A small business has unique needs and often many people wearing many hats, doesn’t mean you’re beyond a hacker’s notice. Small businesses often hold the same types of sensitive customer information as larger enterprises. That, combined with their perceived lack of cyber security knowledge and resources, makes them an attractive target to hackers.
According to a recent SBA survey, 88% of small business owners felt their business was vulnerable to a cyber attack. Yet many businesses can’t afford professional IT solutions, have limited time to devote to cyber security, or they don’t know where to begin.
The best way for small business owners to be adequately prepared is to educate themselves on common threats and the best strategies to defend themselves from a cyber attack.
Common cyber threats to small businesses
Social engineering fraud
Social engineering fraud involves manipulating people into divulging confidential information such as passwords, social security numbers, or credit card information. The most common form of social engineering fraud is phishing emails, which are designed to appear as though they have been sent from a legitimate organization or known individual and trick victims into paying out money or revealing sensitive data. A small business looking into new products and vendors — for example, to help systematize their day-to-day operations — may be susceptible to social engineering fraud. Be sure to check on the credibility of the organization before responding to emails or clicking on any email links.
Remote working options
Many small businesses offer working from home options and, while remote work can have some advantages, it can also expose businesses to a range of cyber security risks. With a distributed workforce, it’s important for staff to be even more careful about maintaining cyber hygiene.
Malware
Malware is any software intentionally designed to cause disruption and damage to a computer, network, or gain unauthorized access to private information — such as viruses and ransomware. While ransomware attacks are generally associated with larger companies, in fact 50 to 70 percent of ransomware attacks are aimed at small and medium-sized companies — and most small businesses fail within six months of an attack.1