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- A. Mid-sized Businesses are Vulnerable to Ransom Requests
- B. Mid-sized Businesses Serve as Tunnels to Larger Targets
- C. Mid-sized Businesses can be Easily Manipulated and Coerced
- D. Mid-sized Businesses are Low-hanging Fruit
- E. Mid-sized Businesses are vulnerable to the Rise in CEO Fraud
- What exactly is a Cyber Attack?
- Types of Cyber Attacks
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Cyber claims rates are increasing, with cyber-attacks now targeting mid-sized businesses, according to the findings of a recent IBM Security study. These businesses are being hit with cyber crimes such as ransomware attacks and fund transfer fraud. In light of this, it is crucial to understand why mid-sized firms are becoming a major target of cybercrimes. Here are some top reasons.
A. Mid-sized Businesses are Vulnerable to Ransom Requests
Mid-sized businesses are in a vulnerable position when it comes to cyber-attacks. When ransomware hits the web, most small businesses are hit hard and forced to pay the ransom because they have no backup data system. Typically, small businesses do not have a complex network structure, so they feel they have no choice but to comply with such demands.
These mid-sized businesses remain vulnerable to ransomware and phishing since they fail to keep their employees well-informed about security concerns. Studies have shown that the human element is the biggest threat to a business. Hence it would help if you secure your business from cyber attacks by educating your staff on the evolving threat landscape.
B. Mid-sized Businesses Serve as Tunnels to Larger Targets
Because of their vulnerabilities, mid-sized businesses with lucrative data potential are easy targets for hackers. They are targets because of their role as a funnel to other organizations with more significant value to the hackers or the attackers. They will usually serve as a device for data transfer between larger businesses.
In some cases, mid-sized businesses are linked electronically to the IT systems of various larger partner organizations that are more cyber secure. Cybercriminals cannot infiltrate them directly. The link allows hackers to take advantage of these networks and steal information from large business conglomerates.
C. Mid-sized Businesses can be Easily Manipulated and Coerced
Mid-sized businesses can be manipulated when it comes to cyber-attacks. These smaller companies usually do not have reasonable IT security, making them more easily coerced into paying a ransom. However, they also do not keep so much money, which makes paying the ransom challenging.
Moreover, an attacker can easily trick these businesses into disclosing sensitive information, making attacks on target businesses easier. Most of these companies are even unaware that they are vulnerable until one of them gets hacked.
D. Mid-sized Businesses are Low-hanging Fruit
Hackers have noticed that mid-sized businesses with lower security systems will be easier targets due to their inadequate defense and cybersecurity system. These businesses also tend to assume they are safe from malicious attacks, which is quite the opposite. A recent study by Barclaycard has shown that most mid-sized businesses do not believe that cybersecurity is the primary concern, hence they are a chief target for cyber attackers.
E. Mid-sized Businesses are vulnerable to the Rise in CEO Fraud
CEO fraud cases are rising, which indicates the increase in cyber-attacks targeting mid-sized. This has created a surge in the number of CEOs and board members that cybercriminals have targeted to gain access to their networks.
Hackers are targeting CEOs who often design and send emails by creating a fraudulent emails to the company’s employees, posing as the CEO. Through email, they request sensitive company information or money transfers. Mid-sized businesses should introduce dual authorization procedures to help them detect such attacks.
What exactly is a Cyber Attack?
As a general rule, cyber-attacks involve the attempted destruction of computers, the theft of data, or taking advantage of a breached computer network to carry out new attacks. To launch a cyber attack, cybercriminals use a variety of methods, such as phishing, malware, man-in-the-middle attacks, ransomware, and others.
Types of Cyber Attacks
A Malware infection
The term malware refers to malicious software such as ransomware, spyware, worms, and viruses. By clicking a malicious link or email attachment, malware breaches a network’s security and installs risky software.
Usually, an email phishing scam resembles an email from a trusted source. An attacker wants to steal or obtain sensitive financial information and login information or install malware on a victim’s computer. A growing number of cyber threats are related to phishing.
An attacker inserts themselves into the middle of a transaction between two parties in a “man-in-the-middle” attack, also known as an eavesdropping attack. As soon as an attacker interrupts the traffic, he or she will be able to filter and steal data.
A denial-of-service attack exhausts the resources and bandwidth of servers. Networks or systems. As a result, legitimate requests cannot be fulfilled by the system. It is also possible for attackers to launch this attack using multiple compromised devices at the same time. We are dealing with a distributed-denial-of-service attack (DDoS) in this case.
An SQL injection occurs when a malicious code is injected into a server that uses SQL, causing the server to reveal information it normally wouldn’t reveal. In a vulnerable website search box, malicious code could be submitted to carry out a SQL injection.
It occurs after a vulnerability in a network has been disclosed but before a solution or patch has been introduced. The disclosed vulnerability is targeted by attackers during this time period. It is imperative to be aware of zero-day vulnerability threats at all times.
Through DNS tunneling, non-DNS traffic can be communicated over port 53 using the DNS protocol.
DNS tunneling can be utilized for a variety of legitimate reasons. DNS Tunneling VPN services can, however, also be used maliciously. Outbound traffic can be disguised as DNS, hiding data typically shared over the internet. The DNS requests of a compromised system are manipulated so as to exfiltrate information from the compromised system to the attacker’s infrastructure.
Mid-size businesses are susceptible to cyber-attacks since they lack adequate security measures and have employees who do not receive enough cybersecurity training. Cybercriminals are targeting these businesses to steal sensitive information and money. However, ensure that your business is not vulnerable by implementing strong cybersecurity measures and dual authorization procedures to avoid being manipulated into cyber attacks.
Thank you for reading!