4 Reasons Why Cybercriminals Target Local Firms More Frequently

small businesses 3x more Prone to get hacked

Do you own a small business? Have you felt protected from cyberattacks because your company is smaller? Perhaps you thought you couldn’t have anything a hacker could want? A new report from cybersecurity firm Barracuda Networks has debunked this myth. Their report examined millions of emails from thousands of different organizations.

They discovered that small businesses have a lot to worry about when it comes to IT security. Barracuda Networks found something concerning. Employees at small businesses are subject to 350% more social engineering attacks than those at larger corporations.

But what is a small business? It is defined as one with less than 100 employees. As a result, small businesses are more vulnerable to cyberattacks. We’ll go over why in more detail. Read on!

Why are smaller businesses being targeted more?

There are multiple reasons why hackers see small businesses as easy to hack. And why they are becoming larger targets of hackers to score a quick illicit buck.

1) Small businesses have less budget for cybersecurity

Prioritizing your cash spending is often tricky when running a small business. You may know cybersecurity is essential for your business, but it may not be at the top of your priority list. Cash runs out at the end of the month, and the IT expenditure is shifted to the “next month” wish list.

Small business owners frequently do not invest as much in IT security as they should. They may purchase an antivirus programme and believe it will protect them. However, with the advancement of technology to the cloud, an antivirus program is only one small layer, and several more are required for adequate security.

Hackers are well aware of this and view small businesses as easier targets. They can do much less work to get a payoff than they would be trying to hack into an enterprise corporation.

2) Small businesses can help hackers break into larger ones

When hackers breach a small company’s network, they frequently score more points as many smaller businesses provide services to larger corporations, such as digital marketing, website management, accounting, designing and other services.

Vendors are digitally connected to their clients’ systems, which can enable a multi-company breach. While hackers do not require that connection to hack you, it is a nice bonus for them.

Miniature replica of males working on a keyboard or trying to hack into it

3) Small businesses are vulnerable to ransomware

In a survey last year, it was found that over 71% of organizations experienced ransomware attacks, and the number continues to grow. The proportion of victims who pay ransom to attackers is also increasing.

An estimated 63% of businesses pay the attacker to obtain a key that can decrypt the ransomware. As a result, it is safe to speculate that ransomware has emerged as one of the most rapidly growing cyberattacks over the last decade.

4) Every company has “Hack-Worthy” resources

Every company, even a one-person operation, has data that a hacker would value. Credit card numbers, Social Insurance numbers, tax identification numbers, and mailing addresses are all precious to the company or individual.

Cybercriminals can sell this valuable data on the Deep Dark Web, and other criminals then use this data to commit identity fraud, blackmailing and other heinous crimes. Sounds bizarre, right? That is why it is recommended to have an IT service company onboard.

What’s next?

Data that is most commonly targeted are customer records, employee information, credit card and bank information, email address and passwords, to name a few. The list is long and ever-growing, but in the end, you should ask yourself, “Are you willing to risk your safety and your company’s safety”?

Last year, Winnipeg Police warned people and businesses about the increase in cybercrime. The Government of Manitoba also supports the Winnipeg Police by giving $100,000 in efforts against cybercrime.

As the best customer-focused IT solution provider in Winnipeg. Avenir IT is committed to protecting 1000 Manitoba-based businesses by offering a free cybersecurity scan, analysis and action plan. Now isn’t that great?

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