“As a small to midsize business (SMB), cybercriminals would never take an interest in our organization, right?” – Wrong!

In recent years, smaller businesses have become the focal point of hackers' interests. Just last year, it was reported that 43% of worldwide cyberattacks were against small businesses with less than 250 employees. These attacks usually involve hack attacks, ransomware, denial of service attacks, or CEO fraud.

With fewer day-to-day operations and smaller payoffs than larger corporations, why would these bullies waste their time attacking here? Many cybercriminals are centering their attacks based on a business’s valuable data, not necessarily the company’s size or amount of profits. They also consider larger enterprises better defended, thus harder to hack. In short, they target SMBs because they are easy, more attractive targets.

Because SMBs have become a prime target for cyberattacks, we’re disclosing the criteria hackers use when looking for their next victim and what motivates cybercriminals to attack an SMB.

Where do cybercriminals find their targets?

Cybercriminals look for vulnerabilities within the system to determine whether it’s worth launching an attack on an SMB. Granted, even if you’ve built strong defenses around your infrastructure, hackers will email your staff to trick them into giving them access.

To increase their chances of a successful scheme, here are the areas a cybercriminal looks at when locating their next victim:

• Company Website: Hackers will scan your website to learn about your SMB, staff names, and positions. This is where they’ll find email addresses for their phishing scams.
• Social Media: Using platforms like LinkedIn, cybercriminals will scour personal profiles to collect data on an employee’s position and online vernacular to make their phishing message seem more legitimate.
• Network Security: Due to remote working, your small business needs to monitor multiple endpoints to maintain infrastructure security. A hacker will check the strength of your firewalls and email security to see if there’s a back door they can break through.
• Dark Web: If all else fails, cybercriminals will look through the dark web to find stolen data and sensitive information such as social security numbers, login credentials, and credit card numbers to exploit for personal gain.
  
  

Once the cybercriminal has gathered all the information they’re looking for, they’ll launch their spear phishing campaign to attempt direct access to your systems.

Why do cybercriminals target SMBs?

While we’ve covered motivations behind cybercriminals, there are a few reasons why cybercriminals target small to midsized businesses specifically:

1. Automated Cyberattacks

Many cyberattacks are automated processes, meaning these criminals can attack multiple SMB systems at a time to increase their chances of profitability.

While many of these threats are detected and shut down immediately, businesses with less effective security systems often fall victim to these attacks. This means smaller companies, generally with lower amounts of security, are more vulnerable.

2. Lack of funds and knowledge to improve security

Large corporations with significant profits and high amounts of capital can afford and build complex security systems. Small businesses, however, do not generally spend their earnings on security, making it easier for criminals to invade their company data.

In addition, many small business owners are unaware of the multiple layers of security needed to protect their company information. Small businesses also skip cybersecurity training, despite their employees being their first line of defense against an attack.

Because of the lack of security, many SMBs fail to discover that they have been compromised days after the breach. This could result in the SMB eventually shutting down due to data loss from the attack.

 3. Lack of an IT Security Specialist

Large corporations generally employ an IT security specialist to take the lead on routinely maintaining and improving their security. IT specialists also have the skills and knowledge to keep data security up to and above par. 

Many SMBs handle their IT needs in-house instead of contracting with an outsourced IT partner and security specialist. Whether it’s an individual or a small team, they may be overwhelmed by maintaining and updating your technical systems, making them less secure and more vulnerable.

4. Mobile devices

The use of mobile devices to conduct business has dramatically increased as more and more smaller companies move to “bring your own device” operations.

Although this system makes conducting business faster, more accessible, and more attainable, there is a whole new, unique set of security concerns, such as:

• Downloading apps or software that is unknowingly malicious
• Expose your systems due to the lack of virus protection
• Using weak passwords that can easily be guessed and exploited
  
  

With all company data accessible on a phone or tablet, it is essential to have proper security systems in place wherever your employees are located.

Criminals know that many SMBs use minimally secured mobile devices to conduct business and have become trained to hack into these devices. Training your employees, which we’ll discuss next, will reduce and prevent the chances of a breach in your systems.

 5. Lack of awareness and employee training

Shockingly, only 56% of SMBs provide security training, meaning employees are unaware of current cybersecurity threats and tactics used to manipulate them into giving cybercriminals access.

Most businesses don’t believe they have the staff or the time to run through cybersecurity training consistently, despite cybercriminals being their biggest threat. Hackers will play off employees' ignorance, making the chances of a breach more likely.

6. Valuable Data with Lesser Protection

While SMBs may have smaller operations compared to larger corporations, they still handle valuable data such as customer information, payment details, and intellectual property. However, SMBs may not have the same level of security measures in place to protect this sensitive data. Cybercriminals recognize this disparity and exploit the opportunity to target SMBs with weaker defenses, hoping to gain access to valuable information that can be monetized or used for other malicious purposes.

7. Perception of Lower Risk

In comparison to larger corporations, SMBs may be perceived as less likely to invest in robust cybersecurity measures or report cyber incidents. This perception creates a sense of lower risk for cybercriminals, making SMBs attractive targets. The criminals can carry out attacks with a higher likelihood of remaining undetected or facing minimal consequences.

Keep Your IT Systems Secure From Cybercriminals!  

Unfortunately, the size of your business doesn’t conceal you from a hacker attempting to break into your systems. Partnering with an IT service provider who can keep your infrastructure secure without breaking the bank is essential. Contact us for a risk assessment to determine where your IT might be vulnerable to a cyberattack.

To learn more about cyberattacks and steps you and your company can take to prevent these threats, read our previous cyber threat blog or visit our blog page at Coretech.us/blog for more security tips.