Top Cybersecurity Threats that Small and Medium-sized Businesses Face 

cybersecurity threats

Since the COVID-19 pandemic, the number of cyberattacks has increased dramatically. A 2022 IBM security report revealed a surge in various cyberattacks between 2020-2021, with approximately 33% more attacks than in previous years. These cybersecurity threats led to an overall 10% increase in business expenses because of these incidents.  

In fact, this IBM report claims that recently, the rise in cyberattacks has been the fastest growth rate seen across multiple industries over the past seven years. 

Unfortunately, the target of most of these attacks is trending towards smaller and mid-sized companies. A 2022 Forbes article reported that cybercriminals are now three times more likely to target small businesses. Therefore, on average, a small business with less than 100 employees will experience 350% more cyberattack attempts than an employee of a larger company. 

The number of cyberattacks is increasing. Unfortunately, there are no signs that this trend will change as hackers become more proficient, quick, and pervasive in their invasion techniques.  

Small Businesses Are a Target  

The primary reason small and medium-sized companies are becoming targets of cyberattacks is their easy access.  Smaller companies do not have the budget to hire multiple top-notch security personnel.  As a result, they don’t have an internal internet security department with the necessary skills to handle these attacks.   

Therefore, without a company-wide umbrella to protect every team member, your employees’ devices can easily be individually vulnerable. This is true because an increasing number of employees work remotely and actively connect to multiple devices.  

Common Types of Threats for Small and Medium-sized Businesses 

Phishing  

The biggest and most debilitating threat for smaller companies is phishing attacks. These account for an estimated 90% of all data breaches. Phishing attacks have increased by more than 65% in the past 12 months. They have also been cited for more than $12 billion in losses across the board for companies of all sizes. 

Although the idea is rather straightforward, a phishing attack can be carried out in a very sophisticated manner. Essentially, “phishing” is when an attacker pretends to be a trusted contact to gain access to valuable information. This information can be in the form of usernames or passwords, account details, financial information, or client data. Additionally, we currently share a lot of personal information online using Google and social media. This prevalence of sharing information makes it simple for these attacks to be successful.  

Despite your security measures, just a few clicks would provide cybercriminals important pieces of fundamental data about you and your company. Cybercriminals then use those details to access the information you wouldn’t otherwise provide to someone you don’t know. We offer the best cyber awareness training program that is the best method to protect your data.  

According to a Wired magazine article on the infamous 2020 Twitter hack, a simple phishing scheme created one of the biggest data breaches in modern history. So-called customer tech service representatives and tech personnel called and harassed employees incessantly. They knew enough details to encourage them to log into a dummy site and enter their passwords. However, not all of these tech-specialist employees at Twitter fell for the ploy. Unfortunately, enough information was hacked to create a security breach that would make international headlines and become a worldwide embarrassment.  

Malware Attacks 

Employees may unintentionally download software or malware by wrongly assuming that an email attachment or another file is secure. Once a user installs it, malware spreads like a virus throughout a company’s network and can be used to gain confidential information with this single attack.  

Malware can come from various sources, including spam emails that look exactly like standard emails, website downloads, or connecting to already-infected devices. Emeritus provides an advanced threat detection and response solution as this AI-driven software that protects beyond a common antivirus software. As a result of our highly trained professionals use analytics detect any possible threats.  

Weak & Alternative Passwords  

Another potential entryway for a cyberattack is the use of weak passwords. In our modern era, most individuals know to avoid using the old-school “PASSWORD” as an actual password. Furthermore, users know to come up with a combination of letters, numbers, and characters to make their passwords less obvious.  

However, with so much of our information online, sometimes passwords are very easy to guess.  This is because we tend to utilize passwords that are easy to remember. We mostly do this by having passwords that connect with the things and people that are important in our lives.

Additionally, using the same password for multiple websites, tools, social media accounts, and other online databases is not unusual. Failing to use alternative passwords is not a good idea. One security breach occurs can lead to an attack on everything linked to that password.

In fact, an estimated 19% of professionals either use the same passwords across multiple websites and apps or have passwords that are very easily guessed. Therefore, once a cybercriminal has a password, they can do a world of damage. It is important for companies to set up passwords that do not include common words and are challenging to figure out. Emeritus is the ultimate solution for all of your compliance requirements. Additionally, we make sure that your business is secure and compliant, and operates consistently. 

Emeritus Can Provide Your Business with Secure Cyber Solutions  

Emeritus can be your partner to help you secure your business from this unprecedented rise in cybercrime. We can help you establish a comprehensive and cost-effective solution that ensures your company is protected at every level – from your CEO to every employee that connects with your business.  

All of your company’s devices can be a target at any time, whether it’s the desktop at your workplace or other devices you use daily to do your job.  However, even personal cell phones, and laptops that you and your team use off the clock can become a target to cybercriminals. Every connection allows cybercriminals to filter into your business, causing disastrous results.  Emeritus guarantees to make sure you are protected from the inside out. 

 Learn more about how we can provide affordable and comprehensive security for your business.  Emeritus has years of experience when it comes to cybersecurity and we ensure high-quality protection for your company’s data. Start securing the data and devices for your business. 

 

 Contact us today  

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