Small Businesses Are Attacked by Hackers 3x More than Larger Ones

Have you felt more secure from cyber-attacks 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 businesses.

Well, a new report by cybersecurity firm Barracuda Networks debunks this myth. Their report analysed 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 found something alarming. Employees at small companies saw 350% more social engineering attacks than those at larger ones. It defines a small company as one with less than 100 employees. This puts small businesses at a higher risk of falling victim to a cyber-attack. 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 small businesses, it’s often a juggling act of where to prioritise 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. Cybercriminals 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 businesses provide services to larger companies. This can include digital marketing, website management, accounting, and more.

Vendors are often digitally connected to certain client 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. They can get two companies for the work of one meaning these cyber-attacks are a lot more common. 

Small Business Owners Are Often Unprepared for Ransomware

Ransomware has been one of the fastest-growing cyber-attacks 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.

Even if a hacker can’t get as much ransom from a small business as they can from a larger organization, it’s worth it. They often can breach more small companies than they can larger ones.

When companies pay the ransom, it feeds the beast and more cyber criminals join in. And those newer to ransomware attacks will often go after smaller, easier-to-breach companies.

Employees at Smaller Companies Usually Aren’t Trained in Cybersecurity

Another thing is not usually high on the list of priorities for a small business owner. We’re talking about ongoing employee cybersecurity training. They may be doing all they can just to keep good staff. Plus, priorities are often sales and operations.

Training employees on how to spot phishing and password best practices often isn’t done. This leaves networks vulnerable to one of the biggest dangers, human error.

In most cyber-attacks, the hacker needs help from a user. It’s like the vampire needing the unsuspecting victim to invite them inside. Phishing emails are the device used to get that unsuspecting cooperation.

Phishing causes over 80% of data breaches.

A phishing email sitting in an inbox can’t usually do anything. It needs the user to either open a file attachment or click a link that will take them to a malicious site. This then launches the attack.

Teaching employees how to spot these ploys can significantly increase your cybersecurity. Security awareness training is as important as having a strong firewall or antivirus.

Need Affordable IT Security Services for Your Small Business?

Reach out today to schedule a technology consultation. We offer affordable options for small companies. This includes many ways to keep you protected from cyber threats.

Past Blogs

what is dmarc

What is DMARC

What is DMARC and Why Does Your Business Need It? When it comes to protecting your business from cyber threats, email security is often overlooked. Yet, email is one of...
Why is password management software important

Why is Password Management Software Important

Why is Password Management Software Important for Your Business? In today’s digital world, passwords are the keys to your business’s most sensitive information. From...
What is Email Filtering ?

What is Email Filtering and Why Every Business Needs It

Email is the lifeblood of business communication, but it’s also one of the most vulnerable entry points for cyberattacks. According to research, 96% of cyber threats...
What’s your business’s view on Return to Office?

What’s your business’s view on Return to Office?

Do you love keeping your employees happy by allowing them to work remotely? Or do you think everyone is more productive in the office? Businesses are divided on this...
Outdated backup systems could leave your business vulnerable

Outdated backup systems could leave your business vulnerable

When did you last review your business’s backup tools? Outdated backup systems can fail to protect you from modern threats, like ransomware attacks. If you want a...
Microsoft’s fixing this annoying Windows 11 fault

Microsoft’s fixing this annoying Windows 11 fault

Fed up seeing useless “Recommendations” in the Windows 11 Start menu? Good news – Microsoft’s making them more helpful. Here’s how the improvements could help your team...
Beware that corrupted email attachment: It could be a scam

Beware that corrupted email attachment: It could be a scam

Cyber criminals get more creative every day. The latest scam designed to steal your business data uses corrupted Word files – and getting fooled is easier than you...
Are your employees your security’s weakest link?

Are your employees your security’s weakest link?

Great employees have the same goals you do. But while they’re working hard to help your business succeed, they could accidentally be opening the door to cyber...
The two big threats of doing business on public Wi-Fi

The two big threats of doing business on public Wi-Fi

Public Wi-Fi can be a lifesaver when you must send an urgent email while out of the office. But did you know it can also put your business data at risk? These are the...
FOMO is driving businesses to spend more on IT 

FOMO is driving businesses to spend more on IT 

FOMO – the fear of missing out – can creep into many aspects of your life. This can include FOMO over business tech, which is driving many businesses to spend more. But...