Have you felt more secure from cyberattacks because you have a smaller business? Maybe you thought that you couldn’t possibly have anything that a hacker could want? Didn’t think they even knew about your small business.

Well, a new report from the cyber-security firm, Barracuda Networks, debunks this myth. Their report analyzed millions of emails across thousands of organizations. It found that small companies have a lot to worry about when it comes to their IT security.

Barracuda Networks defines a small business as a company with less than 100 employees. They found that employees at small companies saw 350% more social engineering attacks than those at larger ones. This puts small businesses at a higher risk of falling victim to a cyberattack.

We’ll explore why below.

Why Are Smaller Companies Targeted More?

There are many reasons why hackers see small businesses as low-hanging fruit and why they are becoming larger targets of hackers out to score a quick illicit buck.

Small Companies Tend to Spend Less on Cybersecurity

When you’re running a small business, it’s often a juggling act of where to prioritize your cash. You may know cybersecurity is important, but it may not be at the top of your list. So, at the end of the month, cash runs out, and it’s moved to the “next month” wish

list of expenditures.

Small business leaders often don’t spend as much as they should on their IT security. They may buy an antivirus program and think that’s enough to cover them. But with the expansion of technology to the cloud, that’s just one small layer. You need several more for adequate security.

Hackers know all this and see small businesses as an easier target. They can do much less work to get a payout than they would trying to hack into an enterprise corporation.

Every Business Has “Hack-Worthy” Resources

Every business, even a 1-person shop, has data that’s worth scoring for a hacker. Credit card numbers, SSNs, tax ID numbers, and email addresses are all valuable.

Cyber-criminals can sell these on the Dark Web. From there, other criminals use them for identity theft.

Here are some of the data that hackers will go after:

• Customer records
• Employee records
• Bank account information
• Emails and passwords
• Payment card details

Small Businesses Can Provide Entry Into Larger Ones

If a hacker can breach the network of a small business, they can often make a larger

score. Many smaller companies provide services to larger companies including digital

marketing, website management, accounting, and more. Vendors are often digitally

connected to their client’s systems.

This type of relationship can enable a multi-company breach. While hackers don’t

need that connection to hack you, it is a nice bonus.

Small Business Owners Are Often Unprepared for Ransomware

Ransomware has been one of the fastest-growing cyberattacks of the last decade. So far in 2022, over 71% of surveyed organizations experienced ransomware attacks.

The percentage of victims that pay the ransom to attackers has also been increasing. Now, an average of 63% of companies pay the attacker money in hopes of getting a key to decrypt the ransomware.

Contact us today at 716-373-4467 x 115 or info@databranch.com to see what options we have available to enhance your businesses security.