According to Accenture’s cybercrime study, around 43% of cyber attacks are targeted at small to medium sized enterprises (SMEs). SMEs also accounted for 58% of all reported attacks in 2020, explains Astra. Despite this, many small businesses believe they are not at a great risk of attack.
Any business, regardless of size, can fall victim to cybercrime. As SME businesses often have limited resources compared to larger companies, this makes them more vulnerable to cyber incidents.
Cyber Insurance protects your business against the impact of attacks. As remaining aware of and prepared for risks is a great defence tool, here are the top 10 threats that small businesses currently face.
1. Phishing attacks
These cyber events are very common for small businesses, generally involving a cyber security breach via fraudulent emails or messages that can appear quite legitimate. Usually this type of attack is aiming to steal sensitive information such as login details or credit card details.
To remain protected against phishing attacks, ensure yourself and staff are educated on what these fraudulent emails or messages may look like and adopt a strict code of conduct that informs staff not to give out sensitive information under any circumstances. Employing two-factor authentication is also a useful protective tool.
2. Ransomware
Ransomware is a type of malware that works to encrypt your data and demand a ransom payment in exchange for decryption. A data breach such as this can lead to loss of precious business time, loss of revenue, and potential damage to the business’s reputation.
To protect against these threats, it is important to back up any data and ensure your team is trained and aware of what they should do in these events. Employing preventative software is also crucial.
3. Insider threats
These cyber threats actually come from within the organisation. They can be prevented by implementing access controls for important information or programs, monitoring employees and limiting access to sensitive information.
4. Social engineering attacks
Social engineering attacks involve the use of manipulation to divulge intellectual property. Your business can avoid attacks such as these by implementing education and policies that require verification on request of information.
5. DDoS attacks
A Distributed Denial of Service attack involves flooding the business website with illegitimate traffic in order to overwhelm the site and prevent legitimate users from accessing it. This can have a damaging impact on business reputation and lead to loss of income.
To prevent these attacks, it is recommended that you implement anti-DDoS software and regularly monitor network traffic for inconsistency.
6. Malware
Malware is any software that is designed to harm a network, including viruses. In order to avoid malware impacting your business, it is recommended that you utilise anti-malware software and update your operating systems regularly.
7. IoT attacks
Internet of Things attacks include the hacking of smart devices and channels that connect IoT components with one another. Defend against these attacks by implementing strong passwords, updating devices regularly and limiting the number of connected devices.
8. Credential stuffing
Automated tools are used to gain access to sensitive information. It is important to employ strong password policies, change passwords regularly and use multi-factor authentication.
9. Supply chain attacks
These attacks generally target suppliers in order to gain access to the network and steal information. You should implement security policies that limit network access, and monitor for any strange activity across suppliers.
10. Zero-day exploits
These occur when vulnerabilities in software or hardware that have gone unnoticed and become exploited, allowing access to the business network. To prevent such exploitation it is recommended that you utilise security updates, conduct any fixes if necessary and monitor for suspicious activity.
Protect your business against cyber risks with Atlantic Insurance
It is essential to take proactive measures to protect your precious business against the increasing risk of attack, and employ an appropriate cyber incident response plan. Cyber Insurance such as a Cyber Liability Insurance policy can be a valuable tool to provide coverage for the damage caused by cyber breaches, cover the cost of business interruption, fines and penalties and reputation control to ensure your business is not left vulnerable.
Atlantic Insurance has been providing tailored insurance programs to protect against the negative impact of cyber attacks for the past 8 years. Speak with an experienced Client Manager at Atlantic about specific Cyber Insurance products that you require today and manage cyber risk.
Any information contained on this page of the website is general advice only and has been prepared without taking into account your objectives, financial situation or needs. Your should consider these, having regard to the appropriateness of this advice and the relevant Product Disclosure Statement (‘PDS’), Target Market Determination (‘TMD’) and Financial Services Guide (‘FSG’), which will be provided following any formal recommendation to you.
