In the last few years, cybersecurity has emerged as a growing challenge for small businesses. Remote work continues to grow and with that small businesses have become more vulnerable. As the variety of cyber-assaults has soared, so has the variety of small businesses have become victims of these attacks.
Unfortunately, many small businesses believe that cyber attacks only happen with large corporations. This is not true. In fact almost 50% of cyber breaches target small businesses according to Verizon’s Data breach Investigations Report. And breaches have become more creative and inventive which makes it difficult for small businesses to keep in front of their cyber security process or plan.
Here are 9 cybersecurity threat trends that small businesses need to know about today:
1. Internal Attacks Are Increasing
For small businesses, more and more cyber attacks are coming from the inside. Meaning that a team member is not upholding the cyber security measures that are in place. For example not properly installing antivirus software or reusing passwords. And let’s not overlook the possibility of a former employee continuing to use access to data once they leave the business. These types of internal threats have increased by about 50% over the past couple of years according to a study conducted by Ponemon Institute.
2. Ransomware Attacks Are On The Rise
Ransomware is a form of malware that encrypts files. In 2021, ransomware was one of the most common cyber attacks. Ransomware is a form of malware that targets computer systems to seize and encrypt data files. This occurs when a user unknowingly visits an infected website (or through phishing emails) and then malware is downloaded and installed on the computer without the user’s knowledge. This will normally lock down everything like servers, programs, files and personal data which businesses need to operate appropriately.The malicious hackers then demand a ransom from the user to restore access to the data upon payment.
Although ransomware is not new they are more common and dangerous as there are over 100 classifications of it. Ransomware double extortion is a strategy where cybercriminals can demand money for two different threats -Threat 1 is stealing the data and threat 2 is making it public.
3. Attacks on IoT Devices Are Increasing
The Internet of Things (IoT) is a network of interrelated computing devices, objects, digital machines embedded with technologies that have the ability to transfer, connect and exchange data over the internet. This interaction happens without requiring human to human interaction. As a small business you most likely use smart devices or voice assistance which makes you a target for a cyber attack. Some estimate that there are over 20 billion active IoT devices globally and in the next 3 years that number will increase to 30 billion. To secure devices, small businesses must be due diligent in updating insecure settings, passwords and privacy protection.
4. Secure Passwords and Multi-factor Authentication Are Vital
Non-secure passwords and lack of multi-factor authentication are common causes for security breaches today. According to CyberNews, the 10 most common passwords are still easy to figure out:
“123456”, “123456789”, “qwerty”, “password”, “12345”, “qwerty123”, “1q2w3e”, “12345678”, “111111”, and “1234567890”.
If a cybercriminal gets into your system, passwords like these can be deciphered almost instantly.
The main benefit of multi-factor authentication is that it enhances your small business’ security by requiring your users to identify themselves by more than a username and password. It may take an extra minute to do but it is worth the time.
5. Cloud Security Is Imperative
Another common vulnerability inside the digital setup of many small businesses is cloud offerings. Many small groups harness those offerings due to the fact they offer decreased subscription and upkeep expenses and scalability. Throughout the pandemic, cloud offerings have been the best way to keep small businesses in the business.
There are numerous drawbacks in phrases of cloud security. Many cloud companies aren’t compliant with policies together with the GDPR guidelines, which may cause legal troubles. Also there are providers that don’t assure complete deletion of the records provided to them. The biggest issue, however, is that as a small business owner you have less visibility and control over your data because you don’t know where the cloud providers store their data and who has access to it.
6. Phishing Remains A Threat
Phishing scams continue to be a cyber threat to small businesses. Health and government financial support phishing scams were really evident during the height of the pandemic. This is mainly due to few small businesses investing in the needed security technology infrastructure to help prevent these attacks along with little to no training for team members. Over 80% of cyber breaches are expected to happen this year with a little over 70% of people saying they feel confident in identifying phishing emails.
7. Data Privacy Is Becoming Universal
Cybercriminals are usually after one target when they launch cyberattacks against your small business: personal data of your customers. Whether they use the information to gain more access to private information (credit cards) or sell the stolen information on the dark web it is almost always for personal gain. As a small business, you must make data privacy a priority like setting up a dedicated data security plan – setting rules for gathering, using, storing and deleting data.
8. Increase in Mobile Threats
Because mobile devices are everywhere, it is not surprising that they are targets for cyber threats. This is because the average person does not have as high of a standard of cyber vigilance on their phone as they do on a desktop computer. Think about how many times you access unsecured wi-fi networks on your phone. You are always on the move with your mobile device and so are mobile threats like spyware, ransomware and data theft.
9. Artificial Intelligence Is Growing in Cybersecurity
The role of artificial intelligence (AI) is increasing with respect to cybersecurity. AI is being used more often to identify threats and monitor the dark web. Network security and data analytics focusing on people’s actions and behavior are other areas where AI is being used to stay ahead of potential cybercriminals. For instance, AI can tell you if a team member is behaving off their normal pattern which means their account could have been hacked or they have become an internal threat to your small business.
Now more than ever small businesses will be confronted with cybersecurity challenges. As a small business owner the best way to combat cyber threats is to have a strategy, train your team and properly invest in a solid cybersecurity infrastructure.
Did You Know?:
● 61% of minor to midsize businesses (SMB) reported at least one cyber attack during the last 12 months.
● On average, a successful cyberattack costs small businesses $25,000.
● 60% of SMBs who become victims of cybercrime go out of business within six months.