Cyber Defense eMagazine January 2020 Edition

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36 8 Common Types of Small Business Cyber Attacks By Jonathan Krause, Owner, Forensic Control Whilst large scale cyber-attacks are well documented, there is also an increasing number of e-commerce small businesses at threat from targeted attacks. A report released by Verizon showed that approximately 43% of cyber-attacks targeted small and medium enterprises (SMEs). Out of these, only 14% are prepared to defend themselves against cyber threats. A further study conducted by the Ponemon Institute revealed that there is a rise in the number of attacks. 67% of SMEs experienced a cyber-attack in the form of either phishing, ransom-ware, or advanced malware, with another 58% also having experienced a data breach. About half of these victims (47%) confirmed that they did not understand how to protect their organisations against digital attacks. That needs to change. It’s vital that small businesses owners educate themselves on the basics of cyber security. They need to learn about the different types of attacks that can be launched against them. Organised criminal gangs conducted 39% of the attacks. The methods used varies as well. Hacking accounted for 52%; Malware for 28%; and unauthorised users for 15% of the attacks. Small businesses currently seem to lack the resources and knowledge to fight them, with many spending less than £500 annually on Cybersecurity products. This low spend could be linked to the fact that 54% of small enterprises believe that their companies are 'too small' to be targeted by cyber criminals. According to Hiscox it costs on average $200,000 to deal with a cyber security incident. That's a big cost for a small business. It's also reported that 60% of the affected companies close down within six months after the incident. 36
37 These stats make it clear why small businesses are almost the perfect target. They don't have the knowledge and they don't spend enough to protect themselves properly, because they don't think they will be targeted. The Most Common Types Of Cyber Attacks Small Businesses Face There are many different cyber-attack types, but these are the most common that small business owners will face: · Malware – Also known as malicious software. It's one of the most prominent digital threats to small and medium-sized enterprises. It is designed to damage and gain access to a specific network and the digital devices connected to it. In most cases, security is breached when a user clicks on a bad link and downloads infected files into their devices. These links are placed on the internet by cyber criminals who have harmful intentions. · DDoS – Distributed denial of service happens when a group of infected computers attacks a server, website, or any other network device by sending a high volume of messages and connection requests. This group of infected computers is known as Bot Network or simply Botnet. The attacked device slows down or “crashes”, which makes it unavailable to the users. · Phishing – This is a common scam whereby cyber criminals trick people into clicking a link within a fake email or website. They do this so that they can gain access to a network or digital device. Phishing allows criminals to have access to private passwords, financial records, credit card information, and other data. Cyber criminals understand that it is easy for employees in an organization to click on interesting links over a particular website or email. This gives them ready access to the organization's network and computers. · Inside attacks – There has been an incredible increase in cases of insider attacks. They mostly come from trusted outsiders, employees and contractors who have authorized access to a particular network. The following may lead to an inside cyber-attack: 1. Components of a system are affected by an unintentional mistake 2. Intentional attempts to harm or destruct an organization – this is often done by a former or current dissatisfied employee 3. An attempt to find specific data that is not accessible by the user 4. Checking for weaknesses on the network · Email initiated attacks – These occur when an individual clicks on a link or attachment in an email, either by mistake or thinking that the link or attachment is legitimate. The emails are nicely formatted, and the links in these emails are attractive and enticing. However, once you click on the link, it may collect personal data, download a virus to the computer, or open up a file back at the command server asking for further instructions. The majority of small businesses do not have measures to prevent all that from happening. This enhances the spread of malware. 37
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