Why Cybercriminals Target Small Businesses and How to Protect Your Company

It may seem unusual that cybercriminals often target small and medium-sized businesses. Wouldn’t stealing confidential information from a large corporation be more lucrative? Even if that might be the case, many threat actors focus on what information they can steal. Part of why cybercriminals target small enterprises is that they tend to lack the cybersecurity measures of larger organizations.

The right approach to cybersecurity can help defend your company against cybercriminals. Discover how to protect your business from cybercriminals with IT services from Tekie Geek, serving businesses in New York and New Jersey.

Why Small Businesses Are the Perfect Target

The research is staggering. According to one report, 90% of security breaches target small businesses globally, and  48% of small and mid-sized enterprises worldwide claim they have experienced a cybersecurity incident within the past year. In the U.S., 73% of small businesses reported a cyber attack in 2023.

This begs the question – what puts the target on the backs of small businesses? Some reasons include:

Many Small Businesses Think Cybercriminals Will Ignore Them

Some small businesses may not realize how significant the threat is to their organization, and many small businesses do not properly safeguard their data. An article from Security Magazine discusses a study that found 47% of businesses with 50 employees or fewer do not have a cybersecurity budget. Some small business owners mistakenly believe their company isn’t significant enough to be the target of an attack. This is far from the case, as the research above indicates. Still, this belief can prevent a business from having a genuine solution to cybersecurity. It’s not until an incident occurs and the damage is done that the need for cybersecurity becomes all too real.

Not Enough Resources for Proper Cybersecurity

Neglecting cybersecurity isn’t always due to a false assumption about a company’s level of risk. Sometimes, even those small businesses that understand their risk don’t strengthen their cybersecurity efforts because of limited resources. These organizations lack the budget and expertise to devise and implement effective policies. They might have outdated systems in place but not enough resources to update them to meet today’s standards. Limited budgets not only don’t allow for the right technology but also prevent businesses from investing in cybersecurity training for employees.

Without the resources to maintain meaningful cybersecurity, small businesses leave vulnerabilities unprotected that threat actors may exploit. Knowing that these companies lack the resources to safeguard their networks and systems, cybercriminals recognize their chance for success is greater.

Increased Threat in Remote/Hybrid Work Environments

Although remote and hybrid work models were in place before the COVID-19 pandemic, this public health crisis helped make them more widespread. With employees working from various locations and potentially using personal devices to conduct work tasks, this opened the door to new cybersecurity risks. Small businesses may not be equipped to handle these risks, creating more vulnerabilities.  

Errors Caused by Lack of Cybersecurity Knowledge

One of the most common causes of data breaches in small businesses might be surprising. Although organizations face an ever-increasing number of cyberattacks, from ransomware to phishing to denial-of-service, it’s human error that often causes problems.

As mentioned, many small businesses lack the resources to properly train employees in cybersecurity best practices. These employees can be more susceptible to social engineering scams and other cyberattacks. They might use weak credentials, which are easier for threat actors to exploit. They might share information with coworkers without factoring in security, potentially causing a data breach.

Businesses also want to be aware of the deliberate risk insider threat actors pose. These are cyberattacks perpetrated by employees or partners with malicious intent. However, in many cases, it’s an innocent error by a well-meaning team member that has significant implications.

Steps to Protect Your Business From Cybercriminals

Developing and implementing effective cybersecurity measures is essential for any organization. It’s even more important for small businesses, given trends in cybercriminal behavior. Help prevent cyberattacks with the following tips:

Understand Your Cybersecurity Needs

First, identify what your business needs to ensure effective cybersecurity. If you have measures in place, review them for weak areas. This step provides a starting point for creating a more intentional cybersecurity plan.

Invest in Data Protection Strategies

Safeguarding sensitive data from breaches is a crucial step in promoting better cybersecurity. Data breaches not only create significant losses for your company but can land you in legal trouble due to regulations regarding data privacy. Also, the reputational damage that might follow can ruin your business.

You only want those employees who need to use certain data for work tasks to access it. There’s no reason for team members who never use this data to access it. This creates unnecessary risk. So, develop access controls based on employee needs and the sensitivity of information.

Techniques like data encryption and multi-factor authentication add additional layers of protection. In case cybercriminals gain unauthorized access, these measures can still prevent exposing sensitive data. Other strategies include regular data backups, which can keep you from losing information after a disaster, plus segmenting networks, which protect other sections of your network if one segment is compromised.

Train Employees in Cybersecurity Best Practices

Ongoing training ensures teams stay on top of the ever-evolving threat landscape. Training should involve educating employees about different types of cyberattacks and their impact, plus practices to ensure a more secure infrastructure. Key topics include creating strong passwords and steps for storing and deleting files, among others.

Update Security Technology

If you have security technology in place, assess its ability to meet today’s cybersecurity needs. If you haven’t updated software in a while, check for updates and implement a schedule to ensure regular updates. Cybercrime has evolved alongside cybersecurity, so traditional approaches are less effective than they once were. You want technology that not only helps prevent attacks as they occur but works proactively to identify potential threats before they impact your networks and systems. You also want technology that enables proper threat response and assures business continuity when attacks are successful.

Navigate Cybersecurity Threats With Managed IT

Awareness of your cybersecurity risk and the proper measures to protect against these risks can help your small business be proactive against cybercriminals. Yet, staying on top of the ever-changing cybersecurity landscape is challenging, especially for small and medium-sized businesses that might lack IT expertise and resources. That’s why so many small and mid-sized organizations in New Jersey and New York trust Tekie Geek for managed IT and other services.

Our diverse team of IT superheroes not only helps you with day-to-day IT tasks like network management and system maintenance. We also offer risk assessments, threat hunting, and employee training for better cybersecurity.

Contact us to learn more about our IT services and how we can serve your business.