Every small business needs to be aware of the threat of cybercrime in 2024. Often, small business owners make the mistake of thinking that cybercrime only affects larger organizations, but smaller companies are frequently targeted because they often have weaker protection in place. Cyber attacks can be hard to recover from because they can cause damage in so many ways, including data loss, financial repercussions, and reputation damage. With this in mind, it is important to be aware of the main cybersecurity threats facing small businesses in 2024 and what steps you can take to protect yourself. Read on to find out more.
Phishing Scams
Phishing scams remain one of the most prevalent forms of cybercrime and are becoming harder to detect. These scams involve attackers posing as a trusted company to fool users into sharing sensitive information or downloading malicious files. These scams most commonly take the form of email but can also involve text messages and even phone calls.
To protect your business against phishing scams, you need to provide security training for your team so that they can detect a phishing scam themselves. You can also use email filtering tools to block suspicious emails.
Read more A complete guide to detect and prevent Phishing Scams
Ransomware
Ransomware attacks are on the rise and can be particularly damaging for a small business as they may lack the resources to recover their data. These attacks involve attackers using malware to encrypt data with users being unable to access this data unless a ransom is paid (although there is no guarantee of this).
One of the best forms of defense against ransomware is backing up all critical data (this is good practice for a number of reasons). This means you will always have another version available, protecting your business if sensitive information is taken ransom. You should also use anti-malware software on all devices and develop an incident response plan so that you can reach swiftly in the event of an attack.
Cloud Security Issues
Cloud computing brings a host of benefits for organizations, but it can also create vulnerabilities and expose businesses to data breaches. This is often due to a lack of access controls, misconfigured settings, and inadequate encryption.
To protect yourself against cloud security issues, you must secure your cloud configurations by making sure that only those who require access to data are able to. You should also encrypt all data in the cloud and perform regular security audits to highlight any vulnerabilities.
Read more on Securing Your Data in the Cloud.
Insider Threats
It is an often overlooked area of cybersecurity, but insider threats are a growing issue. This can include employees, contractors, business partners, and anyone else who has access to your data. Sometimes, these threats can be malicious from a disgruntled employee or unintentional. Protecting against insider threats is a unique challenge because they come from a trusted source.
The best methods for protecting against insider threats involve using access controls to reduce the attack surface and using monitoring tools to monitor behavior. Managed detection and response (MDR) services are ideal for this as it involves having your system monitored 24/7 by cybersecurity experts. They will be able to detect suspicious behavior and take swift action to resolve the situation before damage can occur. MDR can protect your business against many threats and provide peace of mind, knowing that you have strong protection in place.
Internet of Things (IoT) Vulnerabilities
IoT is a revolutionary type of technology that can bring many benefits to a business by connecting various devices, including point-of-sale systems, cameras, sensors, and other smart technology. These devices often have poor security, though, which makes them vulnerable to different types of cybercrime.
To protect your business against IoT vulnerabilities, you need to keep devices up to date with the latest software. You can also isolate IoT devices on a separate network, which can help keep vital business systems secure.
Software Vulnerabilities
Cybercriminals often target small businesses because of software vulnerabilities. Outdated software makes a business prone to attack, and small businesses often lack the resources or understand the importance of keeping systems fully up to date.
One of the best ways to protect against software vulnerabilities is to turn on automatic updates for all software. This means that you will always have the latest version, which is important because updates often contain key security patches that will fix bugs and protect your business against the very latest threats.
Distributed Denial of Service (DDoS) Attacks
DDoS attacks involve flooding a company’s server with traffic, which can cause the system to crash. Small businesses are often hit with DDoS attacks because they may lack the infrastructure and resources to defend themselves from these attacks, making them vulnerable.
To protect your small business from DDoS attacks, you can use DDoS protection services and tools. Cloud-based hosting services often have built-in DDoS protection, which can handle large spikes in traffic and you should also use monitoring tools to monitor traffic – early detection is key with these types of attacks.
Password Attacks
Hackers will use a range of techniques to try and gain access to a company’s data via password attacks. This can involve techniques to work out or predict a password, including password spraying, credential stuffing, and brute force attacks.
To protect your business from password attacks, you need to have a strong policy in place that requires the use of complex passwords consisting of upper and lower case, numbers, and special characters. Another way to protect your business is the use of multi-factor authentication, which adds another level of defense requiring users to prove their identity again, which can include the use of a code sent to a linked device or email address, a secret question, or biometrics.
All small businesses need to be aware of these main forms of cybercrime in 2024. Cybercrime is on the rise and a huge threat for small businesses, who often lack the resources to defend themselves. This post should be informative and help you understand the main threats and know the best ways to protect your business.