According to Verizon Business 2020, almost a third or 28% of data breaches in 2020 involved small businesses.The data comes from one of the most acclaimed cybersecurity reports in the industry, the Verizon Business 2020 Data Breach Investigations Report (2020 DBIR).

The DBIR, now in its 13th year, has become an industry standard for assessing the state of cybersecurity around the world. Verizon looked at a total of 157,525 incidents for this year’s report. 32,002 of them matched the report’s quality standards, with 3,950 of them being proven data breaches.

A cyber-attack is any assault activity carried out by cybercriminals. It is a method in which a criminal utilises one or more computers to attack one or more computer networks. A malicious cyber-attack disables a computer network, allowing attackers to steal data. They can even take control of a computer and use it to launch further attacks while remaining anonymous.

Another way to describe it is that a cyber-attack is a targeted attempt by a person to break into another organization’s or individual’s security system. That is nothing more than illegal access to data. A hacker or a cybercriminal is someone who engages in this type of conduct. These cyber-attacks have become increasingly common in recent years.

Cybersecurity is defined as an activity that aids in the protection of digital components such as networks, databases, and computer systems from illegal access. Cyber-attacks are a common occurrence for major corporations, but they are particularly damaging to small enterprises. Here are some of the reasons why small firms are vulnerable to cyber-attacks.

 

Why are Small Businesses More Exposed to Cyber-Attacks?

The size of the firm has very little effect on cybercriminals or hackers. Small firms, on the other hand, are vulnerable and at great risk. Small business operators must deal with a variety of challenges. Cyber-security may be overlooked among these considerations. Cyber-attacks can cause such extensive harm that businesses may be forced to shut down unexpectedly. The primary goal of cybercriminals is to illegally obtain crucial business information from businesses. The information obtained could be exploited to hurt the company or to make quick money. According to previous records, over 60% of small to medium-sized enterprises have closed as a result of cyber concerns. Unplanned security infrastructure is one of the most common reasons for cyber-attacks on small enterprises, making them exposed to attackers.

Sources for Cyber Attacks

Rapid digitization, along with the pandemic, has forced everyone to use digital channels. The same thing happened with small and medium-sized firms. Small businesses go online to compete with the global globe, but they must be wary of cyber assaults. Cybercriminals obtain sensitive data from customers in the firm, such as hospital records, insurance records, bank account details, and so on, through attacks. Small-business cyber-attacks are primarily motivated by a desire to profit rather than do harm. Client or employee payrolls are more vulnerable to cyber-attacks from a business perspective. Malware assaults, phishing attacks, man in the middle attacks, and tax password attacks are the most common cyber-attacks. Malware can infiltrate the system via any dubious document or download. Phishing is how cybercriminals obtain login and payment card credentials. Cyber-attacks, on the other hand, take place on individual computers or a collection of computers that run an enterprise. These attacks frequently target small businesses, healthcare services, government agencies, and well-known educational institutions.

 

Effects of Cyber Attacks on Small Businesses

Cyberattacks have a significant impact on businesses, but these elements, such as cost, time, and reputation, are extremely stressful.

  • Time: Cyber-attacks on businesses might result in data loss, which can hamper the smooth running of services. In addition, recovering and securely storing data takes a long time.
  • Hackers: Hackers profit from these cyber-attacks, but the owners often suffer financial losses. The company’s sales and stock may suffer. To recover from the loss, the company will have to pay a large sum of money to the experts. The cost of recovery can occasionally be so high that the company has to close down.
  • For a growing firm, reputation is really important. Cyber-attacks not only have a negative impact on cost and time, but they also have a bad impact on reputation. Existing clients’ trust will be eroded as a result of this loss of reputation.

 

Due to the negative effects of these cyber-attacks, small businesses have had to close their doors. Finally, continuous monitoring of the Organization’s transactions on the digital platform is critical.

 

Security Strategies to Protect Businesses:

The first step of defence against cyber-attacks is to prevent them from happening in the first place. Because this isn’t always practicable, separate compromised machines and maintain speedy detection mechanisms.

  1. Hire experts to keep an eye on cybersecurity activities and train personnel by exposing them to security policies and procedures.
  2. Use the most recent software versions to keep the computer systems clean and up to date.
  3. Backup copies of critical data, like as documents, Excel sheets, account information, and strategies, should always be kept on hand.
  4. Having a cybersecurity insurance plan in place and keeping it up to date.
  5. Isolate the transactions from any less secure platforms to prevent access to the main system by any means.
  6. Always ask yourself a set of qualifying questions before making any cybersecurity decisions.
  7. Review case studies and learn about operational strategies of developed organisations’ information
  8. Enrolling into a cyber-security training on an ongoing and continuous basis ensures employees are kept up to date on the latest methods of attack, so they stay informed and you stay out of any headlines.

 

These could lead to increased corporate and consumer confidence by safeguarding personal and confidential information. From the top to the bottom, keep an eye on the database and security systems, as a security system protects the company from cyber threats.

 

This pandemic has changed everyone’s way of life. Furthermore, cyber hygiene is impacted. Cybercriminals and ethical experts have plenty of time to improve their skills. Improve your cyber hygiene and security strategies this time. This combined power increases cyber-damage prevention techniques. Individual cybersecurity, in addition to these measures, aids in the prevention of breaches.