Why your business's chances of a hacker attack just went up

In today's digital age, the risk of cyberattacks on businesses has significantly increased. While large corporations often make the headlines when it comes to data breaches, smaller businesses are increasingly becoming prime targets for hackers. The reasons behind this rise are multifaceted:

• Evolving technology
• A growing reliance on digital systems
• The perception that smaller businesses are easier targets with fewer resources to defend themselves

If you're running a business, understanding why your chances of a hacker attack just went up is crucial for safeguarding your operations.

Businesses are now using more technology than ever before, from cloud services and e-commerce platforms to customer relationship management (CRM) systems and mobile payment solutions. While these tools can significantly improve efficiency and scalability, they also open more avenues for cyberattacks. As businesses adopt more digital solutions without constantly investing in corresponding security measures, they create opportunities for hackers to exploit vulnerabilities.

The rapid expansion of Internet of Things (IoT) devices in businesses adds another layer of complexity. Smart devices like security cameras, printers, and even coffee machines are connected to networks but often lack robust security features, making them easy entry points for attackers.

The COVID-19 pandemic accelerated the shift toward remote work, and while many businesses have adapted to this model, it has introduced new cybersecurity risks. Employees working from home may not have the same level of security as they would in the office. Weak home Wi-Fi networks, shared devices, and unsecured connections can make it easier for hackers to intercept data or access your business systems.

Additionally, remote work often involves employees using personal devices to access company information, increasing the risk of a data breach. If these devices aren't equipped with the latest security updates or antivirus software, they can become entry points for malware or phishing attacks, giving hackers access to sensitive business information.

Hackers are becoming more skilled and are increasingly targeting smaller businesses because they perceive them as easier targets than large enterprises. While big companies have dedicated IT security teams, smaller businesses often lack the resources to hire cybersecurity experts or invest in comprehensive security systems. Hackers know this and are more likely to attempt attacks on smaller businesses with outdated software, unpatched vulnerabilities, or weak password protocols.

Phishing attacks, for instance, have become increasingly sophisticated and personalized. Cybercriminals now tailor their attacks to specific businesses or employees, making it harder to distinguish a fake email or request from a legitimate one. Ransomware involves hackers encrypting your data and demanding a ransom to unlock it. It has also become a growing threat to businesses, as they often lack the backups or security infrastructure to recover quickly from such an attack.

Data is increasingly becoming a valuable asset, and many businesses hold sensitive information that can be profitable for hackers. Customer names, addresses, payment details, and business data can be sold on the dark web or used for identity theft. Hackers know that businesses often store this information without implementing the highest levels of security.

The rise in e-commerce further amplifies this risk. If not properly encrypted and protected, every transaction offers a window of opportunity for hackers to steal credit card numbers or other sensitive payment information. As consumers increasingly prefer to shop online, businesses that fail to implement secure payment gateways or use outdated software are even more vulnerable to cyberattacks.

One of the biggest reasons businesses are at risk of a hacker attack is the lack of cybersecurity awareness and training among employees. Many business owners and their staff are not well-versed in identifying common cyber threats such as phishing, social engineering, or malware. Without proper training, employees might unwittingly click on malicious links or download harmful attachments that compromise the system.

Hackers exploit this lack of knowledge by creating convincing fake emails or posing as trusted contacts to extract sensitive information. Often, a single employee mistake can lead to a significant data breach.

While not all businesses have the same resources as large corporations to defend against threats, business owners can take steps to mitigate the risks. Regularly updating software, implementing strong password policies, training employees on cybersecurity best practices, and investing in secure cloud services can go a long way in protecting your business from hackers. As cyber threats continue to evolve, staying vigilant and proactive about your business's cybersecurity is essential.

Community Bank’s OneGroup offers businesses a comprehensive solution for managing the increasing threat of cyberattacks. By providing cyber insurance, risk management services, access to cybersecurity experts, and ongoing support, OneGroup helps businesses not only recover from cyber incidents but also proactively prevent them. For businesses that lack the resources to build robust internal cybersecurity defenses, partnering with OneGroup can offer peace of mind and essential protection against the financial and operational impacts of cyber threats.