Why Ransomware Cyber-attacks are targeting Small Businesses?
Singapore is one of the world’s safest cities, also nowadays one of the easy targets for cyber security attacks with the boom of Digital Business. Cyber Security isn’t just an IT issue. It’s a risk management issue. Each person who uses the internet to do business can be a part of this problem.
Here are the 4 most common threats to a business today to be aware of,
Ransomware attack – happens when a virus is put on a computer and locks the user out of the systems that allow them to access their data.
Phishing a type of social engineering is currently the most common method used to infect a system with ransomware and steal account credentials.
Business email compromise (BEC) attack include spoofing the email accounts and websites.
Distributed denial of service (DDOS attack) is an attempt to make an online service unavailable by overwhelming it with traffic from multiple sources.
I’m a Small business owner, and I don’t even know what I don’t know. Can you just give me a checklist to follow?
- Data security can seem overwhelming if you’re not a computer expert. But you are an expert on your business and knowing what to pay attention to in order to make it successful. Paying attention to Cyber–security is now something you need to add to your list of concerns. Here is why…
- According to Verizon 2019 Data Breach Investigations Report (DBIR), 45% of cyber-attacks target Small businesses.
- Small and medium-sized businesses usually have limited IT resources in-house. And everyone else is focused on running the business, not security. You might need help and best thing to do is to Partner with a specialized security provider if needed and invest in educating your employees on security awareness.
- Even Small businesses may have multiple computers, laptops in remote locations, personal smart phones, and tablets. A determined hacker can attempt access through many possible endpoints. In fact, 60% of breaches stem from a compromised endpoint, such as a personal device.
- According to AT&T’s Global State of Security Survey, cyber criminals are now taking advantage of the growing number of mobile devices to bring ransomware, malware, and other malicious software to our systems.
“No business is too Small or too large to fall victim to a data breach.”
- Cyber criminals increasingly target smaller businesses assuming that you may be complacent and unprepared. A study by the Better Business Bureau found that more than one in five businesses with 250 employees or fewer reported having been the target of a cyber attack, with a median loss of $2,000. So Small business owners must learn to invest in better Digital Protection.
- Hackers will always go for the easiest target possible. Bigger companies tend to have more resources to fight and are better protected. SMBs may not be as big a prize, but if you can get more of them faster, it pays off just as well. And this explains why they target Small businesses in higher numbers.
- The most prolific attack type in Singapore is Ransomware, which is a kind of software designed to block access to a computer system until a sum of money is paid. More than a quarter of SMBs surveyed with Better Business Bureau said that they frequently encountered such an attack.
- Ransomware is one of the most prevalent threats facing businesses of all sizes. Simply put, a ransomware attack happens when a virus is put on a computer and locks the user out of the systems that allow them to access their data. Then the criminal asks them to pay a ransom, usually with an untraceable currency, like Bitcoin or a wire transfer, to get the key to open their system again. Phishing is currently the most common method used to infect a system with Ransomware and steal account credentials.
- According to Trend Micro research, $150 can buy a week-long DDoS attack on the black market. So, for $150, an attacker takes over control of thousands of computers and has them send inquiries to your website continuously. This in turn shuts down your website’s ability to function.
- You can make a difference in the security of your data by educating yourself and staff on common threats. Most of the attacks happen because of human error or someone falling for a trick. The best prevention is education.
Bryan Sartin, an executive director at Verizon quotes,
“Businesses need access to cyber detection tools to gain access to a daily view of their security posture, supported with statistics on the latest cyber threats.”
Conclusion
HACKERS wait for the right opportunity to steal your information. So, you must be ready for the inevitable, ready to reduce the impact of any breach. If you have a digital presence, you must remain vigilant regardless of the type or amount of your data. Hackers are clever, their methods continue to evolve, and building more and bigger walls just isn’t enough.
Cyber-attacks can impact the bottom line of Small businesses and can result in companies going out of business if they are not prepared with a robust recovery system.
You need a strategy that’s always-on and assumes a breach is on the way. Plan for protection, detection, and response. This is the reason why cyber protection is very important. It is no longer an extra cost.
As a Microsoft Gold partner, we can help you better manage your identity and access controls, secure links and attachments in emails, and stop breaches before they escalate in severity. If there is a raised concern about managing Cyber security in your organization, contact us to learn How Azure Backup can help protect your Business against today’s evolving Security threats.
