Cyberattacks only happen to large businesses or those that protect highly sensitive information like financial institutions or hospitals, right? It’s a common misconception that these are the primary (or even sole) targets of cybercriminals; however, small businesses have consistently fallen victim to malicious attacks by cybercriminals, particularly in recent years. According to recent reports, “41% of small businesses fell victim to a cyber attack in 2023, a rise from 38% in the 2022 report and close to double from 22% in 2021.”

Why are small businesses an attractive target for cybercriminals?

Small businesses may be small from a revenue or employee count perspective, but their digital network can be massive. Whether connected to other small businesses and consumers or large enterprise organizations and suppliers, the potential to tap into these expanded networks creates an enticing scenario for cyber criminals. “

For example, “Supply chain attacks, or “island hopping” attacks, involve cybercriminal gangs actively targeting a large enterprise’s smaller partners in order to gain a foothold into that larger organization’s data, which can be costly to both organizations.” 

Small businesses often rely on underpowered cybersecurity systems that are not intended to adequately protect their business data and other sensitive information. It’s not uncommon for small business owners to turn to cybersecurity programs designed for consumers. And while these programs serve their purpose for protecting individuals while browsing the internet and handling minor transactions, they are not equipped to handle the level of data and sensitive information managed daily by a small business. And, by underpowering their protection, they have left a back door open for potential threats. 

Additionally, many small businesses do not have security protocols like two-factor authentication or password managers installed, which lowers the level of protection into critical business systems and networks.

Security savviness (or lack thereof) among employees also poses a risk for small businesses. Employees provide an important line of defense against cyberattacks, helping to identify suspicious emails or other activities. Their effectiveness is highly dependent on their base level understanding of potential threats and the signs and signals to watch for. Many small businesses neglect to host regular cybersecurity training for their teams, which could impact their ability to effectively identify a potential threat. Staying up to speed on the latest security threats and mitigation strategies can be daunting without the right tools and partners to proactively monitor, identify, assess, and resolve potential threats. 

It’s human nature to choose the path of least resistance. And for cybercriminals, that path may lead to small businesses that actively collect, store, manage, and share sensitive data. Unlike large enterprise organizations, small businesses have a lot more to lose when faced with a cyberattack. Not only could they lose valuable data, but they also could be subject to massive ransom demands and significant damage to their reputation and credibility as an organization. In fact, according to a recent article in Cybercrime Magazine, “More than half of all cyberattacks are committed against small-to-midsized businesses (SMBs), and 60 percent of them go out of business within six months of falling victim to a data breach or hack.”

What are the most common points of entry for a cyberattack? 

Cybercriminals will seek weak points within a small business’ system or attempt to take advantage of individuals within an organization, tricking them into sharing sensitive information or granting access to business systems. Among the top points of entry or areas of risk for small businesses, the most common include: 

Phishing and social engineering: Used in a variety of mediums, including email and SMS, phishing occurs when a cyber criminal attempts to deceive the recipient into divulging sensitive information or clicking on a malicious link or attachment that exposes the network to malware or ransomware. 

Ineffective password management: Weak or shared passwords may leave a small business exposed to a potential hacker. 

Ransomware and malware: These attacks involve installing malicious code on a business network, allowing cyber criminals to seize control of business systems, steal or damage critical data, and more. Businesses that fall victim to this form of cyberattack may be asked to pay a ransom to regain access to their information; however, even if they do pay the ransom, the damage may already be done. 

Insider threats: Cyber attacks are not always external. Current or former employees, contractors, and others may be at the heart of the cyberattack, whether from malicious intent or simple carelessness. 

Poor patch management: Software and security patches are designed to strengthen a specific system. Without these patches, a business may inadvertently create a weak link in their security system, allowing cybercriminals to take advantage.  

What can a small business do to mitigate cybersecurity risks? 

Cybersecurity is a critical component of any successful business, regardless of size. To effectively mitigate risk, small businesses should arm their employees with regular training to enable them to confidently identify suspicious messages or activity. This creates an added human layer of defense and holds the entire team accountable for safe and secure practices. 

Next, it’s important to adopt a multi-layer cybersecurity approach. The selection of the proper tools is critical. Unlike a typical managed service provider (MSP), GainSide provides full transparency into the specific tools used to protect our customers. For example, our core protection suite includes: 

• Secure Internet 
• Email protection 
• Antivirus with detection and response
• Training and testing
• Monitoring and remote access 

Within each of these areas, we select the best solutions, strategies, and partners to meet our customers’ unique needs. Security is essential, especially in today’s environment. At GainSide, our clients don’t just gain enhanced security and a suite of proven solutions, they gain a true strategic partner to support their ongoing security needs.  

To explore how GainSide can help your business avoid potential cyberattacks, simply request a consultation.