Hackers are now paying more attention to small and medium-sized businesses when it comes to cybersecurity threats. According to the 2021 Data Breach Investigations Report released by Verizon, out of all cyberattacks, over 40% of them are targeted at small businesses across the globe. The reason is that many SMBs do not usually have the security and infrastructure of bigger business enterprises. Some may even lack the internal expertise to temporarily detect and respond to cyber threats.
However, protecting businesses from cyber threats doesn’t require a full-scale IT department or a bottomless budget. It starts with understanding what you’re up against—and putting the proper safeguards in place.
Why Are SMBs Frequent Targets of Cyberattacks?
Small and mid-sized businesses might not even remotely follow in multinationals’ footsteps. However, from an attacker’s perspective, SMBs are comparable in value. In this case, many SMBs operate with not much of an IT team, have outdated systems, and have little to no security training. In most cases, even standard security holes such as weak passwords, unpatched software, or wrongly configured cloud settings can create opportunities where attackers breach the network.
SMBs today rely on digital platforms, third-party vendors, and tools for working from home. This makes it easier for hackers to get into these businesses than ever before. Without proper monitoring and controls, these everyday technologies can become entry points for serious breaches. The good news? By recognizing the most common cybersecurity threats for SMBs, businesses can take meaningful steps to reduce risk and strengthen their defenses.
The Most Common Threats SMBs Need to Watch For
No two attacks are exactly the same, but many of them follow predictable patterns. Threat actors tend to rely on familiar tactics because, quite simply, they work, especially against underprepared organizations. Below are some of the most frequent cybersecurity threats for SMBs, along with practical strategies you can use to mitigate risk and strengthen your overall IT security for business.
Phishing: Still the Easiest Way In
Phishing emails, those fake emails appearing to come from a reputable source, are laid traps for employees to click on malicious URL links or divulge confidential information. A successful phishing attack ultimately leads to stolen credentials, resulting in unauthorized system access and, in many cases, ransomware installation.
To reduce the likelihood, implement strong email security filters to identify suspicious domains and false sender addresses. Regular training encourages employees to notice such red flags in emails. At the same time, multi-factor authentication (MFA) enforcement aims to ensure that stolen user credentials cannot be used without yet another level of protection.
Ransomware: Lock and Pay
Ransomware continues to affect most industries today. Ransomware attacks encrypt an organization’s files and demand ransom payments, usually in cryptocurrency, to allow the organization to regain access to its files. SMEs often fall victim to name attacks due to their weaker defenses. According to IBM’s 2023 Cost of a Data Breach Report, the average ransomware attack cost is now, $5.13 million and a ransom will not even have to be paid.
Mitigation for ransomware involves being more proactive. It should be backed up offline regularly to recover from nasty ransomware traps without paying the ransom. Keeping systems and apps up to date with the latest patches would also help close security holes. Using endpoint detection and response (EDR) tools could also help find and stop malicious activity before it gets encrypted.
Weak Password Practices
Poor password hygiene continues to be a silent but deadly threat to IT security for businesses in general. Reusing or weakly guessed passwords leads to brute-force attacks, credential stuffing, and account takeovers. One hacked password can provide guests with access to much of the user’s account and heritage across multiple platforms and services.
A strong defense starts with a strong password. Simple yet powerful first steps enforced by requiring a mix of characters and minimum lengths are the policies. Encouraging password managers will remove risky reuse habits and enable MFA, significantly reducing unauthorized access to systems in case of a compromised password.
Unpatched Software and Systems
Cybercriminals actively search for known vulnerabilities in outdated software. You effectively leave your front door wide open without regularly patching your software. From firewalls to operating systems to third-party plugins, any unpatched component potentially serves as a way in.
Organizations should employ automated patch management routines to capture critical updates as they are released. Establishing real-time inventories of software and hardware assets is crucial for maintaining records. Frequent audits of all technology, including firmware and cloud-based tools, are essential to close off vulnerabilities before they’re exploited.
Insider Threats—Accidental or Malicious
Not all threats come from outside the organization. Occasionally, careless or disgruntled employees expose sensitive information or compromise systems on purpose. Incidents of such sources within an organization are typically characterized as mishandling data, misconfiguring access permission, or even leaking customer information.
The principle of least privilege can always minimize insider risk by limiting access to those who need to know. Such unusual behavior will include downloading large files or accessing the network after hours, going to flag. In addition, it is good practice to revoke access and conduct audits immediately after an employee exits the organization.
Shadow IT: The Risks You Don’t See
“Shadow IT” has become a term for some employees using unsanctioned or unapproved software and cloud services to get their work done. While these tools provide convenience, most do not get security oversight, which can expose your business to more cybersecurity risks. Shadow IT decreases visibility and makes work much harder for IT teams that want to secure the entire environment.
Encouraging employees to share their preferred tools and providing them with approved, secure alternatives may lessen the temptation to go rogue. In the meantime, raising awareness of the risks that unauthorized apps pose will help educate the staff. Network monitoring tools can trace suspicious applications early before they become a liability.
Supply Chain Attacks
As an SMB becomes reliant on vendors and third-party tools, it becomes vulnerable to supply chain compromises. Hackers target service providers to gain an indirect foothold in your environment.
Perform security evaluations on all third-party vendors and demand appropriate data protection clauses. Limit their access to only what is necessary for them to do. Other mitigation measures include reviewing these access rights regularly and deleting accounts that are no longer used.
Securing Your Business Before It’s Too Late
Small businesses cannot afford to brush aside any risk regarding cybersecurity threats. And even if an SMB doesn’t have an enterprise budget, it can surely build a strong defense by focusing on essential IT security for business: strong policies, layered defense, and repeat employee education.
Cybercrime does not wait. Your reaction should not wait, either.
Protect What You’ve Built—with Safebox Technology
At Safebox Technology, we don’t overburden small and medium-sized businesses while they contemplate their cybersecurity options. From sophisticated endpoint protection to security audits and 24/7 monitoring, we streamline scalable solutions in terms of practices that apply to growing businesses such as yours. We are here to help, whether cyber threats targeting SMBs have affected you or you wish to strengthen your resilience.
Let us discuss how to reinforce your defenses, barring an attack, and deciding that for you.
