As a small business owner do you feel more secure from cyberattacks because of your size?
Maybe you think that you could not possibly have anything that a hacker would be interested in?
Did not think that the bad guy even knew about your small business?
A new report by cybersecurity firm Barracuda Networks debunks these myths. Their report analysed millions of emails across thousands of organisations and found that small businesses have a lot to worry about in regards to their security.
In fact, Barracuda Networks found something really alarming – employees at small companies saw 350% more social engineering attacks than those at larger ones. It defines a small company as one with less than 100 employees. This puts small businesses at a higher risk of falling victim to a cyberattack and we explore why below.
There are many reasons why hackers see small businesses are easy targets for hackers out to score a quick win. Some of the reasons are:
1. Small Companies Spend Less on Cybersecurity
When you are running a small business, it is often a juggling act of where to prioritise your cash. Yes, you realise cybersecurity is important, but may not have the finances available to properly implement a proper and secure solution.
Small business leaders often think that an antivirus program is enough to secure them and forget about creating a layered approach.
Hackers know of the weaknesses of small businesses and see them as an easy target. They don’t need as much skill or time to hack a small business when compared to a larger enterprise so they target smaller companies a lot more.
2. All Businesses Have Valuable Information
Every business, even a 1-person shop, has data that is accessing for a hacker. Credit card numbers, tax file numbers, bank account details, online account passwords, employee and client records are all valuable as cybercriminals can sell these on the Dark Web or hold them to ransom.
3. Small Businesses Can Provide Entry Into Larger Ones
If a hacker can breach the network of a small business, they can often then jump across into a larger businesses network. This is because many smaller companies provide services to larger companies or vice versa. Many companies have access to other companies systems and portal and this once one of the pair is compromised, access to the other business is now much easier.
4. Small Business Owners Are Usually Unprepared
Due to a number of factors small business don’t have the security needed to help stop or slow down hackers.
Even if a hacker can not get as much money from a small business when compared to a larger business, it is still worth it to them. They often can breach more small companies than they can larger ones in a shorter amount of time.
Since smaller companies sometimes don’t have a viable backup solution they are also more willing to pay a ransom for a return of the their data.
5. No Cybersecurity For Staff
Another thing not high on the list of priorities for a small business owner is cybersecurity training. Phishing causes over 80% of data breaches but training employees on how to spot phishing often is not done as it costs money and lose valuable time.
This leaves networks vulnerable to human error. In most cyberattacks, the hacker needs help from a user to invite them inside. Phishing emails is the usual method hackers use to get that unsuspecting cooperation.
Phishing emails can often look legitimate and teaching employees how to spot a phishing email can significantly increase your cybersecurity. Security awareness training is as important as having a strong firewall or security software.
Need Affordable IT Security Services for Your Small Business?
Contact us today to schedule a tech consultation. We offer affordable options for small companies to help keep you protected from cyber threats.