2020 Update: Cyber Attackers Target Small Businesses

2020 Update: Cyber Attackers Target Small Businesses

Researchers estimate that the percentage of cyber attackers against small businesses will increase a great deal. In 2020, the total cost of cyber-attacks is going to be around $5trillion. Thus, if small businesses are going to be their new target, it is important for business owners to take this into account and ensure that cyberattacks do not affect their businesses. That is why they need to hire a security testing company to ensure that they strengthen their business security from all aspects. 

Ransomware and Data Theft can cause Business to Shut Down 

If a small business is attacked with ransomware, then it can have a long-term effect on the business. The ransomware can have a long-lasting effect on a business’s system, which refrains them from providing services to generate revenue. This can affect small businesses and cause them to shut down permanently. But hiring security testing services can prevent this situation and businesses can remain safe from cyber-attacks. 

Another way that small businesses have to pay a cyber attack is in case of data theft. Small businesses have to pay for credit monitoring of all those records that have been stolen. For instance, a clinic in Missouri was put out of business. An attacker stole almost 20,000 patient records due to which the clinic had to pay for credit monitoring to all those patients. The cost of credit monitoring was around $20 per person. So if there were 20,000 records stolen, they had to pay $400,000 that small businesses had to pay per year in credit monitoring fees. Typically, startups and small ventures do not have a reserve which can cause a business to shut down its operations. 

Why are Small Businesses an Easy Target for Cybercriminals?

Typically, it is normal for attackers to go after small businesses because these ventures do not have a mature cybersecurity program. They do not have dedicated staff to work on the security of their system. The attackers are aware of all ways to get into such businesses as compared to the large ones, as they have hired a security testing company and have a mature cybersecurity program in place. 

Cyber-attackers often target small businesses in order to leverage attacks to huge businesses. For instance, Target is a large store, so obviously attackers did not attack their system directly because they have a cybersecurity program. Attackers attacked the HVAC vendor who had a small business so that they could leverage their relationship with Target. The purpose of the attack was to compromise Target’s point of sale machines that gained access to credit card holder’s details. 
Thus, we know how important it is for small ventures to hire a security testing company and ensure that the right cybersecurity strategies are in place. Attackers can make use of their vulnerabilities and gain access to sensitive data or even cause their operations to halt. Security is a major concern for all startups and small businesses.

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