Cyber attacks against big companies are always on the news but one that gets affected most is the small business. Cyber Security Company, on one hand is trying its best to reduce these attacks but on the other hand, small businesses are constantly falling for such cyber attacks.
According to the Verizon 2019 Data Breach Investigations Report (DBIR) - “43% of cyber attacks target small businesses”.
Our Cyber Security Consultancy observed that organizations less than 300 employees are mainly targeted for cyber-crimes. It may be due to the news filled with the topic of cyber attacks on big companies, not the small ones! Or maybe due to the lack of properCyber Security in the small business firms!
Every year about thousands of small companies are victims of phishing, malware, hacking and other forms of cyber-attacks. Small firms are generally more vulnerable than large ones because they have fewer resources to allot cyber security services.
Here is a list of cyber attacks 2019, according to industry:
- • Accommodation and food services – 87 incidents with 61 confirmed data disclosure
- • Educational services – 382 incidents with 99 confirmed data disclosure
- • Financial and insurance – 927 incidents with 207 confirmed data disclosure
- • Healthcare – 466 incidents with 304 confirmed data disclosure
- • Information – 1,094 incidents with 155 confirmed data disclosure
- • Manufacturing – 352 incidents with 87 confirmed data disclosure
- • Public administration – 23,399 incidents with 330 confirmed data disclosure
- • Retail – 234 incidents with 139 confirmed data disclosure
- • Professional, technical and scientific services – 670 incidents with 157 confirmed data disclosure
Source: Small Business Trends
Roughly 80 percent of the small business owners do not have an emergency plan for dealing with cyber security treats. Even a small attack can cost huge to get fixed. In this era, new threats are constantly popping up and almost every business ownerhasan idea about that. But if it is observed then only 43 percent of them spend money on cyber security protection.Hackers are always fond of targeting small businesses.
Here is a list of the kinds of cyber attacks mostly faced by small business:
- • Advanced Persistent Threats (APT): It is where a hacker gains access to a system or network over a long period of time with the intention to gather data or for a more extensive attack later on.
- • Phishing: Hackers target mainly emails or another online form of communication to perform vulnerabilities.
- • Denial of Service (DoS): It is the attack in which the hacker usually sends excess messages requesting the server to authenticate requests leading to an invalid return address. It may shut down your system making it inaccessible to the actual users.
- • Malware: This virus gets downloaded in the system without the user’s knowledge to have access to sensitive data and information from the system.
- • Ransomware: In this attack, the hacker gathers data from the system and also prevents the user access unless a “ransom” fees are paid.
- • Man in the Middle (MITM)- this is where the third party gains access to the communication and then gains access to monitor any information shared over the connection.
Effects on Small Business:
- 1. An attack damages the important data stored in the system.
- 2. It may cause extra expenses to keep your business operating after cyber attacks.
- 3. All the sensitive data and information may get stolen from your system.
- 4. You may have to pay a high ransom to get your data back from the hackers
- 5. A cyber attack may damage your company’s reputation
Making Cyber Security planning is as important as planning your business growth process. Failing this may lead your company to face something terrible. Changing mindset and necessary training for your employees is needed to make everyone in your organization aware of the preset vulnerabilities.
One should stay proactive about protecting their digital presence. Keep updated about the present landscape of various cyber attacks. A small business must understand that if once their system gets hacked it may cost far more than consulting a Cyber Security Consultancy. This will make you aware of the vulnerabilities popping up daily. Lack of information can be dangerous for your company’s security.
Do you lack confidence in your company’s digital security capabilities? Hire an expert Cyber Security Consultant to secure your company.
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