What Key Cyberthreats Do Small Businesses Face?

Small companies typically lack the robust security infrastructure of larger organizations. On the one hand, the reduced footprint means fewer resources for security. On the other, small firms face many of the same security threats as larger companies, so deploying defenses is still paramount.

Small businesses face huge risks today from a cybersecurity standpoint. While big firms usually fully recover from a run-in with hackers, a small biz can go bankrupt overnight.

So, what are the key threats to small businesses and what areas need attention to fully secure a small IT network?

Phishing attacks

Cybercrooks use spam to bait unsuspecting employees. They send fraudulent emails or messages posing as legitimate entities to steal credentials, credit card numbers, and other sensitive information. Once in, you’ve officially suffered a data breach, which can disrupt your business, inflict financial losses, and compromise your customers’ information.

Malware

Whether it arrives by email, remote access by a hacker due to misconfigured access policies, an unpatched vulnerability, a tainted website, or an infected flash drive, malware can be a devastating affair for any business, small or big.

Ransomware is the scariest prospect businesses face today. Not only can it cripple your servers, but your data can fall in the wrong hands and end up for sale on the dark web as well. As you struggle to recover, the attackers will try to extort you. If negotiations don’t pan out, a ransomware attack can spell disaster. Customer data typically ends up compromised, your image gets tarnished, and your bottom line is severely affected. Such trauma has been known to drive small firms to bankruptcy.

Password Attacks

Cybercriminals use various methods, such as brute force attacks or credential stuffing, to guess or steal passwords. This can lead to unauthorized access to systems and data, leading to potential data breaches and loss of sensitive information. This is why every company today should have a VPN for employees to use when connecting to the company network from afar, as well as multi-factor authentication logins.

Insider Threats

The human element is typically the weakest link in a business environment. Staff can be negligent and overlook basic cybersecurity practices. If you have a BYOD (bring your own device) policy, you can end up introducing threats inherited from the staffers’ home network.

Former staff can still have remote access to company data. Rogue employees can try to steal company secrets or data for extortion. Contractors or business associates who have inside information on the business's security practices, data and computer systems can leak data, intentionally or unintentionally.

And of course, phishing – the leading cause of most successful cyberattacks on companies – also preys on the vulnerable human layer of the organization. Your crew can be manipulated into divulging confidential information via phone calls, emails, or even in-person interactions.

Denial of Service (DoS) and Distributed Denial of Service (DDoS) Attacks

If someone wants to see your business fail, whether just for kicks or to eliminate competition, they can enlist the help of a hacker to flood your network or website with traffic and make it unavailable to your end users, employees, or partners. DoS and DDoS attacks are typically used to cause disruption through downtime, and can lead to loss of business/revenue and reputational damage.

IoT Vulnerabilities

Smart (internet-of-things) devices are notorious for weak security, making them hot targets for cybercrooks. IoT gizmos can be easily accessed remotely, leading to unauthorized access and data breaches.

While the Internet of Things continues to revolutionize our daily lives, it also introduces significant security and privacy challenges, as we note in the Bitdefender 2024 IoT Security Landscape Report. Our report, created in collaboration with Netgear, offers an in-depth look at the state of IoT security, uncovering critical vulnerabilities and providing actionable insights to help safeguard your smart home.

Read: Uncovering IoT Vulnerabilities: Highlights from the Bitdefender - Netgear 2024 Threat Report

Business Email Compromise and AI attacks

Falling under the socially-engineered class of attacks, Business Email Compromise (BEC) also preys on the human layer, with the attackers spoofing email accounts to impersonate executives or vendors and trick employees into transferring money or sensitive data.

Recent advancements in AI technology have made it possible to impersonate executives on the phone, mimicking their voice and asking for money to be transferred to an account controlled by the attacker.

Protect the big future of your small business

·      Train your staff regularly to recognize phishing and social engineering attacks

·      Implement strong, unique passwords and multi-factor authentication

·      Keep systems and software up to date with the latest security patches to reduce hackers’ attack surface

·      Encrypt sensitive data and back it up offline, ideally secluded from your network

·      Limiting access to data and systems based on employee roles

·      Having an incident response plan in place to respond quickly to security incidents

·      Most importantly, use robust security solutions to protect against unauthorized access to your network

By understanding these threats and taking appropriate security measures, small businesses can significantly reduce their risk of falling victim to cyberattacks.

Bitdefender Ultimate Small Business Security is a complete suite for small business environments, offering comprehensive protection against the key threats faced by small businesses.

Key features include:

·      Phishing and Email Protection: Shields against phishing attacks and fraudulent emails

·      Malware Protection: Protects Windows PCs, Macs, iPhones, Android phones and Windows servers against malware, including ransomware and other malicious software

·      Password Manager: Ensures strong password policies and secure storage of login credentials

·      VPN: Unlimited VPN traffic for secure remote access

·      Scam Copilot: Employee scam protection powered by AI, which helps staff spot scams, avoid threats and hone their cybersecurity skills

·      No IT skills required: User-friendly dashboard for easy management of enrolled devices

Small businesses owners not only have limited resources to defend against cyberattacks, they also typically lack the time and knowledge to keep tabs on the ever-changing threat landscape. As mentioned earlier, small firms stand to lose the most from a run-in with hackers.

Bitdefender Ultimate Small Business Security is an extended version of our consumer-friendly security suite that covers every attack scenario, protecting your firm’s precious assets before the bad guys set foot in your network. Best of all, it can be administered by anyone in your company – no IT skillset required. Visit bitdefender.com/solutions/small-business-security to see Bitdefender Ultimate Small Business Security in action.