In the past, being a small business meant that you weren’t likely to become targeted by hackers because back then they would only go for the larger targets. Those days are gone now that hackers will try to perform a data breach on any company that is vulnerable to one. To make matters worse, studies have shown that more than 60% of small businesses close down within six months of being made victim to a data breach, as a serious security lapse can cause significant loss of revenue and reputation. Luckily, there are plenty of measures small business owners can take to protect the cybersecurity of their company, and taking action is much easier when you know the top four threats to look out for:
1. Spyware: According to Panda Security, spyware is one of the biggest threats to small businesses. As the name implies, this type of malware is literally designed to spy on your computing and online activities. This includes key loggers, which can keep track of every key you type and forward a log of keystrokes to the hacker. Obviously, having a hacker spy on your business operations is not something you want to happen, hence this being the top threat on the list.
Spyware can creep its way onto one machine in your network and then spread through the local network to other machines. If the hacker is able to obtain administrative usernames and passwords, they could gain access to sensitive personal and financial data like names, addresses, phone numbers, credit card numbers, and even the login credentials for your online banking and website administration interfaces.
2. Ransomware: Ransomware is an interesting type of malware that hackers have used to extort money from intimidated and unprepared small businesses. Basically, it’s a virus that hides all of your data in an encrypted folder and then charges you money for the decryption key. Oftentimes, the amount asked for is relatively affordable, so most business owners are pressured into paying for the key to get their company files back because they don’t want to deal with the hassle. In other cases, the amount asked for will be a large sum (usually when the hacker is targeting a larger business), and even in many of these cases the affected company still has to pay for the key.
Because of how advanced today’s encryption technologies are, it can be extremely difficult to regain access without paying the hackers the requested funds, and they can literally ask for any amount they want. Case in point, MetStar, an organization that runs 10 hospitals throughout Baltimore and Washington, was recently forced to pay about $18,500 to regain access to its own data after being infiltrated by SAMSAM ransomware.
3. Operating System and Software Vulnerabilities: Many hackers will manually hack into a network by exploiting loopholes and security lapses in an operating system or software. This is why developers are constantly providing security updates to address vulnerabilities that could allow hackers to spy on or control a software or OS. For this reason, it is imperative that small businesses keep all of their programs and devices up-to-date at all times.
Machines loaded with outdated operating systems and browsers could allow a hacker to freely access your files and intercept online communications. Likewise, it’s also important to make sure your antivirus and firewall software are set to update automatically.
4. Compromised Cloud Computing: A lot of businesses use cloud storage and collaboration services to enhance their workflow. While this might be ideal from a productivity standpoint, from a security standpoint cloud computing could be making your data vulnerable.
Hackers frequently target cloud services because their servers hold a tremendous amount of data, and the more data a breach can deliver, the more valuable it is to the hacker. Hackers can also use spyware to gain access to your cloud credentials, hack into your cloud interfaces, and/or manipulate your APIs operating in the cloud.
How to Protect Yourself from All of the Above: The 4 threats discussed above might seem like a difficult gauntlet for the average business owner to keep track of without the assistance of an IT department, and indeed that is why many corporations invest in IT specialists. However, not many small businesses are fortunate enough to have an IT department with IT specialist. If you are one of those small business needing an IT specialist, Yarnell Consulting is here to help you protect your business.