You might think that in the business landscape, only large businesses are the target of cybercriminals. However, that is no longer the case, as hackers now attempt to steal information from numerous companies worldwide, regardless of their size and industry. Small and Medium Enterprises (SMEs) also fall into this category, and they should take some precautions to avoid losing their data. Businesses worldwide, in all regions, must understand this fact and start by identifying the vulnerabilities that apply to their specific case.
Hackers believe that Irish SMEs often don’t take the best measures to protect themselves, which is why they are frequently targeted. And in the case of small and medium-sized businesses, the consequences of this approach can be fatal, as it will forever harm the business’s reputation. This is why some companies may struggle to recover.
Unfortunately, despite seeing in the news that almost every day a business suffers from a data breach, most companies do not take the best measures to protect themselves. Many Irish SMEs find themselves in this position, which is why they must learn the best ways to protect against online vulnerabilities. This is what we will cover in this article, so please keep reading.
What are the most common cyber threats that are subject to Irish SMEs?
Phishing attacks
For many years, phishing attacks have been the primary method by which hackers have stolen information from businesses worldwide. Although these are old attacks, not all companies have protected themselves against them, which is why they continue to occur in the business arena. These attacks happen when cybercriminals send deceptive emails and attempt to deceive employees into revealing sensitive information by pretending to be company members or partners.
In this attack, the goal is to steal sensitive data, including payment details, login credentials, and essential business information. Over the years, many Irish businesses have dealt with phishing attacks. This is also the case of an accounting firm in Dublin, where an employee fell victim to this attack. This occurred after the employee received an email that appeared to be from the bank. Not realizing the danger, the employee entered the enterprise’s credentials, allowing the hacker to access this sensitive information. The aftermath of this was economic, as over €50,000 was stolen from the business account.
Irish SMEs should learn from this experience and take the necessary steps to protect their email communications. Emails are the preferred method of communication for companies worldwide, which have started to integrate even more innovations that improve their credibility and reliability. For example, a custom email domain helps build trust with customers and enhances reputation. In addition to this, businesses also need to take the necessary steps to protect their emails against external threats.
This is why it can be a good idea to let a specialist take this chore into their hands and help you protect your business through encrypted solutions. In this way, you can safeguard your data, ensure that your emails remain private, and help you identify potential cyber threats. The email will block attacks directly, providing an extra layer of protection that safeguards all your information.
Ransomware attacks
Ransomware attacks are also a potential threat to Irish SMEs. This is an attack in which hackers encrypt a company’s data, making it inaccessible, and force the company to pay a ransom to regain access to its files. Unfortunately, there are no certainties in this situation, as companies might not receive their files back even though they made the payment.
Of course, this attack occurred at one company in Ireland. An e-commerce business in Galway has been the victim of this attack, as a hacker successfully gained access to the system due to an outdated software vulnerability. The hacker asked for a €25,000 Bitcoin ransom. Unfortunately, this company lacked a backup strategy, and as a result, it lost access to its data. Additionally, they lost customer trust and experienced a delay, as it took months to rebuild their data.
Some cybersecurity tools can help businesses better protect themselves against these threats. For example, they should integrate endpoint security solutions, back up their data regularly, and also consider network monitoring tools, so that they can identify suspicious activity from the start.
How do cyberattacks affect a business?
A business will face a long list of disadvantages because of a cyberattack. For starters, they will encounter economic problems, requiring them to pay a substantial amount of money to resolve the issues that have emerged within their company. Then, their business operations will also be disrupted, and they may need to wait for weeks or even months to get their companies back up and running. Additionally, customers won’t trust those companies, as a data breach will inevitably harm a company’s reputation.
Companies can also face severe fines if they fail to comply with the GDPR and do not protect their customers’ data. This is why they can also deal with lawsuits from their customers. A cyberattack can have a lasting impact on a business, which is why some of them never recover after such an event.
Wrapping up
Technology has opened the door to amazing innovations, but unfortunately, it has also introduced numerous online vulnerabilities. And the ones who suffer the most are businesses, which often deal with cyber threats. This is why companies worldwide, no matter their size, should be equipped with the best tools to stay safe against these online dangers. This phenomenon is occurring more frequently nowadays, as technology has advanced, and hackers are now utilizing increasingly sophisticated tools to steal business data.
Certain practices can help businesses protect themselves from online threats, which Irish SMEs should also consider. Some of them include multi-factor authentication, employee training, email managers, and advanced security tools, which can help a company safeguard its data.
Feature Image Source: Dan Nelson, Unsplash
