Cybersecurity: Why Small Businesses Are at Higher Risk of Cyber-Attacks?

In the era of the internet and technology, small businesses are more vulnerable to cyber-attacks than ever before. Even though large enterprises invest millions of dollars in cybersecurity, they are still not immune to data breaches. However, the real victims of cybercrime are small businesses, which often lack the necessary resources to protect themselves from such attacks. We will explore the reasons why small businesses are at higher risk of cyber-attacks and what can be done to mitigate such risks.

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Cybersecurity  Why Small Businesses Are at Higher Risk of Cyber-Attacks?

Data Breaches Are Costly for Small Businesses

The average cost of a data breach for a small business is $3.92 million, which is far more than what most small businesses can afford. In addition, 60% of small businesses that experience a data breach go out of business within six months. Specifically, most data breaches are caused because of poor protection. Implementing an enterprise password manager can be a great way to improve password hygiene and prevent data breaches that occur because of weak protection. Prevention is key because the cost of recovery from a data breach can be too much for a small business to handle, especially if they do not have adequate cybersecurity insurance.

Phishing Attacks Are a Growing Threat

Phishing attacks are a type of cyber-attack where the attacker attempts to trick the victim into giving away sensitive information, such as passwords or credit card numbers. These attacks are often very difficult to detect, and they are becoming more common. In fact, phishing attacks increased by 250% in 2018. Small businesses are especially vulnerable to phishing attacks because their employees often have less experience with cybersecurity and are more likely to fall for these types of scams. It is important for small businesses to educate their employees about phishing attacks and how to avoid them.

Ransomware Attacks

Another type of attack that is becoming increasingly common is ransomware. This is where the attacker encrypts the victim’s data and then demands a ransom to decrypt it. This type of attack can be devastating for small businesses because it can prevent them from accessing their data, which can severely impact their operations. In addition, paying the ransom does not guarantee that the attacker will actually decrypt the data. In fact, there have been cases where the attacker has simply taken the ransom and then deleted the data.

DDoS Attacks

A DDoS attack is where an attacker attempts to take down a website or server by flooding it with traffic. This type of attack can be very difficult to defend against, and it can cause significant damage to a small business. For example, if a small business’s website is taken down by a DDoS attack, it can lose a significant amount of revenue.

How to Protect Your Small Business from Cyber-Attacks

Despite the increasing risk of cyber-attacks, there are some steps that small businesses can take to protect themselves. First, it is important to invest in cybersecurity insurance. This can help offset the costs of a data breach or other type of attack. Second, small businesses should make sure to educate their employees about cybersecurity and how to avoid being scammed. Finally, small businesses should consider implementing an enterprise password manager to improve password hygiene and prevent data breaches.

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Small businesses are at a higher risk of cyber-attacks than larger businesses. This is because they often lack the necessary resources to protect themselves. However, there are some steps that small businesses can take to mitigate such risks. Specifically, small businesses should invest in cybersecurity insurance, educate their employees about cybersecurity, and consider implementing a password manager. So, make sure to take these steps if you run a small business to help protect yourself against the growing threat of cyber-attacks.

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Online Threat Alerts Security Tips

Pay the safest way

Credit cards are the safest way to pay for online purchases because you can dispute the charges if you never get the goods or services or if the offer was misrepresented. Federal law limits your liability to $50 if someone makes unauthorized charges to your account, and most credit card issuers will remove them completely if you report the problem promptly.

Guard your personal information

In any transaction you conduct, make sure to check with your state or local consumer protection agency and the Better Business Bureau (BBB) to see if the seller, charity, company, or organization is credible. Be especially wary if the entity is unfamiliar to you. Always call the number found on a website’s contact information to make sure the number legitimately belongs to the entity you are dealing with.

Be careful of the information you share

Never give out your codes, passwords or personal information, unless you are sure of who you're dealing with

Know who you’re dealing with

Crooks pretending to be from companies you do business with may call or send an email, claiming they need to verify your personal information. Don’t provide your credit card or bank account number unless you are actually paying for something and know who you are sending payment to. Your social security number should not be necessary unless you are applying for credit. Be especially suspicious if someone claiming to be from a company with whom you have an account asks for information that the business already has.

Check your accounts

Regularly check your account transactions and report any suspicious or unauthorised transactions.

Don’t believe promises of easy money

If someone claims that you can earn money with little or no work, get a loan or credit card even if you have bad credit, or make money on an investment with little or no risk, it’s probably a scam. Oftentimes, offers that seem too good to be true, actually are too good to be true.

Do not open email from people you don’t know

If you are unsure whether an email you received is legitimate, try contacting the sender directly via other means. Do not click on any links in an email unless you are sure it is safe.

Think before you click

If an email or text message looks suspicious, don’t open any attachments or click on the links.

Verify urgent requests or unsolicited emails, messages or phone calls before you respond

If you receive a message or a phone call asking for immediate action and don't know the sender, it could be a phishing message.

Be careful with links and new website addresses

Malicious website addresses may appear almost identical to legitimate sites. Scammers often use a slight variation in spelling or logo to lure you. Malicious links can also come from friends whose email has unknowingly been compromised, so be careful.

Secure your personal information

Before providing any personal information, such as your date of birth, Social Security number, account numbers, and passwords, be sure the website is secure.

Stay informed on the latest cyber threats

Keep yourself up to date on current scams by visiting this website daily.

Use Strong Passwords

Strong passwords are critical to online security.

Keep your software up to date and maintain preventative software programs

Keep all of your software applications up to date on your computers and mobile devices. Install software that provides antivirus, firewall, and email filter services.

Update the operating systems on your electronic devices

Make sure your operating systems (OSs) and applications are up to date on all of your electronic devices. Older and unpatched versions of OSs and software are the target of many hacks. Read the CISA security tip on Understanding Patches and Software Updates for more information.

What if You Got Scammed?

Stop Contact With The Scammer

Hang up the phone. Do not reply to emails, messages, or letters that the scammer sends. Do not make any more payments to the scammer. Beware of additional scammers who may contact you claiming they can help you get your lost money back.

Secure Your Finances

  • Report potentially compromised bank account, credit or debit card information to your financial institution(s) immediately. They may be able to cancel or reverse fraudulent transactions.
  • Notify the three major credit bureaus. They can add a fraud alert to warn potential credit grantors that you may be a victim of identity theft. You may also want to consider placing a free security freeze on your credit report. Doing so prevents lenders and others from accessing your credit report entirely, which will prevent them from extending credit:

Check Your Computer

If your computer was accessed or otherwise affected by a scam, check to make sure that your anti-virus is up-to-date and running and that your system is free of malware and keylogging software. You may also need to seek the help of a computer repair company. Consider utilizing the Better Business Bureau’s website to find a reputable company.

Change Your Account Passwords

Update your bank, credit card, social media, and email account passwords to try to limit further unauthorized access. Make sure to choose strong passwords when changing account passwords.

Report The Scam

Reporting helps protect others. While agencies can’t always track down perpetrators of crimes against scammers, they can utilize the information gathered to record patterns of abuse which may lead to action being taken against a company or industry.

Report your issue to the following agencies based on the nature of the scam:

  • Local Law Enforcement: Consumers are encouraged to report scams to their local police department or sheriff’s office, especially if you lost money or property or had your identity compromised.
  • Federal Trade Commission: Contact the Federal Trade Commission (FTC) at 1-877-FTC-HELP (1-877-382-4357) or use the Online Complaint Assistant to report various types of fraud, including counterfeit checks, lottery or sweepstakes scams, and more.
  • Identitytheft.gov: If someone is using your personal information, like your Social Security, credit card, or bank account number, to open new accounts, make purchases, or get a tax refund, report it at www.identitytheft.gov. This federal government site will also help you create your Identity Theft Report and a personal recovery plan based on your situation. Questions can be directed to 877-ID THEFT.

How To Recognize a Phishing Scam

Scammers use email or text messages to try to steal your passwords, account numbers, or Social Security numbers. If they get that information, they could get access to your email, bank, or other accounts. Or they could sell your information to other scammers. Scammers launch thousands of phishing attacks like these every day — and they’re often successful.

Scammers often update their tactics to keep up with the latest news or trends, but here are some common tactics used in phishing emails or text messages:

Phishing emails and text messages often tell a story to trick you into clicking on a link or opening an attachment. You might get an unexpected email or text message that looks like it’s from a company you know or trust, like a bank or a credit card or utility company. Or maybe it’s from an online payment website or app. The message could be from a scammer, who might

  • say they’ve noticed some suspicious activity or log-in attempts — they haven’t
  • claim there’s a problem with your account or your payment information — there isn’t
  • say you need to confirm some personal or financial information — you don’t
  • include an invoice you don’t recognize — it’s fake
  • want you to click on a link to make a payment — but the link has malware
  • say you’re eligible to register for a government refund — it’s a scam
  • offer a coupon for free stuff — it’s not real

About Online Threat Alerts (OTA)

Online Threat Alerts or OTA is an anti-cybercrime community that started in 2012. OTA alerts the public to cyber crimes and other web threats.

By alerting the public, we have prevented a lot of online users from getting scammed or becoming victims of cybercrimes.

With the ever-increasing number of people going online, it important to have a community like OTA that continuously alerts or protects those same people from cyber-criminals, scammers and hackers, who are every day finding new ways of carrying out their malicious activities.

Online users can help by reporting suspicious or malicious messages or websites to OTA. And, if they want to determine if a message or website is a threat or scam, they can use OTA's search engine to search for the website or parts of the message for information.

Help maintain Online Threat Alerts (OTA).

Cybersecurity: Why Small Businesses Are at Higher Risk of Cyber-Attacks?