Why are Cybercriminals Targeting SMBs?

Even today, most people believe hackers only target large companies. “Why would someone hack a company like us?” they say to themselves. But if you do a little research and look beyond the headlines, you’ll see a different picture. Current stats show that more than 50% of all attacks are on small to medium-sized businesses (SMB). Here are three reasons why hackers are targeting SMBs.

No Budget for Cybersecurity

First off, it’s important to understand there are, broadly speaking, two types of attacks. The first type is randomly generated by robots. The second type is launched by actual hackers. Though both types of attacks are usually randomly generated, SMBs often suffer disproportionately because they are underprepared. While large companies have dedicated security staff and the means to afford effective security measures, SMBs tend to have limited or no cybersecurity budgets, leaving their networks vulnerable. You see the problem.

Your Data is Worth its Weight in Gold

Cybercrime is one of the most lucrative areas of criminal activity today. So it goes without saying that hackers are continually working to find even one company that will take the bait. You may think you’ve got nothing a hacker could want, but many SMBs hold sensitive information worth top dollar on the black market. For example, personal information, credit card numbers, or even highly sought-after medical data. Banking information can be sold for $35 per record on the dark web, an American driver's license info is worth $550 and the date found in a Canadian passport is up to $1,500!

As Always, Humans are the Weakest Link

Your well-meaning employees are still the weakest link when it comes to cybersecurity. Sure, hackers are always knocking at the door looking for an unattended point of entry to your network. But still, more often than not, employees who aren’t sufficiently aware of the risks of phishing open the door for them. Nearly 55% of hacking incidents are caused by human error. No matter what you invest in security systems, as long as your team doesn’t have proper security awareness, you are at high risk. So as a small and medium-sized business, your first investment should be in employee awareness.

Don’t Bury Your Head In the Sand. Take Precautions

It is both wrong and dangerous to imagine you aren’t a target for cybercriminals as a small to medium-sized business. You may not be a specific target. But don’t fool yourself. You are a target of opportunity. The many security holes in a typical SMB network due to lack of investment make you easy prey.

But there are things you can do. First, make sure your staff understands the importance of security awareness. And second, invest in a right-sized cybersecurity solution (like StreamScan’s Managed Detection and Response service). These two steps will go a long way to reducing your risk of getting hacked or of having any severe impacts from getting hacked.

Find out how our Monitored Detection and Response (MDR) Service can Protect Your Network

We’re convinced that after seeing our MDR solution (powered by our CDS network monitoring technology) in action, you won’t want to leave your network unprotected again. So we are offering a 30-day free trial that includes:

1. Fact-finding session
2. CDS configuration
3. 30-day free Proof of Concept
4. First month activity report and recommendations

Email: Freetrial@streamscan.ai

Phone: 1 877-208-9040