It’s not only larger organisations that are at risk of cyberattacks. Government research has shown that UK SMEs are equally – if not more vulnerable to a variety of cyberattacks.
The impact on your business can be devastating, from client data breaches to serious financial loss. While the specific threats and their impact can vary, these are the five most common cyberattacks facing SMEs:
1. Data Breaches
Data breaches typically happen when malicious entities exploit security vulnerabilities in computer systems. They can be done by viruses like phishing or ransomware, but most commonly data breaches are the result of hackers infiltrating SMEs systems and networks to gain unauthorized access to sensitive data. Data breaches are very serious and the implications can be severe.
Regularly updating your software, using strong authentication methods, training staff and building in watertight cybersecurity systems are crucial steps.
2. Phishing Attacks
Phishing attacks on SMEs are frighteningly common and can escalate fast. They happen when cybercriminals impersonate trusted sources to dupe employees into revealing sensitive details like passwords or financial information.
Usually, this is done through an email containing a link; once the link is clicked, attackers can compromise email accounts to steal data, conduct financial fraud or spread malware to other contacts. Phishing attacks could quickly spell disaster for your business, so it’s important that all staff are frequently trained in what to look out for.
3. Password Breaches
Weak or reused passwords can be easily exploited through techniques like brute force attacks or password spraying. In the worst-case scenario, cybercriminals can take control of all your business systems, not to mention accessing personal data.
Most SMEs require staff to use a range of programmes, so password strength is critical. You might be surprised by the types of passwords your team are using; it’s worth reiterating the importance of password strength.
4. Ransomware
Ransomware attacks involve encrypting a company's data and demanding a ransom for the decryption key. Earlier this year, The Guardian reported that UK businesses who are forced to pay this ransom spend an average of £1.7m; significantly more than the global average ransomware payment of £1.2m.
While larger organisations are usually the prime target, SMEs are also at risk since cybercriminals know they’re less likely to have strong security measures in place. Employee training, robust backup and recovery systems, and super-strong cybersecurity measures go a long way toward preventing these kinds of attacks.
5. Malware
Malware (‘malicious software’) is a broad term that includes multiple types of software programs or code designed to harm, exploit, or compromise computer systems, networks and data. Typically, malware involves viruses, worms and Trojans which can infect SMEs' computer systems, steal data and disrupt operations.
It’s usually delivered to a target system through email attachments, malicious websites, infected software downloads or even exploiting vulnerabilities in the operating system or other software – and it can be catastrophic.
To protect against these threats, SMEs must invest in effective cybersecurity measures, including employee training, regular software updates, network security and data backups. It's also important to have an incident response plan in place to minimize the impact of any successful cyberattacks and ensure business continuity.
Join EBS at the Midlands Business Network Expo to learn more about CyberSecurity
EBS and CyberSmart are sponsoring the last Midlands Business Network Expo of the year on November 28 at Aston Villa Football Club. Join the team at 9am for a networking breakfast and seminar on cracking the case of the insider threat. If you can’t attend, then visit https://ebs.tech/competition to win a free IT and cybersecurity health check for your business. Terms and conditions apply, see here for more information and view the privacy policy, here.
EBS is highly experienced in preventing, managing and mitigating cyber threats like these; contact the team today for a friendly, informal chat about how they can help to protect your business.
