Small businesses are three times more likely to be attacked by hackers than large ones

Do you feel safer from cyberattacks because you have a small business? Perhaps you think you don't own anything a hacker might want? You don't even think they'd know about your business.  

A new report from cybersecurity firm Barracuda Networks debunks this myth. Their report analyzed millions of emails from thousands of companies. It found that small businesses have a lot to worry about when it comes to their IT security.  

Barracuda Networks discovered something alarming. Employees at small businesses experienced 350% more social engineering attacks than those at large enterprises. The company defines a small business as one with fewer than 100 employees. This puts them at a higher risk of falling victim to a cyberattack. We'll explore why below.  

Why are small businesses more targeted?

There are many reasons why hackers view small businesses as low-hanging fruit, and why they are becoming bigger targets for hackers looking to make a quick buck illicitly.

SMEs tend to spend less on cybersecurity

When you run a small business, it's often a balancing act to prioritize your money. You may know cybersecurity is important, but it might not be at the top of your list. So, at the end of the month, the money dries up and gets moved to the next month's desired expenses list.  

Small business owners often don't spend as much as they should on their IT security. They may purchase an antivirus program and think it's enough to cover them. However, with the expansion of technology to the cloud, this is only a small layer of protection. You need several other layers of protection for adequate security.  

Hackers know all this and see small businesses as easy targets. They can do much less work than they would trying to hack a corporate enterprise.  

Every company has “hack-worthy” resources

Every business, even a one-person shop, has data worth hacking. Credit card numbers, Social Security numbers, tax ID numbers, and email addresses are all valuable. Cybercriminals can sell them on the dark web. From there, other criminals use them for identity theft.  

Here is some of the data hackers will be looking for:  

• Customer files
• Employee files
• Bank account information
• Emails and Passwords
• Payment card details

Small businesses can provide a gateway to larger ones

If a hacker can penetrate a small business's network, they can often make even bigger profits. Many small businesses provide services to larger corporations. This can include digital marketing, website management, accounting, and more.  

Vendors are often digitally connected to certain customer systems. This type of relationship can enable a multi-company breach. While hackers don't need this connection to commit a hack, it's a nice bonus. They can get two companies for the work of one.  

Small business owners are often unprepared for ransomware

Ransomware has been one of the fastest-growing cyberattacks of the past decade. So far in 2022, more than 71% of surveyed organizations have experienced ransomware attacks.  

The percentage of victims paying ransoms to attackers has also increased. Today, an average of 63% of businesses pay the attacker in hopes of obtaining a key to decrypt the ransomware.  

Even if a hacker can't extract as much ransom from a small business as from a large organization, it's worth it. They can often breach more small businesses than large ones.

When companies pay the ransom, it feeds the beast and more cybercriminals join in, and those new to ransomware attacks often target smaller, and therefore easier-to-hack, companies.

Small business employees often lack cybersecurity training

Something else isn't usually high on a small business owner's list. It's ongoing cybersecurity training for employees. They may be doing everything they can to simply retain good staff. Furthermore, priorities are often geared toward sales and operations.  

Employee training on how to spot phishing and password management best practices is often under-resourced. This leaves networks vulnerable to one of the biggest dangers: human error.  

In most cyberattacks, the hacker needs a user's help. It's as if the vampire needs the unsuspecting victim to invite them inside. Phishing emails are the means used to gain this unsuspecting cooperation.  

Phishing is the cause of more than 80% of data breaches.  

A phishing email in an inbox usually can't do anything. The user must open an attachment or click on a link that will take them to a malicious website. This then initiates the attack.

Teaching employees to spot these schemes can significantly boost your cybersecurity. Security training is as important as having a strong firewall or antivirus software.  

Need affordable IT service for your small business?

Contact us today to schedule a technology consultation. We offer affordable options for small and medium-sized businesses. This includes many ways to protect yourself from cyber threats.    

About Nexxo

Nexxo Computer Solutions is a company that specializes in providing IT and technology services to Quebec businesses. Its mission is to offer Quebec businesses IT services tailored to their needs. Acting as an external IT department, it handles all of a company's IT tasks, allowing it to focus on its business activities. It achieves this by collaborating closely with its clients and putting their interests at the center of its work.