Cybercrime is on the rise, especially if you are operating in a global economy. As a result of the COVID-19 pandemic, cybercrime has increased by 600 percent.

The size of an end-user organization is seldom taken into account by attackers, and as targeted attacks that pay off more are on the rise, all companies are facing greater risks due to the current sophistication and proliferation of cyberattacks. Before diving deep into the information security threats, let’s discuss what is a cyberattack?

Top 5 Information Security Threats to Small and Medium Businesses in 2024

If you’re running business online or just using internet banking for business, you could be vulnerable to these cybersecurity threats.

1. Phishing Scams
2. Malware
3. Ransomware
4. Cloud Vulnerabilities
5. Insider Threats and Data Leaks

Phishing Scams

A phishing scam is a cybersecurity attack that uses email and text messages to steal data. As a general rule, cybercriminals are interested in obtaining login credentials and banking information from their victims.

Phishing scam campaigns are conducted by cybercriminals using malicious messages. Logos from actual companies are often included in the messages, making them appear authentic. Cybercriminals will include a phishing link in every message they send.

You might find messages and links that appear to be legitimate- they might lead you to a webpage that looks identical to Gmail, Outlook, Amazon, or Bank of America. Cybercriminals will control the site you arrive at, a fake version of the actual website.

Example:

During the period 2013-2015, phishing campaigns victimized Facebook and Google, resulting in the theft of $100 million.

How to prevent?

Phishing scams can be prevented in a number of ways such as:

1. Implement network segmentation
2. Use Software Restriction Policies to restrict common methods of executing scripting languages, such as wscript.exe and mshta.exe.
3. Ensure using attachment filtering to prevent executables file types used by malware from being emailed in your environment
4. Properly configure your DNS
5. Implementing two-factor authentication, to access specific, sensitive segments of the network.

Malware

The most common type of cyberattack is malware attack, in which malicious software (usually malicious software) steals personal, financial, or business information from the victim’s computer. Several types of malicious software exist, including ransomware, spyware, and command and control software.

It is especially detrimental to small businesses because these attacks can cripple devices and require expensive repairs or replacements. As a result, attackers can gain access to sensitive data, posing a threat to customers and employees.

Example:

Colonial Pipeline malware took down the largest fuel pipeline in the U.S. that led to fuel shortages along the East Coast due to a compromised password.

How to prevent?

Malware attacks can be prevented in a number of ways such as:

1. Implement access controls via Multi-Factor Authentication (MFA)
2. Deploy email security gateways
3. Limit application privileges
4. Implement spam protection functionalities.
5. Implement Continuous Integration and Continuous Delivery

Ransomware

Since the mid-2000s, ransomware has become a prominent threat, and it does not look like it will diminish anytime soon. It is an attack that encrypts sensitive files and locks employees out. Hackers encrypt data and then sell decryption keys for large sums of money.

According to Expert Insights, small businesses are particularly vulnerable to these types of attacks. According to reports, 71 percent of ransomware attacks target small businesses; the average ransom demand is $116,000. Many SMBs were forced to close their doors for good after suffering ransomware attacks because they couldn’t recover.

Example:

During the afternoon of July 2nd, Kaseya was alerted to an external and internal ransomware attack.

How to prevent?

Ransomware attacks can be prevented in a number of ways such as:

1. Use intrusion detection system
2. Logically separate your networks according to tasks
3. Include data exfiltration and double extortion
4. Block malicious JavaScript files
5. Promptly patch software

Cloud Vulnerabilities

Due to the growing use of remote and hybrid models in Small and Medium Businesses, cloud storage has become a more serious security threat. With cloud services, workers can access essential data from anywhere. Although it can make remote workers more productive and flexible, it can also carry considerable risks. In order to access employee and customer data, hackers bypass outdated firewalls used to protect cloud storage. Cloud-based attacks can be deterred by keeping security up-to-date.

Example:

In September 2018, Marriott data breach exposed sensitive information about more than half a million guests.

How to prevent?

Cloud Vulnerabilities can be prevented in a number of ways such as:

1. Data Loss Prevention (DLP) software helps identify and prevent unauthorized transfers and deletions.
2. Cloud infrastructure developers must create secure APIs for their clients.
3. All data transfers and storage should be encrypted. Account hijacking and MitC attacks can be prevented by encrypting data.
4. Use of templates and special scripts can secure access.
5. Cloud developers allow users to assign roles-based permissions to different administrators so that users only have the capability they have been assigned.

Insider Threats and Data Leaks

Every business would like to think that it hires only the best people by following a thorough and considerate recruitment process. Unfortunately, this isn’t always possible.

Basically, an insider threat happens when a company’s employees (or anyone who works directly with them) misuse their authorized access. Data leaks most commonly occur when sensitive company or customer information is exposed, such as the Cash App data breach.

The consequences of such incidents can be devastating. Massive financial losses, legal proceedings, reputation loss, and operational downtime may result. Small to medium-sized businesses are likely to suffer irreparable damage from an incident like this.

Example:

An ex-employee of South Georgia Medical Center in Valdosta, Georgia, downloaded all the private data on his USB drive within a few hours of quitting without apparent reason.

How to prevent?

Insider Threats and Data Leaks can be prevented in a number of ways such as:

1. Implement intrusion detection system in your code
2. Deploy traffic monitoring software system
3. Configure your firewall properly.
4. Blacklist all hosts and ports, and then whitelist only those you need.
5. Configure a DMZ

Conclusion

Cybersecurity threats are constantly evolving, making it difficult to stay up-to-date and protect against them. Even the most well-defended cybersecurity system cannot guarantee protection against attacks because millions of hackers develop new attacks faster than companies can update their defenses.

To avoid crippling your organization in the event of a successful attack, you should supplement your cybersecurity strategy with adequate insurance. Using ccsecurity’s comprehensive cybersecurity defenses and insurance, you can rest assured that your data is secure.

Moreover, in order to operate securely, IT departments and business owners need to know what security controls will minimize their exposure to cyberattacks and how to establish and maintain shareholder and customer trust in IT systems.