Advances in technology have made it easier for Small and Midsized Businesses (SMBs) to provide services to their clients as the use of the internet and devices such as smartphones, social media, cloud services and email make it easy to be efficient.
Unfortunately the risks involved with using these services and devices make SMBs easy targets for cybercriminals as they know that the SMBs do not have the systems and security in place to resist cyber attacks.
Apart from the inconvenience that cybercrimes bring to the people who are attacked, a study done by the Ponemon Institute found that the costs involved with cybercrimes are a lot larger for SMBs than those incurred by larger corporations.
SEC and FINRA have started examining whether or not SMBs have any security systems in place to minimize their risk of being attacked as well as following good practices to ensure that their information is kept safe at all times. It is extremely important for SMBs to have good cyber security measures in place which are followed on a regular basis.
There are a variety of cybercrime threats out in the ever changing world of cyber space, but with the right security measures in place SMBs have the confidence that their information is safe and they will not have to spend hours and large amounts of money fixing the damage that the cybercriminal caused.
You may wonder why anyone would be interested in the information you have stored on your devices which connect to the internet, or what threats there are out there. Below is a list of the most common types of threat.
Common Cyber Threats
Although there are many different types of cyber threats, they will always fall into one of four main categories. The four main categories are crime, hacktivism, espionage and war.
Criminal – A criminal attack is where the cyber criminal will attack your devices and web presence for information, fraud or extortion. The criminals benefit from these attacks and are always on the prowl for new companies to exploit and new methods to utilize.
Hacktivism – This is when the cyber criminal uses the web presence of the small business to make a statement. Usually this type of cybercrime involves defacing your website or shutting down the website completely, it is disruptive in nature and poses a risk to the reputation of the company that is attacked.
Espionage – SMBs that are involved with larger organizations could be used as a gateway to access the larger organization. The cybercrime of espionage are normally run by nations to cripple the economy of another nation, they are also very well organized.
War – Utilized by the same cybercriminals but instead of stealing information their purpose is to destroy and damage the information.
As a small business you are at risk for any of the above crimes, which cause damage to your reputation and business information.
It is expensive and time consuming to rectify the damage left by the cyber criminal. The good news is that with the right security measures in place you minimize your risk and lower your costs for repairing damage if you do fall victim to a cyber attack.