Over the years many have related large companies to cyberattacks. This is no longer the case and every institution, big and small, are equally vulnerable. The attacks are increasing and the intensity and cost implied is financially damaging business operations. according to a report by the Ponemon Institute, costs caused due to disruption of operations from cyber attack grew from $955,430 to $1.2 million in just a year. Businesses are at risk of losing confidential and sensitive information. The following are the top cyber security challenges that small businesses face that need addressing.
Phishing isn’t concept that hopes to trick individuals into giving away confidential information. While there are several ways of obtaining information, the most common type of phishing cyber attack is spear phishing. Spear phishing cyber criminals get personal. For example, a criminal hacks into your system and chooses to pose like your banker. They will then formalize the process and extract information from a client. They will act like they are trying to clarify the information they have this pushing you to providing important information that they did not initially obtain. criminals are smart to ensure that the entire process emulates that of your bank to prevent raising any concerns.
IoT (The Internet of Things)
IoT is executed by the use of unseccured connected devices into your system. While you may proof your system and continuously update your security system, you will not always check all the devices connected to your business devices. For example, employees will connect their mobile devices to the business computer for various reasons. Cyber criminals will use this channel to obtain information or transfer content into or out of the system. This works even easier for business computers that have a default password as the criminal can easily access your business system at all times as there is no barrier.
With the evolving technology, nearly every business relies on websites for their operations. However, poorly secured and managed websites could suffer from wide open data theft by cyber-criminals. Amongst the many attacks that can be staged on a website, SQL injections is the most dangerous one. It refers to the vulnerabilities that allow hackers to tamper with a database sitting behind any web application. Hackers achieve this by sending SQL commands to the database server.
Typically, ransomware is a subset of malware. It occurs when the data of a victim’s computer is locked up by encryption and a payment demand is made before the data is de-crypted. Ransomware attacks are driven by monetary gains. Unlike other attacks, when it occurs successfully, the victim is notified that the exploit has occurred and for them to recover their data, they are given instructions on how to make payment and get a decryption key.
Usually, Ransom malware’s are spread through malicious email attachments, infected external storage’s, and infected software applications. Most of the reported attacks reported have been successfully executed through a remote desktop protocol.
Small businesses have as much to worry about as large companies about cyber security attacks. Phishing and IoT concerns are the top challenges that affect small businesses with a great impact on business operations.