Top Cybersecurity Threats to Protect Your SMB From

Internet connectivity is essential to success, but it also exposes organizations to malicious attacks. That’s why cybersecurity is a primary concern for big and small businesses alike, regardless of industry. Business owners, executives, and entrepreneurs need to know the top cybersecurity threats that plague businesses today in order to defend against them.

Table of Contents

Top 6 Cybersecurity Threats

To protect your business from cyber threats, you must know what you’re up against. Here are the top cybersecurity threats to businesses today.

1. Malware

Malware isn’t a new threat, but hackers’ methods to breach and infect IT systems are becoming more sophisticated. Malware is essentially software explicitly created to wreak havoc on a system. It can:

  • Encrypt or over-encrypt your data and restrict access to it (ransomware).
  • Hold data hostage in exchange for ransom (ransomware).
  • Copy, steal, and delete data.
  • Record and transmit information about a business’s activities without detecting (spyware).
  • Disrupt processes and render programs unusable (viruses and worms).

Spam emails and unsolicited SMS remain the most common methods for deploying malware. Hackers can also exploit unsecured devices like mobile phones and personal laptops connected to business networks, particularly through employees they target directly.

While these tactics are standard, the scale and sophistication of malware attacks surged during the pandemic, introducing new and more dangerous threats. One example was the hacking of Solar Winds.

Solar Winds is the creator of Orion, a network management software with thousands of users in the US. Hackers breached the company and took advantage of Orion’s routine update to insert malicious code into the program.

Customers, trusting that the software update is legitimate, downloaded and deployed it and unknowingly exposed their networks to the Russian hacker group behind the attack.  

Ransomware also merits a special mention because of its potential to end a business.

High-profile incidents in 2020 and 2021 alone showed how much power ransomware hackers have over companies relying on Internet systems to keep their businesses running.

JBS, a Brazilian meatpacking company and one of the biggest US meat suppliers paid hackers $11 million after a ransomware attack crippled its operations in five US-based plants and businesses in Australia and UK. 

Brenntag, a German chemical distribution company, paid hackers $4.4 million – negotiated from $7.5 million – in exchange for releasing 150 gigabytes of data in May 2021.

CWT, a global travel management firm, paid $4.5 million in July 2020 after hackers knocked out 30,000 of the company’s computers and held hostage sensitive information of its clients, many of which are S&P 500 companies.

When successful, malware attacks can cause lengthy downtimes translating to unproductive, unprofitable hours. In worst-case scenarios, they damage hardware and physical infrastructure, risking employees’ and customers’ safety. 

2. Denial of Service (DoS) and Distributed Denial of Service (DDoS)

Denial of service disrupts IT systems or networks by flooding them with requests so they cannot respond to legitimate users. When more than one piece of equipment or source launches a coordinated attack, it becomes a distributed denial of service.

Skilled hackers with access to a ‘botnet’—a network of hijacked devices across various regions—can launch large-scale DoS or DDoS attacks, flooding networks with millions of requests to overwhelm and disable them.

It’s uncommon for hackers to only aim at taking systems offline. If your network suffers a DoS/DDoS attack, be prepared for a follow-up while your defenses are compromised. Hackers often use the downtime to access sensitive data or launch more severe attacks.

3. Machine-in-the-Middle Attacks

This hacking method uses malware to interrupt communications between visitors and networks. Essentially, hackers are the “machine in the middle” listening to conversations, sifting through exchanged data, and possibly manipulating the information that gets through to the recipient.

If undetected, hackers can obtain customer information and sensitive business data. These attacks can happen when customers or employees log into a business network via unsecured public WiFi.

4. Social Engineering Attacks

Social engineering is a manipulative attack that plays on emotions and exploits oversight to steal data, access a network or sabotage a business by damaging its IT infrastructure.

Phishing is a prime example of social engineering. Successful attacks can lead to massive financial losses, a damaged reputation, and expensive lawsuits from compromised customers and business partners.

Phishing Cheat Sheet Checklist Mockup

Strengthen your organization’s defenses against advanced cyberattacks, like ransomware, by elevating phishing awareness with these expert tips and actionable insights. 

Hackers fool victims into disclosing sensitive information or providing access to restricted systems. They may pose as an authoritative figure and persuade victims to download and install malware-ridden software or click on an infected website. 

However, given the increasing awareness of these phishing tactics, hackers are exploring new methods to fool victims. Attaching malware to PDF files, for example, is an effective strategy against businesses because most people associate PDF files with business matters.

Another method is impersonating family members and friends on social media, then asking the unsuspecting victims for money or personal information. 

5. SQL Insertion

SQL insertion takes advantage of websites with low cybersecurity that offer web forms for users to submit data or log in to an account. Ideally, web forms screen the information typed into the fields – like usernames and passwords – and would only accept or grant user access if the data has a match in their database.

If web forms have poor screening capabilities, hackers can enter additional information – strings of malicious code – to obtain classified information or carry out unsanctioned activities.

5. Credential Stuffing

Credential stuffing is a strategy that often works on larger companies with a high turnover rate and poor password hygiene. This method uses known usernames and passwords to breach an IT system with the premise that people use the same usernames and passwords for different accounts.

Should hackers get hold of their credentials, they can breach the system long enough to deploy a more damaging form of cyberattack. Credential stuffing can also succeed if a company fails to deactivate or restrict access to former employees’ accounts. 

Hackers can obtain login credentials using any or all of the abovementioned strategies. Undetected credential stuffing could give hackers limitless and lifelong access to business systems and data, so businesses must take preventive measures against it. 

Consider investing in managed cybersecurity services that offer protection against these six top cybersecurity threats. You’ll get access to a team of cybersecurity experts whose sole focus is to monitor your systems, install various types of cybersecurity infrastructures, recommend relevant protocols, and immediately implement crisis management SOPs in the event of a breach.   

Understanding Hackers to Help Protect Your Business

“The best offense is a good defense” is a famous phrase in sports. It also applies to cybersecurity. If you know what hackers want to get from your business, you’ll know what types of cyber security measures to implement.

Most hackers are motivated by the following factors.

Money

The high-profile ransomware attacks in 2020 and 2021 prove that hacking groups are motivated by money. Targeting large corporations can result in a large payout, which hackers may find worth the risk of getting caught.

The COVID-19 pandemic fueled money-motivated hackers further. Many businesses were forced to enter the digital realm as quickly as possible with only the most basic defenses against cyber threats. These small and medium businesses (SMBs) became ripe targets for hackers worldwide.  

Activism

Some hackers have strong views on major social, political, and religious issues. They feel that the only way for decision-makers to hear their voices is through “hacktivisim.”

They target official websites of government agencies, businesses, individuals, and private organizations they believe are guilty of injustices and expose them to the public’s judgment.

Robin Hood Complex

Grey hat hackers are skilled individuals who hack into security systems without permission. They straddle the gray area between all-out malicious hacking and white hat hacking, which involves sanctioned tests on cybersecurity infrastructure. If successful, they report their findings to the software developers or vulnerable organizations for a fee.

Fun and Curiosity

Individuals whose skills range from low to medium hack for leisure or curiosity. For some, breaking into high-profile cybersecurity infrastructures is a heady victory they flaunt to fellow hackers. Others may use their hacking skills as a form of recreation. 

With these motivations and methods, you’ll know that your cybersecurity should provide ample protection against DoS/DDoS attacks, SQL injections, and malware. You must also implement a strict password hygiene policy and update user permissions whenever someone leaves the company. 

Defending Against Cyber Threats

These cybersecurity threat examples are out of your control, but you can protect your business by taking proactive measures.

Outsourcing Cybersecurity

No business is completely safe from cyberattacks. Large corporations invest heavily in cybersecurity because a single breach can cost millions. SMBs face similar risks, but with tighter budgets and limited resources.

For SMBs, outsourcing cybersecurity may be the best option. Managed cybersecurity services offer 24/7 protection without the high costs of in-house teams. Providers can also host your firewalls via secure cloud services, reducing infrastructure needs. With expert teams monitoring and managing your systems, your business is better protected from top cybersecurity threats.

Implementing a Robust Cybersecurity Strategy

Another option is to ensure your business has the foundational cybersecurity measures in place to defend against cyber threats like these. Use this expert cybersecurity strategy to protect your organization.

Cybersecurity Essentials for Small Businesses eBook icon

Discover 16 essential cybersecurity controls your small business needs to reduce risk and avoid costly damages associated with a cyberattack. 

Defending Against Cyber Threats

Future-proofing a business is tricky, but it is possible with Teal. We can provide managed cybersecurity solutions that address the top cybersecurity threats companies face today. More importantly, we offer proactive support that anticipates the ever-changing cybersecurity landscape. Call (833) 367-8325 or fill out our contact form today to book a consultation.

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