Exposing the Biggest Threat to Cyber Security: How Small Businesses Can Protect Themselves 

The Cyber Security Risks for Businesses That Could Bring You Down

We know that cybersecurity risks affect all businesses. It is necessary to emphasize that cybersecurity threats exist in any company or business. It is also worth pointing out the fact that many small business owners might think that their relatively small size is their safeguard, thus they remain unnoticed. Still, in the era of generative AI and new models including Ransomware-as-a-Service, an attacker can automate the attack’s launching and attack multiple numbers of small businesses at the same time. These cyber security challenges are very risky and any small business needs to be wise about these challenges and Effects.

The Myth and False Sense of Security Through Obscurity

Small and medium-sized businesses do not constantly have their IT protection specialists and powerful protection systems. They may not put much emphasis on things such as cybersecurity training for their employees, or even utilize strong security measures as compared to others such as the use of multi-factor authentication or even password managers. However, even the least complicated organizations deal with large amounts of money or personal data of clients, for the protection of which the owner is bound by law, for example, according to the General Data Protection Regulation (GDPR). Hackers know that Small and medium-sized businesses are potential and, in many cases, more beneficial than their larger counterparts for an intrusion. 

Supply Chain Attacks

The attack types that have been on the rise include the supply chain or what is referred to as ‘island-hopping’. These attacks work by penetrating a big company’s smaller associates to access the big Company’s information. It shows how cyber security risks affect all businesses irrespective of their size due to the effects of this method on both small businesses and the affiliated larger corporations.

The High Rate of Cyberattacks on Small Businesses

Quite possibly, the largest risk of the attack lies in small business companies. There is a report that has shown that companies with an understaffed 500 people lose, on average, $3. 21 million per attack. If it happens it can ruin the business by harming the reputation significantly and even lead to business closure.

Risks Small Business Face in the Realm of Cyber Security

That is why small businesses should be knowledgeable about the top cyber security threats and measures they can take to protect against problems with cyber security. Here are the top five cyber security threats for small businesses.

1) Phishing and Social Engineering

Thus, phishing and social engineering attacks continue to be among the most common and effective cyber threats. Phishing looks like a trustworthy entity to deceive users into parting with their valuable information or clicking on a dangerous link. These kinds of attacks have gone high-tech to the extent that it is almost impossible to identify them. The Business Email Compromise (BEC) attacks are specifically destructive as they fall under the phishing category and tend to cause losses of funds. 

Based on the above outcomes, the following are the preventive measures that can help in the fight against phishing attacks; By that, means that if the organization puts into practice the multi-factor authentication (MFA) procedure, the user can eliminate more than 99% of identity-based threats. These controls are done under the use of multi-factor authentication (MFA) since it demands at least two verification factors to open the account even if the password has been breached. Known methods like email security gateways or cloud-integrated email security (ICES) tools will be able to prevent the messages from reaching the users. These tools employ artificial intelligence to figure out looks for ‘suspicious’ domain names, typos, and ‘urgent’ look and feel. Furthermore, the security awareness training, and use of the phishing simulation, involves user training for the employees of a network and teaches them how to recognize phishing.

2) Ransomware and Malware

Malware in the form of ransomware and other varieties constitutes major risks for small businesses. It targets company files and makes them unavailable until a ransom is paid. Information shows that small business is the most affected with an average of 71% of attacks, and the attackers demand an average of $116,000. 

To lessen ransomware one has to implement a zero-trust security model based on continuous authentication and the principle of least privilege, thus lowering the security exposure. Desktop security solutions such as cloud-based Domain Name System (DNS) web filtering solutions, strong endpoint protection, suitable enterprise VPN, and Multi-Factor Authentication (MFA) are required to stop ransomware and other malware threats. Data backup is a way through which business data can be recovered without having to pay ransoms as it is done in normal routines. Select the particular type depending on the organization’s needs

3) Weak Passwords

One of the major problems of the contemporary world is the usage of weak passwords that open the door to cyber criminals. The increasingly common cloud service presence in small businesses makes it easy for the latter to have one or more accounts hacked when they use one or multiple weak and reused passwords. 

Password compromise prevention is a matter of implementing a business password manager into the company system. These are web-based tools that allow employees to safely store their passwords as well as share them securely. They also automatically create strong passwords for the new accounts and services. Although Multi-Factor Authentication (MFA) does not get to the root of the problem in relationships with appalling passwords, it greatly increases the level of protection of accounts. Another possibility is to think about the Fast Identity Online (FIDO2-based) passkeys that entirely do away with passwords. These passkeys shall involve the use of a first cryptographic key together with a second cryptographic key for authentication. 

4) Poor Patch Management

uploading-files-on-cloud-service

Disorganized patch management means an organization’s systems are exposed to known attacks. Small businesses typically lack the capacity and resources to ensure that all the devices and software are updated hence exposing the business to cyber risks. 

The best way of avoiding poor patch management is the use of unified endpoint management. It is carried out by employing these tools that can automatically enforce patch deployment throughout the networks and endpoint devices. The use of vulnerability management tools, which perform periodic scans and enforce the patches, gives an organization timely alerts and fast mitigation of risks.

5) Insider Threats

The insider threat comes from the employees, contractors, or associates of the organization and might be deliberately or accidentally malicious. By malicious activity or just by carelessness, these threats can occur. 

Some of the ways that can be employed in eliminating insider threats include; Users should be regarded as suspects always, this is known as the Zero Trust model, whereby each user is granted the minimum level of privileges needed for him/her to deliver his/her work. With the help of such solutions as unified endpoint management tools, it can be possible to protect the corporation’s devices. Data loss prevention solutions assist in preventing the leakage of information and enforcing policy on what data the organization is allowed to send out. It is also important to use insider threat detection tools, which are solutions that employ AI and machine learning to detect insiders’ behavioral patterns within your digital environment. 

All-Round Shield for Small Companies

When it comes to cybersecurity threats there is no one-size-fits-all for problems. The current threats also show that small businesses need to implement an excess of security and data backup solutions. Moreover, the presence of a good cybersecurity insurance policy may be very useful if a company is attacked. 

This blog has defined the top cyber security threats that small businesses face and incorporating enhanced security measures will go a long way in preventing the growing threat of Cyber criminals. Secure and strong mechanisms are a significant factor for organizations’ prosperity and a relevant factor in the contemporary business world. 

We provide the best cyber security services to our clients irrespective of their business sizes and extents. Zini Technologies’ specialty is assisting companies in effectively dealing with the problematic issues of cyber security. Our total security context approach is a set of directed services for counteracting the most cyber security challenges in the interaction of your company with the external environment and within the rapidly developing sphere of cyberspace. Contact us today to learn more about our Cyber security services and how we can help safeguard your business from cyber threats. 

 

Facebook
Twitter
LinkedIn
WhatsApp

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *