Cybersecurity Threats Small Businesses Overlook

Although it might be assumed that cybercrime only impacts large companies or Fortune 500-level corporations, in reality, it’s small businesses that are often facing the most risk of cybersecurity threats. If you are a small business owner, you must know how to protect your business, its reputation, and your customers’ data from cybercrime, which is becoming all too common, through proper cybersecurity prevention measures and understanding the risks as they exist. The following will outline how to go about that, as well as consider some proof that small businesses are, in fact, at significant risk. 

Why Cybersecurity Matters, Especially For Small Businesses

As mentioned above, small businesses’ vulnerability to cyber threats should not be minimized. In fact, according to some studies, during the first quarter of 2024, one-third of all ransomware breaches impacted companies with fewer than 100 employees, and another 43% affected those with 101 to 1,000 employees, so they were still on the smaller side. Although you might think your business is too small to worry about being targeted for such a crime, the data shows that you could be unexpectedly targeted even more often than larger corporations. Consequently, you must recognize even one potential pitfall and protect your company against this costly and impactful crime.

Top Cyber Threats to Small Businesses: Unexpected Cybersecurity Threats You Should Know About

The following are some of the most common cybersecurity challenges for small companies you might experience, but they may be unexpected. Knowing these risks can help you develop cybersecurity solutions for your business and avoid cybersecurity mistakes that could cost you dearly.

Malware

You have likely heard of this type of cybersecurity threat before. The descriptive word malware is an abbreviated version of the term “malicious software.” This threat is created to give unauthorized access to a network or a computer without the user or owner knowing that access has been achieved. If a computer system or network is infected with malware, then sensitive files and information can be accessed and systems infected. Malware is also used to target mobile devices, another way cybercrime victimizes small businesses. 

The single most common way that malware achieves the access it wants to sensitive files and data is when a computer user unknowingly downloads an infected file. This can be snuck in various ways, such as through pop-ups, website ads, emails, and USB drives. Malware is widespread, with 4.1 million websites being infected. It’s also important to note that malware is the single most common cyberattack aimed at small businesses. It is essential to have the right cybersecurity solution in the form of antivirus software installed on all company computers, networks, and other forms of communication. 

Phishing

It is so named because it implies that the bad guys set out a trap and hope to catch someone, just like you might do when catching a fish or “fishing.” This crime is designed to trick an email or internet user into clicking on something harmful, which will then download malicious software into a business’s computer system. Between 80 and 95% of all cyberattacks begin with phishing. The most common phishing attacks include instant messaging, text messages, website pop-ups, and emails. Many phishing scams are after personal information, which, if leaked out, can be highly damaging to a business. 

Ransomware

This type of malware is designed to lock users out of their computers or systems, holding their information for ransom, hence the name. This type of cybercrime has become increasingly common, increasing 74% between 2022 and 2023. The fact that so many businesses are now using digital data storage and have gone paperless has likely led to an increase in this type of crime. 

In a ransomware attack, a criminal uses software to lock parts of a computer system, gaining access through an employee who downloads malware. They then block the owner or user from accessing that information or using those tools. Then, the company or individual is told that to unlock these necessary files or prevent them from being shared, they must pay the attacker, usually within 24 and 48 hours. Of course, even if the payment is made, there is no guarantee that the ransomware will be removed. 

Viruses

Another significant cybercrime every small business should be aware of is viruses. There are various types of viruses, but they are all designed for one objective: to harm your hardware. Computer viruses can damage your hardware by damaging programs, slowing down computer performance, or even deleting or harming files. Signs of a virus on your business’s computers include noticing unauthorized changes to your account, missing files, a massive slowdown in your network speed, or even an increase in pop-up windows. 

Password Hacking

Last but not least, password hacking is another critical threat to know about in the world of cybercrime aimed at small businesses. Password theft continues to be an ongoing issue, and with “password” and “123456” being the two most common passwords used, it’s not hard to understand why. 

Criminals have become highly skilled at using programs to quickly test thousands upon thousands of passwords, using information that would apply to the user or creator of the password, like pet names, birthdays, etc. Hashing is also used as a one-way encryption software that can steal passwords. Either way, when passwords get into the wrong hands, it’s not hard to imagine the resulting damage. 

Preventing Cyberattacks in Small Businesses

Avoiding cybersecurity mistakes in small businesses is only possible if you embrace cybersecurity for small businesses and know the risks your company faces daily. Thankfully, you aren’t left to counteract this risk alone. We at Communications Technology Associates, or CTA, are here to help you protect what you have worked so hard to build from the nefarious acts of cybercriminals. Contact us today to learn more about the many security solutions we can implement to protect your business from day one.