It doesn’t matter how small business or unknown your business is. No matter how big or small they are, all businesses are at risk from cybersecurity threats. Small business cybersecurity statistics, 43% of all cybersecurity attacks target small businesses is proof that their size does not give them an advantage over attackers in terms of being hard to find.
Everyone who runs a business must be aware of the cybersecurity threats they face and take steps to protect their digital assets from people who want to steal them; there are three common cyber threats that small businesses have to deal with. We’ll look at them in this article.
For Small Businesses, There Are 3 Cyber Attacks of Small Businesses to Consider
There are many threats to small businesses’ web security from phishing. This is one of the most dangerous and common threats. A phishing scam is when the threat actor, pretending to be a legitimate and reputable institution or person, sends an email, text message, or other communication to get sensitive information, get into networks, spread malware, etc.
In one-third of the cases, threats made communication that looked like senior managers or vendors, mostly asking for money. Almost 50 percent of the time, employees took the bait and transferred money from the company.
Phishing can damage a business by causing downtimes, taking over networks and systems, stealing data, etc. Data shows that small businesses in the United States lose money because of these attacks. They lose between USD 50,000 and $100,000. Not all of these costs are included. According to statistics, 91 percent of the current cyber attacks start with phishing. This makes this threat even more dangerous.
It has been a cybersecurity risk for small businesses to get phished for years, but the pandemic has made it even more of a threat. Attackers are taking advantage of people’s fear and uncertainty about the COVID-19 pandemic to run phishing scams and get them to do their work.
2. Ransomware Attacks
According to 86% of Managed Security Service Providers, ransomware attacks are the most dangerous malware for small businesses to deal with. If you run a small business, one in every five of them gets ransomware.
A type of malware called ransomware usually starts when someone clicks on a malicious link in phishing emails or downloads a malicious email attachment, but it can also begin by itself. However, this malware could be delivered through security flaws in the network, system, or web application, and there would be no need for users to do anything. If this web security threat is turned on, you can’t do anything with your computer or network.
Ransomware attacks are cybersecurity attacks that can be very profitable for the attacker. In these attacks, the attacker encrypts company data to make it unusable to the business. The attacker forces the industry to pay a ransom to get the data back.
There is a lot of data that says the average ransom amount is $5900. In another estimate, it ranges from USD 10,000 to $50,000. It’s not all. In addition, the cost of downtimes caused by ransomware attacks is also taken into account. This is estimated to be 23 times more than the ransom amount. Most of the time, downtime costs about $111,000. There is also the cost of having records stolen, finding out about the attack, forensic audits, containment, recovery, penalties, and brand value loss.
There is no guarantee that the data will be released even if you pay for it. The ransom amount could keep going up. That only worsens the damage because there is no guarantee that all the data can be found.
3. Insider Threats
This type of cybersecurity threat is called an insider threat. It comes from inside the company. Employees, vendors, third-party service providers, partners, and suppliers are all inside actors, as are customers. They could be:
- Negligent users unintentionally put the company’s data and assets at risk because of their carelessness. For example, you might not check to see if an email attachment is legit before downloading it.
- They are insiders who want to harm the business through targeted attacks, taking advantage of their insider privileges.
- Disgruntled employees or partners who could leak passwords, credentials, or other vital information on their own.
A small business is hit with an insider threat that costs them USD 7.68 million each time. The COVID-19 pandemic has made many businesses work from home on networks that aren’t secure, on personal devices that other people use, and so on. This increases the risk of insider threats even more. 22% of small businesses have moved to work from home without a solid cybersecurity plan, increasing the chances and costs of insider threats.
Conclusion – A Small and Midsized Businesses Cybersecurity Is Essential
While cybersecurity is essential for all businesses, small businesses need it the most. According to data, 60% of small businesses have been cyber-attacked or had their data stolen shut down in the first six months. Businesses that are small and don’t have a lot of money or resources to bounce back from attacks quickly don’t have the cushion of technological might, resources, and expertise.