Could cyberattacks wipe out your establishment in minutes? Many small and medium-sized businesses (SMBs) think it won’t happen to them until it’s too late. Keep reading to learn more.

An Escalating Issue

Crime has moved to the digital world. We tend to only hear about data breaches from massive corporations like Target and Equifax, but SMBs are targets, too.

The Identity Theft Resource Center (ITRC) highlights that businesses with fewer than 500 employees are at an increased risk of data breaches. Four in five (81%) experienced breaches last year, while the year before, the figure was slightly lower, at 73%.

The ITRC stresses that the resulting financial losses from these events have also spiked. It’s the kind of hit that can close a business’s doors or at least make recovery tough.

The Usual Suspects

Knowing about the possible SMB vulnerabilities could help you hone your defenses.

Malware

Malware is any malicious software attackers use to harm digital systems. Some damage specific files, while others use your network as a base to launch further ransomware attacks.

They sneak in through email attachments, dodgy websites, or fake software updates. Even interacting with a suspicious link can trigger them, so stay alert and think before you click.

Insider Threats

Someone might join your company to steal information and make a profit. Never underestimate the havoc a disgruntled employee could also cause.

Since staff members can access client payment details, company secrets, and sensitive communications, any internal breach will damage a business’s reputation. Trust is important, but so is caution. Always conduct thorough background checks and monitor access levels.

Human Error

Emails can go to the wrong people, or a careless worker could leave a laptop unattended. Even when someone isn’t intentionally trying to cause harm, small missteps can have big consequences.

Threat actors will use these vulnerabilities to conduct finely tuned cyberattacks. To minimize mistakes, teach your team about best practices for protection and keep them in the loop with updates.

Phishing Scams

Phishing is a cyberattack that tricks you into giving away personal information. It looks like texts or emails from trusted sources, but it’s fake.

Criminals are crafty. They create realistic-looking websites or give a false sense of urgency.

Don’t just glance. Inspect everything closely. Even minor typos in the message or an unusual URL should raise a red flag.

Botnets

The rise of AI is giving botnets more power. These automated tools send spam, overload networks, and even manipulate data.

Users often don’t know their device is part of a botnet. Always update your software and watch out for lags and strange behavior.

Join the Movement Sooner Rather Than Later

ITRC mentions that many companies are already equipped to fight these cyberattacks. Around 88% express their commitment through IT and non-IT staff cybersecurity training. Meanwhile, 65% will deploy new security tools, and 67% have increased their security budgets.

It’s time you did, too. Affected SMBs now deal with losses of over $500,000 on average. The last thing you want is to become part of that statistic.

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