Small Business Cybersecurity Risks To Look Out For In 2024
As we gear up for the final months of 2023, one thing is crystal clear – cyber attackers aren't showing any signs of letting up. From phishing attacks and malware to cyber vandalism and beyond, these online threats have disrupted business operations around the globe and left organizations with significant costs and fines. This year has also seen a rise in Advanced Persistent Threats (APTs), causing even more panic and concern.
Today's cybersecurity threats can have severe consequences, especially for small businesses. The impacts of these attacks can range from lost data and infected IT systems to reputational harm and a loss in revenue. As today's cybercrime affects companies of all sizes, small businesses need to be aware of the top security risks, assess their IT systems for weak points, train their staff, strengthen their security defenses, and create comprehensive response plans.
In this blog post, we'll explore the most prevalent cybersecurity dangers facing small businesses today. By understanding the latest security threats, businesses can take proactive steps to secure their assets and make 2024 a safe and successful year.
Ransomware Attacks
Ransomware attacks are one of the most prevalent cybersecurity threats known today. These attacks occur when malicious software is used to block access to data or computer systems, usually encrypting it. In order for businesses to regain access, they are required to pay a ransom fee to the attacker. If they refuse to pay the fee by a certain date, the ransom price usually increases, or the data can be deleted forever.
According to Zscalar, there was over a 37% increase in ransomware attacks in 2023. The average payment for these attacks exceeded $100,000, with an average $5.3 million payment demand. Unfortunately, there are no signs of ransomware attacks slowing down. As we move into 2024, small businesses will need to take cybersecurity seriously and implement strong measures to protect themselves.
Internet of Things (IoT) Cyber Threats
Internet of Things (IoT) devices are hardware pieces, including gadgets, actuators, machines, sensors, or appliances, that transmit data over the Internet for specific purposes. These devices can be incorporated into medical devices, industrial equipment, mobile devices, and more. Some of the most common reasons businesses choose to use IoT devices include the following:
- The ability to automate various tasks and reduce manual labor.
- They can help businesses reduce costs through increased productivity, reduced energy usage, and proactive maintenance.
- These devices can provide important data to help make informed business decisions.
While these devices have many advantages for businesses of all sizes, their connection to the Internet makes them vulnerable to cyberattacks. For example, cybercriminals may intercept an IoT device's data for ransomware attacks or to steal valuable information. If an IoT device has a camera, online hackers could use this to eavesdrop on businesses or their customers. IoT cyber threats are becoming more common as these devices are increasingly being adopted, meaning businesses need to remain vigilant in protecting their IoT devices.
AI Threats
Artificial intelligence (AI) has really taken off over the last year. More and more businesses are incorporating AI-based technologies to increase efficiency, improve customer service, monitor their networks, and inform business decisions. While businesses use AI for innovation and growth, so too do cybercriminals.
One example of this is FraudGPT, a machine learning chatbot purchased over the dark net that can help cybercriminals deploy phishing attacks. In the past, cybercriminals had to be skilled and experienced to infiltrate a business's assets. Now, with the help of AI, less-experienced hackers can now coordinate attacks.
Human Error
According to a study conducted by the cybersecurity company Tessian and Stanford University Professor Jeff Hancock, 88 percent of all data breaches are a result of employee errors. One common error employees make is by opening phishing emails. Clicking on suspicious links in these emails can lead to downloaded malware, data breaches, and unauthorized access to IT systems.
Another way employees may unknowingly welcome cybercriminals is through weak passwords. Passwords that use names, do not incorporate unique characters, or are used for multiple accounts can be easy for hackers to guess. Once the hacker has figured out your password, they can gain access to employee, business, and customer information.
As cybersecurity attacks become more common and sophisticated, small businesses will need to periodically review their cybersecurity policies and educate their staff on the latest threats. Businesses should also make sure they are regularly updating their software, restricting access controls, and checking the security settings on their devices, applications, and systems.
Supply Chain Compromises and Advanced Persistent Threats (APTs)
Many businesses rely on third-party vendors to help carry out their business operations. These vendors can provide software, hardware, or services that increase business efficiency, streamline operations, and support business growth. While these services are important for smooth business operations, they can also open up vulnerabilities for supply chain attacks and Advanced Persistent Threats (APTs).
Supply chain attacks occur when cybercriminals identify weak links in the software, hardware, or services provided by third-party vendors. Once the vendor has been breached, the cybercriminals can exploit their data or plant malicious code or malware into the software or hardware. If not prevented or caught early, these attacks can have far-reaching consequences.
For example, in March of 2023, a supply chain attack targeted the 3CX Desktop App, a phone application used by over 600,000 organizations across the globe. This attack planted information-stealing malware into their customers' corporate networks. As a result, operations were disrupted across the world.
APTs are another form of cyberattack that commonly targets third-party vendors. These attacks are carried out by skilled and well-funded cybercriminals or organized crime groups. They are often sophisticated and can even take place over months or years. To avoid such attacks, businesses need to thoroughly vet their third-party vendors to make sure they follow the latest cybersecurity best practices.
Insufficient Budgeting for Cybersecurity
While cybersecurity has become more important in recent years, many businesses still do not take it seriously or allocate the funds needed to protect themselves. Small businesses, especially, may think that cybercrime only happens to large organizations. Those who do prioritize cybersecurity may not have the funds or expertise to employ advanced cybersecurity measures.
To ward off cyber attacks, small businesses will need to access their IT systems, employee practices, and relationships with third-party vendors for any vulnerabilities. Working with a reliable managed IT services provider can offer valuable guidance for small businesses looking to enhance their cybersecurity posture. These providers can help identify vulnerabilities, implement affordable cybersecurity solutions, and provide ongoing maintenance.
Shortage of Cybersecurity Expertise
As the demand for skilled cybersecurity professionals continues to grow, many organizations are struggling to fill important positions. According to Cybersecurity Ventures, around 3.5 million cybersecurity jobs remain unfilled in 2023. Over 700,000 of those positions are just in the United States alone.
Without the proper expertise, businesses open themselves up to a variety of online threats, such as data breaches, malware, ransomware attacks, and other cybercrime. The impacts of these events on small businesses can be catastrophic, leading to compromised data and software, operational downtime, lost customers, and significant expenses.
Businesses looking to fill critical IT positions should be proactive in their search. Offering competitive benefits, salaries, and training opportunities can help set themselves up for attracting qualified candidates. Partnering with educational institutions can also set businesses up for a pipeline of skilled professionals.
Conclusion
Cybercrime continues to rise and become more advanced each year, making 2024 no exception. To protect their assets and reputation, small and large businesses alike will need to prioritize cybersecurity in the upcoming year. Those who fail to implement stringent cybersecurity measures may fall victim to financial losses, legal fines, halted business operations, and reputational harm.
Prescient Solutions has over 27 years of experience helping businesses in the Chicago and Milwaukee areas stay ahead of the latest digital threats and protect their online presence. From cybersecurity assessments and data protection to employee training and 24/7 monitoring, our team employs the latest cybersecurity practices and offers affordable IT solutions to help small businesses thrive in the digital age.
To access your business' cybersecurity posture and strengthen your defenses, contact our team today.