3 Types of Cyberattacks Most Small Business

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Cybersecurity
Cybersecurity

3 Types of Cyberattacks Most Small Business

Many small businesses don’t consider themselves targets of cybercriminals, but that’s not necessarily the case. Because they’re often ill-equipped with outdated systems and security protocols, SMEs are easier to compromise. Cybercriminals often use these companies as a stepping stone to larger companies. A recent example of this is the Target data breach, which involved stolen credentials from a small third-party vendor.

Ransomware

Ransomware is a form of malicious software that locks up data on a computer and demands payment before releasing the files. It can cause a business to lose critical information and disrupt operations. The ransom is typically demanded in virtual currency.

Ransomware has different names and can be categorized as one of three types. One type of ransomware hides as a legitimate app in a third-party app store. Hackers often try to imitate popular apps. Another form of ransomware comes in the form of a website, email, or text message. The best way to prevent this form of malware is to avoid downloading apps from third-party app stores and do not click links from spam and text messages.

Public infrastructure and utilities are often targeted. These organizations have access to large amounts of money and often have outdated cybersecurity technology. However, ransomware technology is constantly improving. This means that the technological gap between attackers and public targets is widening.

Phishing

Phishing is a form of fraud that uses email, instant messages, and social media to gain access to your computer. The attacker uses the persona of a trustworthy source to trick you into disclosing sensitive information. Then, they use that information for fraudulent activities. These attacks have the potential to cause massive losses for a business, including a loss of reputation. In fact, damages from cybercrime are estimated to top $6 trillion by 2021.

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Phishing attacks are often performed by impersonating a reputable entity and distributing malicious links and attachments to trick the unsuspecting victim into giving out valuable information. These attacks are highly effective and relatively easy to launch. These attacks can be carried out via text messages, emails, social media platforms, and even phone calls.

Business email compromise

Business email compromise (BEC) is a widespread cyberattack which is often hidden under the surface of legitimate emails. The FBI has estimated that there will be a record 69% increase in BEC attacks by 2020. While these attacks may seem minor at first, the financial impact is significant. And because they are so widespread, it’s important to stay on top of new threats and have security solutions in place to protect your business.

Business email compromise is a form of cyberattack that aims to get your data. The cybercriminals often lurk in your inbox for some time and imitate your communication style to redirect recipients to illegitimate accounts and fraudulent activities. This type of cyberattack has an increasing success rate, which makes it an important problem for many businesses. To protect your business from business email compromise, you should set up an effective security strategy.