Intro
Before we begin, we would like to thank you for taking the time to read our blog and giving us the honor to serve you.
In an era where digital footprints (your data and your customers' data) are as critical as physical ones, small businesses find themselves navigating through a tangled web of data privacy and cyber threats. Our clients consistently hear the danger of cyber-attacks and the huge impact of the attacks on the businesses, and yet, businesses are drowning in data and information about the attacks yet starving for wisdom on what to do and how. The stakes are now higher than 2023 (our last blog discussed the increase year over year on attacks and their success rate). As technology evolves, so do the complexities and sophistication of cyber-attacks.
As we delve into the top 5 concerns that small businesses face in this cyber age, we uncover the vulnerabilities but also the resilience that defines the spirit of entrepreneurship. From the data breaches to the phishing scams, these concerns highlight a crucial narrative: the need for robust, proactive measures in safeguarding the lifeblood of any small business—their data.
Join us as we explore these critical concerns, armed with insights and strategies to fortify your digital defenses. This is more than just a discussion; it's a call to action for small businesses everywhere to rise and shield themselves against the invisible threats of the cyber world.
The top 5 from our optics
Ransomwares today, compared to years before
Ransomware typically takes a victim's data hostage by encrypting it, denying access until a ransom is fulfilled.
Ransomwares are now adopting to be able to survive some of the more sophisticated safeguards.
As an example, in April 2023, a group known as SCATTERED SPIDER started using a harmful computer program called Alphv ransomware, which was originally developed by another group named ALPHA SPIDER. Before this, SCATTERED SPIDER made money by breaking into computer systems to sell personal information, perform fraudulent SIM card exchanges, and steal digital money (like Bitcoin). By choosing to use ransomware, which locks up a company's files until they pay money to get them back, SCATTERED SPIDER has changed who they target. In 2023, their attacks mainly fell into two categories: scouting out potential targets or directly trying to make money from them. They often looked into companies that handle outsourced business processes, customer service, tech, and telecommunications to find useful information they could later use or sell. SCATTERED SPIDER's targets for making money are much wider, including big companies in the U.S. that make a lot of money, especially those among the Fortune 500. They've also increasingly targeted financial service companies in North America in the latter half of 2023.
Internal Security Risk(s):
Internal security risks arise when someone within your organization, such as an employee or contractor with access to confidential data, accidentally or intentionally discloses it.
Smaller organizations might be more at risk of such threats if they have inadequate security measures or fail to conduct thorough background checks on their personnel. This highlights the importance of Vendor Risk Management as well.
Data Breach and Loss:
When sensitive information, such as customer data, employee data or other critical data, is accessed and stolen by hackers. A data breach can lead to significant financial losses and damage to the business's reputation.
Phishing Scams:
Where fraudulent emails or messages are sent pretending to be from reputable companies (for instance, an email from an executive to an employee) to induce individuals to reveal personal information, make certain payments, gift cards, etc. are a constant concern. Small businesses often lack the training and resources to effectively educate their employees on recognizing these scams.
Lack of Information Security/Cybersecurity capabilities:
Small businesses often operate with limited budgets and may not have the financial resources to invest in training their users on Information Security topics, advanced cybersecurity technologies or professional cybersecurity personnel. This makes them more vulnerable to cyber-attacks compared to larger organizations with more resources.
What to do
Implement proper EDR solution(s)
Implement proper alerting so the detected events/signals are immediately acted upon.
Do not rely solely on staff to carry the prevention tasks. Ideally majority of the prevention should be carried out automatically, and your technology provider and/or IT/InfoSec staff should focus on post-mortem activities related to the event.
Implement strict controls on access, consistently monitor network actions, and offer ongoing security education for all staff members.
At TodiTech, we also recommend conducting audits with varying frequencies of ALL access entries to critical systems of our clients to clean up any excess access that may have been left untouched.
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