Security News
This increase in cyberattacks is exacerbated by the fact that 76% of SMBs lack the in-house skills to properly address security issues, increasing demand for the expertise and services of MSPs. Rising cyberattack frequency on SMBs. The growing wave of cyber incidents is eroding SMBs' confidence in their ability to protect their businesses with a staggering 78% concerned that a severe cyberattack could drive them out of operation. The data reveals that in addition to the substantial increase in frequency, 56% of SMBs have already faced at least one cyberattack this year, and 89% fear they will be targeted within the next six months.
In this Help Net Security video, Alex Cox, Director of Threat Intelligence at LastPass, discusses how human factors are getting in the way while SMB leaders report investing more time, attention, and budget in cybersecurity. According to LastPass, these factors and policy and technology gaps are harming SMBs and could ultimately lead to financial losses.
Cybercriminals are vipers. They’re like snakes in the grass, hiding behind their keyboards, waiting to strike. And if you're a small- and medium-sized business (SMB), your organization is the...
More organizations hit by ransomware gangs are starting to realize that it doesn't pay to pay up: "In Q1 2024, the proportion of victims that chose to pay touched a new record low of 28%," ransomware incident response firm Coveware has found. "LockBit was found to still be holding the stolen data of victims that had paid a ransom, and we have also seen prior Hive victims that had paid the extortion, have their data posted on the Hunters International leak site," the company said, noting that "Future victims of data exfiltration extortion are getting more evidence daily that payments to suppress leaks have little efficacy in the short and long term."
In 2023, 50% of malware detections for SMBs were keyloggers, spyware and stealers, malware that attackers use to steal data and credentials, according to Sophos. "The value of 'data,' as currency has increased exponentially among cybercriminals, and this is particularly true for SMBs, which tend to use one service or software application, per function, for their entire operation. For example, let's say attackers deploy an infostealer on their target's network to steal credentials and then get hold of the password for the company's accounting software. Attackers could then gain access to the targeted company's financials and have the ability to funnel funds into their own accounts," said Christopher Budd, director of Sophos X-Ops research at Sophos.
Enforcing a password policy that helps end-users create stronger passwords and blocks the use of weak and common phrases will make it more difficult for hackers. Specops data shows that 83% of compromised passwords satisfied both length and complexity requirements of regulatory password standards.
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60% of Australian small businesses don't survive a cyber breach. A recent report by ASIC found that "Medium and large" organisations consistently reported more mature cyber security capabilities than small organisations, which lagged behind in most critical areas: supply chain risk management, data security and consequence management.
"Malware free" attacks, attackers' increased reliance on legitimate tools and scripting frameworks, and BEC scams were the most prominent threats small and medium businesses faced in Q3 2023, says the inaugural SMB Threat Report by Huntress, a company that provides a security platform and services to SMBs and managed service providers. Attackers deployed malware in 44% of cases, but the remaining 56% of incidents included use of "Living off the land" binaries, scripting frameworks and remote monitoring and management software.
Despite advancements in IT security measures, SMBs remain firmly in the crosshairs of cybercriminals, according to Devolutions. Devolutions CEO David Hervieux states, "The results from our survey dovetail nicely with October's National Cybersecurity Awareness Month - as one of our primary goals with this report is to expand awareness of the vulnerabilities that many SMBs face. It's not just about presenting stats but about truly educating the industry on the various pitfalls - and how SMBs can use the survey findings to identify gaps, develop strategies, and make informed decisions regarding their cybersecurity posture."