Why Cybercriminals Are Targeting Small Businesses: The Growing Threat and What You Can Do
The Rise of Cyber Attacks on Small Businesses
Every 11 seconds, a ransomware attack takes place. These high-tech robberies can wipe out everything a business has worked for in seconds. While large corporations get a lot of attention, small businesses are increasingly becoming prime targets. Why? Because, much like car thieves searching for vehicles with the lowest security, cybercriminals look for easy targets—businesses with weaker defences.
Since 2022, cyberattacks on small businesses have skyrocketed. One of the key reasons is the advancement of artificial intelligence (AI). AI has made it easier for cybercriminals to automate their attacks, allowing them to target many businesses at once. According to cybersecurity expert Scott Millar of IT Rockstars, “small businesses with limited resources and tight budgets often don’t prioritise cybersecurity, and criminals are banking on it.”
In fact, IT Rockstars reports that when a small business suffers a cyberattack, 60% go out of business within six months. These attacks, often in the form of phishing attempts or data breaches, can be financially devastating. Phishing, for example, involves tricking employees into clicking on fake links or emails that appear legitimate, leading to unauthorised access to sensitive information or financial transactions.
Real-World Example: How One Business Nearly Lost $60,000
David Olsen Jr., who runs TDR Plumbing with his father, experienced firsthand how close a small business can come to financial disaster. A cybercriminal gained access to his father’s email account and sent a request to their office manager for a $/£60,000 wire transfer, posing as his father. Thankfully, a chance conversation between the office manager and Olsen’s father revealed the scam just in time to prevent the loss.
Why Small Businesses Are Attractive Targets
Cybersecurity expert Scott Millar explains that cybercriminals often prey on smaller businesses because they don’t expect it. They may not have the same level of cybersecurity infrastructure as larger corporations, making them easy targets. “It’s like car thieves looking for cars with unlocked doors,” says Scott. Similarly, small businesses with weak defences and untrained staff are easy pickings for cybercriminals.
IT Rockstars study found that more than 30% of U.S. small businesses have vulnerabilities that could easily be exploited. Some of the most common threats include spoofing, where criminals use a fake IP address to tap into a company’s private systems, and clickjacking, a technique where users are tricked into clicking on something malicious disguised as benign.
What Can You Do About It?
Protecting your small business from cyber threats requires more than just running anti-malware software. Here are some best practices:
1. Identify Your Vulnerable Data
Pinpoint your most valuable assets and data, and keep an inventory of what needs the highest level of protection.
2. Implement Cybersecurity Controls
Ensure you have prevention, detection, and response cybersecurity measures in place. These measures will help stop attacks before they happen, detect suspicious activity, and respond swiftly if a breach occurs.
3. Test Your Security Frequently
Regularly run tests on your systems, websites, and applications to find and patch vulnerabilities before hackers do.
4. Train Your Staff Regularly
According to cybersecurity intelligence, 90% of breaches are caused by human error. Frequent training ensures your employees are prepared to recognize and respond to potential threats like phishing emails.
Don’t Be the Next Victim
Many business owners think, “It’ll never happen to us,” but the reality is cybercrime happens all the time. Businesses like TDR Plumbing narrowly avoided financial disaster, but many others aren’t as lucky. As David Olsen Jr. pointed out, “it was a considerable amount of money for what we do. That would hurt pretty hard.”
The best defence against cybercriminals is a proactive one. If you don’t have cybersecurity measures in place, now is the time to assess your vulnerabilities and take action. Cybercriminals are targeting small businesses like yours, and the threat is very real.
Protect your business from cyber threats today. Contact Ashby Computer Services at 01604 790 979 for expert cybersecurity solutions tailored to small and medium-sized businesses.