Why Hackers Target Small Businesses

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Why Hackers Target Small Businesses

Why Hackers Target Small Businesses

A lot of small businesses think that they don’t have anything of value that hackers would be interested in. However, hackers target small businesses often for credit card information, authentication data, social security numbers, or any information they can use for identity theft, fraud, or even to sell to the highest bidder on the dark net.

The size of a company is irrelevant to whether or not it can fall victim to a cyberattack. SMBs can have a false sense of security which is a dangerous mentality that makes them prime targets for phishing, malware, and ransomware attacks. Hackers target small businesses because they think they don’t have to work as hard to gain the information they want from small businesses because they assume SMBs don’t focus enough attention or money on their cybersecurity plan.

Hackers target small businesses because they think they don’t have to work as hard to gain the information they want from small businesses.

There are an average of 2,200 cyberattacks each day. Small businesses make up 43% of all cyberattacks each year totaling a cost of $145 million in reparations. SMBs can lose 8.6% of their overall value after a cyberattack, that’s IF they recover at all. 60% of small businesses that suffer a cyberattack go out of business within six months.

Small businesses work on a small budget and sometimes struggle just to keep the doors open, so cybersecurity costs take a back seat. However, SMBs are three times more likely to be the victim of a cyberattack if they have under 250 employees. Hackers look for specific attributes in a small business that make it easy for them to get what they want.

5 Reasons why hackers target small businesses

1. Weaker Cybersecurity

If small businesses don’t have strong cybersecurity, it can make them vulnerable to attacks. Cybercriminals know this and target SMBs for that reason alone. Weak cybersecurity is simple for a cybercriminal to hack, which means it’s easier for them to gain financial information or proprietary data.

2. Fewer Employees

Hackers target small businesses with few employees because that means there are fewer people looking for cyberattacks within the business. Larger organizations usually have an IT staff that specifically looks for suspicious activity within their network but small businesses may not be able to afford that.

3. Smaller Budget

Small businesses usually have a small budget. This means they simply don’t have the resources to protect their business from cyberattacks. In order for a SMB to remain functional and live to operate another day, they have to watch their funds closely, but if they don’t prioritize cybersecurity within their budget are leaving themselves vulnerable. Not having the money to update hardware and software necessary for business operations is another red flag that cybercriminals look for in their targets.

4. Small Hacks Can Go Unnoticed

Without a dedicated IT team, small cyberattacks can go unnoticed for long periods of time. It takes about 146 days just to detect a cyberattack and by that time, the damage is done. Malware could have been on their server for months collecting data without anyone in the organization realizing it. Depending on how intricate the cyberattack was, some small businesses can’t come back from it at all.

5. Gateway to Larger Organizations

SMBs often partner with larger organizations to gain publicity, more customers, and essentially more money. Cybercriminals often target small businesses that are virtually connected with larger enterprises to infiltrate them for a larger payout. SMBs that partner with other companies should definitely pay attention to cybersecurity to protect not only themselves but the business they’re partnered with.

It’s a fact that hackers target small businesses, but here are 3 things you can do to protect your company.

1. Take Precautions

Basic precautions need to be taken to protect keep your business from being hacked. Every company, no matter the size, needs to have the appropriate firewalls and virus protection software. Backing up business data on a daily basis is extremely important too.

2. Educate Employees

All staff members need to know how to recognize a phishing attack so they aren’t responsible for allowing hackers into the company network. Also, make sure all employees are using 2FA, creating strong passwords, and being vigilant about what connections they use on office computers.

3. Managed IT Services

Many SMBs don’t know how to fully protect their company or they don’t have the money and resources to do so. WTS offers Managed IT Services with cybersecurity solutions that can help small businesses protect themselves from the costs of cybercrime. Instead of paying a ransom for their company’s data back, they can pay a flat-rate monthly fee and let WTS handle their cybersecurity for them.

Want to learn more? Let’s talk. Contact our team at 843-236-6436.

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