As the frequency of cybercrime reports continues to soar, the looming question for small businesses is whether they are susceptible to cyberattacks. Do cybercriminals really bother with businesses outside the realm of major corporations?
Unfortunately, the answer is a resounding yes.
In reality, cybercriminals don't care about the size of your business. Money is their motivation, and they'll target anyone to get it. They cast a wide net, hoping to catch whatever they can.
This approach has paid off big time for them. The cybercrime industry is expected to hit a staggering $10.5 trillion annually by 2025.
So, how can you protect your business from these attacks? Good cybersecurity practices are essential, whether you're a big corporation or a small business.
WEBIT Services has over 25 years of experience helping clients in the greater Chicago area achieve their IT goals.
By reading this article, you'll learn what cybercriminals want, how they attack, and how you can keep your business safe.
Cybercriminals' Goals
The desire for profit drives most cybercrime, and business is good. For instance, the average cost of a data breach in 2022 was $4.35 million.
Many cyberattacks aim to make money through methods like ransomware or cyber extortion.
Ransomware encrypts your systems, rendering them useless until you pay a ransom. Cyber extortion involves stealing confidential data and threatening to release it publicly, demanding a high price to keep it secret.
However, there's no guarantee that paying the ransom will stop the attacks. Some criminals might be unable to undo the encryption they created, leaving your system unusable.
In essence, once a cybercriminal has stolen your data, you have little to no control over how they use it and when they stop using it.
Other Cyberattack Goals
Nation-states sponsor some cybercrime and focus on disrupting infrastructure. Attacks may also target intellectual property, stealing product designs or recipes.
Disgruntled former employees may sometimes launch cyberattacks, deleting data if their access is not properly removed.
Do Small Businesses Have What Cybercriminals Want?
You don't have to be a major corporation to be valuable to cybercriminals. Even small businesses have data and money – the prime targets for cybercriminals.
Whether you're big or small, if cybercriminals think they can freeze your system through ransomware and get a payout, they'll try.
Confidential data and intellectual property are also valuable to them. If you have these, you're a target.
How Cybercriminals Attack
Contrary to popular belief, cybercriminals often don't handpick their victims. While some attacks target specific individuals, most are random.
Social engineering campaigns, like phishing emails or fake alerts, are common. These scattershot attacks aim to convince users to give up their login credentials willingly.
Cybercriminals can infect their systems once someone falls for a phishing attack or social engineering. No matter the company's size, they won't pass up free access to data.
Once inside, they may lurk for months, learning your IT system before launching their attack.
Protecting Your Business from Cybercrime
No business is too small for a cyberattack, so good cybersecurity practices and an incident response plan are crucial.
Implementing Cybersecurity Practices
Your cybersecurity practices are only as effective as the people using them. Train your team regularly and follow best practices:
- Follow a cybersecurity framework.
- Conduct regular risk assessments to identify and address IT risks.
- Use multi-factor authentication.
- Employ firewalls.
Creating an Incident Response Plan
An incident response plan answers, "What do I do if I suddenly can't provide goods or services to my customers? How much money do I lose each hour my business isn't operable?"
Ask yourself and your IT provider:
- Who should we call in an IT crisis?
- How long it will take to fix the system?
- Do you have a plan for a crisis? What is the plan?
- What happens to our data in a crisis?
- How long would it take for us to recover and get back online?
- Are our backups on a separate network?
A solid response plan can minimize downtime and financial losses.
Next Steps for Protecting Your Small Business from Cyberattacks
Cybercriminals don't care about the size of your business; they'll target anyone through randomized attacks.
Cybercriminals will attack to:
- Find valuable data.
- Launch a ransomware attack.
- Exploit confidential information.
- Disrupt infrastructures.
- Steal intellectual property.
Consult your IT provider or internal IT team to discuss risks, cybersecurity practices, and an incident response plan.
If your current provider hasn't been proactive with risk assessments or incident response planning, it's a red flag. Consider finding a new provider to ensure better cybersecurity practices.
WEBIT Services is passionate about cybersecurity practices and education. It sees knowledge and awareness as the first step in developing effective cybersecurity procedures.
If you are looking for a new IT provider, schedule a free 30-minute consultation to see if WEBIT can help.
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