One common denominator for cybercrime is “financial benefit” and the impression on the victim is often “long-term”. Negative impact on the victim includes loss of income, customers, business opportunities and additional cost in penalties or restoration.
1. Startingpoint for larger attacks
- Cybercrime is part of organized crime, and cyber criminals know how they can exploit the data by targeting the small business. Cyber-attack has been listed as one of the top 5 risks in the World Risk Report 2019
2. Inadequate cyber defenses
- SMB / SME don’t always focus on cybersecurity. Often, all it takes is a single unprotected vulnerability to gain access to an entire system. Hardware and software defenses are essential part of cybersecurity and lack of security measures, precautions and awareness can lead to a successful cyber-attack.
3. Lack of “backup”
- Small companies usually do not invest in backup or have a mitigation plan for their systems, hence it’s easier to extort money from business owners to restore or recover their data if they are hacked. In ransomware attacks, victim’s data is taken over and data encrypted. Attacker demands a ransom to decrypt back the data and grant access to the victim and usually succeed due to the SMB lack resources to withstand a cyber-attack.
4. Data worth “stealing”
- Data is the new oil, this analogy is true to a certain extent as data is the fuel of the transformative technology we see today such as artificial intelligence, machine learning,advanced predictive analysis, and big data automation. Your data is valuable and worth stealing for cyber criminals – ranging from financial data to personal data, as it can be sold or used for fraud and carrying out criminal activities. Most victims of small business willing to pay the ransom to prevent their confidential information being leaked out and become news sensation.
5. It’s much easier to get away with hacking SMB / SME
- Exploiting small business and gaining access may go unnoticed as small business usually do not have the technology to detect the attack or log management for forensics to establish evidence. As such, the criminals are less likely to get caught compared to someone who attacks a large company.
Check out news related to SMB/SME cyberattacks:
- “50 percent of all cyberattacks target small businesses” – Business.com
- “2 in 5 cyberattacks hit SMEs in 2017” – Singapore Business Review
- “Australian cyber spies thwart suspected Chinese hack targeting small businesses” – Financial Review
- “Cyber Security Statistics: Numbers Small Businesses Need to Know” – Small Business Trends
Here’s how a cyber-attack look like in the real world: What It’s Like to Be Hacked.
- Reinvent your company to secure and to compete in the hyperconnected world. Learn how you can protect your business.
Author/Written by: Thava Munus |February 9th 2019