attacks on Businesses 

Malware 

Malicious software (or malware) is software designed to cause harm to a computer, network, or server. These attacks are the most common type of cyber attack, and they can have devastating effects, especially for small businesses. Attackers can exploit system vulnerabilities to gain unauthorized access to sensitive information, such as customer records, putting the business at risk. Unfortunately, as a cost-cutting measure, many small businesses often let workers use their own devices, significantly increasing the possibility of a malware attack. 

The most common forms of malware used by cybercriminals are listed below:

Ransomware

A ransomware attack occurs when a cybercriminal encrypts a victim’s data and then offers to decrypt it in exchange for payment. It is common practice for phishing emails to spread ransomware by including links to malicious websites in the body of the email. 

In 2022, one of the largest ransomware attacks was directed at Ferrari. The attackers stole 7GB of confidential data from the car manufacturer’s website and published it on a dark web leak site they controlled.

Trojan

It’s legitimate-looking software made to resemble standard computer applications or popular file types. Cybercriminals use social engineering methods to spread Trojans.

Worms

This piece of software replicates itself and then spreads to other computers. It could be sent through phishing, smishing, or exploiting a vulnerability in the target system. Worms can modify or delete files, infect other programs, or replicate in place until the infected system crashes.

Denial-of-Service (DoS) Attacks 

Companies face a serious risk whenever they experience a Denial-of-Service Attack. Attackers use a massive influx of fake requests and traffic to overwhelm a system’s network or servers, making them inaccessible to legitimate users. DoS attacks can take one of two forms: a massive traffic influx or a complete breakdown of the targeted service.

In February 2020, Amazon Web Services(AWS) stopped a dangerous distributed denial of service (DDoS) attack. During the height of this attack, 2.3 terabits per second of incoming traffic was recorded (Tbps).

Phishing 

One of the biggest and most damaging cybersecurity threats facing small businesses is phishing attacks, which are responsible for around 90% of data breaches. As the name suggests, this is a hunting process in which the cybercriminal attempts to trick the targeted victim into visiting a malicious website or downloading a malicious file by sending them a fake SMS, email, or social media message. Phishing can take many types, such as:

Email Phishing

The “spray and pray” method is widely used in this phishing attack, in which cybercriminals pose as trusted entities and email many potential victims. In 2020, for instance, two employees at the healthcare provider Elara Caring were the targets of a phishing attack via email. As a result, over 100,000 elderly patients’ names, birthdays, financial information, and bank details were exposed after hackers broke into the employees’ email accounts.

Spear Phishing

It’s an attack method wherein malware attacks specific targets via email. The objective is to steal sensitive data, such as login credentials, or infect the target’s devices with malware. In 2019, a spear phishing attack targeted one of Armorblox’s executive staff. In a phishing scam, an executive was tricked into clicking on a fake email that appeared to be an internal financial report. The email contained an attachment that led the executive to a fake Microsoft Office 365 login page. To make the fake page appear more legitimate, the attacker had pre-entered the executive’s username.

Challenges in Cybersecurity for Business

When it comes to cybersecurity, these are the top three obstacles that businesses must overcome:

Ransomware Attacks or Ransomware Extortion

It’s a malware designed to encrypt data and later demand ransom payments. After encrypting a user’s data and preventing them from accessing it, the attackers will ask for a ransom in exchange for decrypting it. Due to these attacks, companies lacking data access become weak and consider making payments to restore their data and protect their reputation. In most cases, even after the company pays the ransom, the attackers still refuse to release the data and demand even more payments. 

Modern ransomware operators often prioritize extortion and double extortion attacks, which entail stealing and encrypting sensitive data. Such data breaches pose a more significant threat to businesses. They can be challenging to detect, cannot be remedied through backups alone, and can be executed quickly, making them a preferred tactic among cybercriminals.

Cloud Based Attacks

The increasing popularity of cloud computing among businesses has raised significant security concerns. Factors such as the shared security model and a lack of knowledge about cloud security best practices can leave the cloud environment vulnerable to attack. As a result, cloud attacks can pose a significant threat to organizations. 

Cloud solutions and service providers are a prime target for cybercriminals since they provide access to customers’ sensitive data and, in some cases, even their IT infrastructure. Attackers exploit the trust between companies and their service providers to broaden the scope and severity of their attacks.

Weak Passwords

As its name suggests, a password attack is a cyberattack in which the attacker attempts to guess or “crack” a user’s password. Employees use passwords that are too simple or that can be easily guessed. Numerous SMBs today use various cloud-based services, each requiring a separate login. Since these services may store sensitive information and facilitate financial transactions, weak passwords or password reuse across multiple accounts can pose a significant risk to the security of such information.

In 2016, Alibaba was the target of one of the largest password attacks, during which hackers exploited the company’s weak passwords to gain access to nearly 20% of all the accounts they had targeted using a database containing over 99 million credentials for various web applications that had been breached in the past.

Cybersecurity Policy For Small Business 

The best defense when protecting the company from cyberattacks is a well-written policy detailing all employees’ expected actions and measures. Consider the following guidelines when crafting a company’s cybersecurity policy:

Setting A Password Requirement

A company’s cybersecurity policy must provide comprehensive guidelines on several critical aspects, including creating strong passwords, secure methods for storing passwords, the frequency of password changes for employees, and the significance of using unique passwords for each account.

Outline Email Security Measures 

A company’s cybersecurity policy must answer the following questions: 

1. In what circumstances is it acceptable to provide one’s work email?
2. How to handle spam and junk emails?
3. How to identify and delete suspicious emails?
4. How to handle attachments from unknown sources?

Outlines of Sensitive Data Processing

To manage private information effectively, the following guidelines should be observed:

1. Proper identification and disclosure of private information
2. Secure approaches for storing sensitive files and deleting them when no longer needed

Setting Up Emergency Response Measures

The sooner a company can recover from a cybersecurity breach, the better. Therefore, cybersecurity policies must prepare businesses for resolving cyberattacks effectively. Emergency response measures include assigning duties and responsibilities in case of a cyberattack, having a plan in place to act quickly, reporting to cybersecurity vendors, and collecting information about the incident and its outcomes.

5 Ways to Improve Small Business Cybersecurity 

Staff Education and Training

No matter the company’s size or the sophistication of its cybersecurity measures, humans will always be the backbone of any effective defense. When it comes to maintaining information security, all employees must understand their responsibilities. A successful security awareness program educates workers on cybersecurity best practices, the risks their actions pose to the company, and how to recognize and avoid cyberattacks in the workplace.

Application of Privileged Access Management

Organizing privileged access is necessary before enforcing strong passwords and multifactor authentication precautions. Strategically giving employees the right amount of access based on their positions and responsibilities in the company reduces the risk of suffering extensive damage from a cyberattack, whether from an external actor or internal errors.

Regular Updates and Patching

The best defense against malware, viruses, and other threats is always to use the most up-to-date version of the browser, operating system, and security software.  Updates to critical software should be applied as soon as they become available. 

A firewall must also be set up to ensure the safety of the internet connection. When employees are permitted to work from home, the company must also ensure that a firewall protects their personal computers.

Develop a Strategy for Mobile Devices

In particular, mobile devices that store or have access to sensitive information or the company network can present significant management and security challenges. To prevent data theft while the phone is connected to public networks, users should be required to encrypt their data, install security apps, and protect their devices via strong passwords.

Data Backup 

Regular computer data backup is essential in the workplace, including financial records, human resources records, accounts receivable and payable records, spreadsheets, documents, and databases. If the automatic backup is impossible, performing manual backups and storing them in the cloud or other secure locations is important.

Final Thoughts

A single cyberattack can wipe out years of work for a company. As a result, all networks, including those used by remote employees, must be protected, including the company’s employees’ home networks. To keep the business safe, small businesses must understand and leverage cybersecurity and implement security measures such as staff education and regular updates.

Photo by Tima Miroshnichenko