Every business today is at risk of cyberthreats, but small and medium-sized businesses (SMBs), are especially vulnerable to attacks. This is mainly because many SMBs don’t have the same level of cybersecurity infrastructure as larger companies, which makes them easier to infiltrate. Moreover, SMB employees typically have less awareness of emerging threats, so they tend to easily fall victim to cyber scams.
In 2024, cybercriminals relentlessly exploited SMBs’ shortcomings in cybersecurity. Let’s take a closer look at the types of cyberthreats they unleashed on SMBs, and what you can do to safeguard your company.
Cyberthreats that dealt the most damage to SMBs in 2024
To protect their data and systems, it’s crucial for SMBs to understand the current most prevalent cyberthreats and how these operate. Here are some of the cyberthreats that caused the most harm to SMBs in 2024:
- Phishing attacks: Phishing involves the use of fraudulent emails, messages, or websites that look like legitimate sources. The goal is to trick employees into providing confidential information, such as login credentials or financial details.
- Ransomware: In a ransomware attack, cybercriminals lock businesses out of their systems and demand a ransom in exchange for the decryption key. Without proper backups and recovery strategies, victim organizations can face significant financial loss and downtime.
- Distributed denial-of-service (DDoS) attacks: DDoS attacks crash a website or an online service by overloading it with excessive traffic. This can bring business operations to a halt, especially if the company relies on an online presence for customer interactions and transactions.
- Insider threats: Cyberthreats can also come from within an organization. Insiders, including employees or contractors with access to company systems, can compromise data security. For instance, they can steal sensitive data or inadvertently expose the company to threats by failing to follow security protocols.
How SMBs can protect themselves against prevalent threats
There are several proactive steps SMBs can take to strengthen their cybersecurity and minimize the risk of cyberattacks.
Invest in employee training
Your employees are your biggest defense against cyberthreats. Training them on how to recognize phishing emails, use strong passwords, and implement proper security measures can go a long way in protecting your business.
Implement multifactor authentication (MFA)
MFA requires two or more authentication factors to verify user identity, thus effectively reducing the risk of breaches caused by weak or compromised credentials. By combining a password (something the user knows) with a token or biometrics (something they have or are), MFA makes it significantly harder for cybercriminals to gain unauthorized access, even if they manage to steal a user’s password.
Develop a cybersecurity incident response plan
Every SMB should have a well-structured incident response plan to mitigate the impact of a cyberattack and ensure a swift recovery. This plan should outline clear steps to identify and contain the threat, designate key contacts within your team, and establish communication protocols with stakeholders, including employees, vendors, and legal advisors.
The plan should also include detailed recovery strategies to restore affected systems, procedures for investigating the breach, and guidelines for notifying customers if their data is compromised. Lastly, it must be tested regularly to guarantee its continued effectiveness.
Back up data regularly
Regular backups provide a safety net against potential data breaches, system failures, or accidental data deletion, mitigating the risks associated with data loss. Organizations with a reliable backup solution are able to minimize downtime and expedite data recovery efforts in the event of a disaster. To ensure the effectiveness of backup procedures, store backups securely off-site and conduct regular testing to verify their integrity and recoverability.
Use advanced security software
When it comes to cybersecurity software, opt for comprehensive security solutions that combine firewalls, antivirus protection, and intrusion detection and prevention systems to create a multilayered defense. These tools work together to monitor your network for suspicious activity, block unauthorized access, and quickly neutralize emerging threats before they can cause harm.
Partner with a trusted cybersecurity expert
Managing cybersecurity can be a challenge for SMBs, especially without dedicated IT resources. Partnering with a managed IT services provider (MSP) is a cost-effective way to gain access to advanced tools, expert guidance, and ongoing support to protect your business from evolving threats.
As Tampa, Florida’s leading MSP, predictiveIT takes this a step further by tailoring comprehensive cybersecurity strategies to meet your specific needs. Our experienced team provides the knowledge and resources necessary to secure your systems and help your business thrive in the digital age.
Schedule a consultation with our experts today and let us help you strengthen your cybersecurity posture in 2025 and beyond.
