Why being small puts your business at greater risk to hackers

When it comes to cyberattacks – it seems the smaller you are, the greater at risk you are.

A new report by cybersecurity firm Barracuda Networks ha revealed that small businesses are targeted 3-times more than their larger counterparts.

Through analysing millions of emails across thousands of organisations, it found employees at smaller companies – defined as a company with less than 100 employees – saw 340% more social engineering attacks than those at larger ones.

So why does small, mean big risk when it comes to cyber security?

Smaller Companies Means Smaller Budgets

Generally, small companies will spend less time and money on cybersecurity.

Unfortunately purchasing one antivirus program and hoping that’s enough to cover you, isn’t as effective as most would hope, in an era when most technology is expanding onto the cloud.

To cover all bases, companies need several security options or risk being seen as a easy target by hackers who know they can do much less work to get a payout than they would trying to hack into an enterprise corporation.

You’re More Valuable Than You Think

Every local business, even a 1-person shop, has ‘hack-worthy’ data. Credit card numbers, SSNs, tax ID numbers, email addresses, passwords and customer &  employee records are all valuable.

Cybercriminals can sell these on the Dark Web. From there, other criminals use them for identity theft.

Small Catches Can Lead To Big Ones

Many smaller companies provide services to larger companies, so when hackers successfully hack small business, it can often lead them entry into larger ones.

Vendors are often digitally connected to certain client systems which can enable a multi-company breach. Essentially, they can score two companies for the work of one.

Small Businesses are Often Unprepared for Ransomware

Over the last decade. ransomware has been one of the fastest-growing cyberattacks, and the percentage of victims that pay ransoms has steadily increased.

On average, it’s believed 63% of companies pay their cyber-attacker in hope of decrypting the ransomware. Paying these ransoms, in turn ‘feeds the beast’ and encourages more cyber criminals.

Employees Aren’t Always Cybersecurity Trained

As a general rule, smaller companies tend to spend less time and money on training employees in cybersecurity.

In most cyberattacks, a hacker needs help from a user.  Phishing emails are a great way for them to do this.  These types of emails can’t do anything unless open a file, link or attachment, which in turn launches an attack.

Phishing causes over 80% of data breaches.

Training employees on how to spot phishing and in password best practices is a simple but powerful practice.

Need Affordable IT Security Services for Your Small Business?

If you’re a small business looking for affordable options to protect yourself from cyber threats, get in touch to book a technology consultation with Enee.

Article used with permission from The Technology Press.
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