5 Types of Cyber Threats SMBs Face in 2024

Small businesses are generally more vulnerable to cyber threats than larger organizations. Many small businesses have implemented solutions to safeguard against various threats. Nonetheless, they remain an easy target as the attackers understand that IT personnel in most small to medium businesses (SMBs) need more technical know-how to configure these security solutions properly.

The first step in protecting your business against these attacks is understanding how they work. So, let's explore the five most common threats SMBs face today. 

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Internal Attacks

Internal attacks are typically executed by rogue employees with access to networks, admin accounts, and sensitive data. They can cause untold damage.

To minimize the risk of internal attacks, you should identify accounts capable of accessing internal systems and sensitive information and then close the funds that are no longer in use or belong to employees who have since left the company.

You can also invest in tools to monitor the activity of privileged accounts. This will allow you to detect and stop suspicious activities before they cause significant damage. 

Ransomware

Ransomware is a kind of malware that denies you access to files on an infected computer through encryption. Afterward, the attacker asks you to pay a ransom for the decryption key. You risk losing your files if you don't pay the ransom. Once ransomware infects a vulnerable machine on your network, it can spread to other devices.

Spyware

Spyware uses vulnerable software and browsers to collect user information and send it to an unauthorized third party. It is designed to avoid detection and may pass as a legitimate application, email, or website. In this way, it can easily trick you into clicking on a link or downloading a program to gain access to your information.

Spyware is a significant network threat. It can infect the entire network through one machine and convey critical information to the attacker undetected.

CEO Fraud

CEO fraud emails are crafted to look as if they have been sent by your CEO requesting that an urgent payment be sent to a bank account. This email is generally transmitted to someone who can make payments; the recipient's bank account belongs to the cybercriminal. 

Distributed Denial of Service (DDoS Attacks)

Cyber attackers can bring your business to its knees by launching DDoS attacks, which sabotage critical systems such as websites. They achieve this by utilizing so many resources that they overwhelm the procedures, rendering them useless. With the services of a proficient cybersecurity company that can protect and avert these kinds of attacks, you can avoid costly downtime. 

In Conclusion

Cybercrime can cause untold damage to a small business, resulting in a loss of assets and money. While most small businesses lack the resources to avert these attacks, they can work with reputable cybersecurity companies to enhance their security and monitor their systems for malicious activities.