Increasing cyber-attacks & threats on SMEs

Security is an important consideration for organizations. Nowadays, cybersecurity is more important than physical security. Cyber-attacks are expanding daily, offering new methods of assault that are difficult to detect. Cybercriminals typically target high-profile corporations with significant assets spread across continents and trading in enormous sums of money. However, fraudsters are targeting more small and medium-sized businesses following the epidemic due to system flaws. Small and medium-sized (SMEs) enterprises are generally unconcerned about system security, and little funding is set aside to increase the security of their devices to combat cyber-attacks. As a result, cyber-attacks on small and medium-sized businesses have soared.

Cyber security is no longer an option for running a business for every small, medium, or large enterprise but is a part of business costs and strategies. Every company of any size, small or large, should invest its budget in developing or creating a secure environment that is strong enough to tackle cyber-attacks. These modern security threats will target computer information systems, infrastructures, personal and company devices to steal, alter or destroy data. With reports of up to 12,000 attacks each year, even SMEs must place cyber security in a priority position.

Because of many loopholes in their security measures, the trend of attacking SMEs is not restricted to any area or nation; it is rapidly growing globally. Because of the pandemic, more employees work from home, so devices are not safe due to many WIFI connections. A key component is also a lack of information about cyber-attacks. When staff work from home, the company's operating costs are decreased. On the other side, it will raise the threat of cyber-attacks, particularly for SMEs, due to a lack of funding and understanding about these threats.

According to Chubb's Malaysian SME Cyber Security Preparedness study, up to 84 percent of SMEs faced cyber incidents in the year preceding up to 2019. The majority of SME cyber incidents are caused by human mistakes, with 40% of organizations experiencing an infringement of their customer data. These are often triggered by a phishing email that executes ransomware, preventing access to corporate data until the attackers are paid. It might potentially be botnet malware, whereby a hacker remotely controls over a network of malware-infected machines, similar to a computer virus. SMEs are vulnerable to cyber fraud attacks in which the attacker masquerades as a respected company or person via email or other platforms. As a result, the unlucky company may wind up losing hundreds of thousands of dollars in reserves, which would surely be a significant loss. It would result in litigation, bankruptcies, and the final destruction of that company.

Cyber thieves attack your computers using several ways, the most popular of which were ransomware and bot malware. These criminals also employed other tactics, such as hacking into your company's software and exploiting holes in their programs, such as outdated software or a lack of anti-virus protection. Consequently, vital information about your customers or employees will be stolen and utilized for fraudulent reasons. They also develop malware programs such as spyware that tracks your surfing history and collects information to steal your passwords and sensitive information. As mobile transactions expand due to a cashless society, connecting your devices to workplace applications creates additional vulnerabilities to access company data and escalates the danger of potential data leaks. The increased usage of QR codes for monitoring purposes and a kind of cashless transaction during the epidemic might mean the codes are readily faked, altered, or misdirected by hackers.

SMEs are alarming to focus on system security and network security by concluding the issue. They should establish a distinct department whose sole responsibility is to protect the system against cyber-attacks. Employees must attend weekly training on cyber assaults and how to avoid phishing emails or link your office-based procedure to another device due to customer personal data.