A new report has confirmed the need for robust, multi-layered cybersecurity protections for SMBs to prevent successful cyberattacks. SMBs are increasingly being targeted by cybercriminals as security is often weak and attacks are easy to pull off.

While large corporations are an attractive target for cybercriminals, large corporations tend to have mature cybersecurity programs and they are usually very well protected. A successful attack could prove extremely profitable but breaking through the cybersecurity defenses of large corporations is difficult and attacks can be extremely time consuming and labor intensive.

Cybercriminals often choose the path of least resistance, even though the potential for profit may not be so high. Cyberattacks on SMBs are much easier and hackers are concentrating their efforts on SMB targets. This was clearly demonstrated in the latest cybersecurity report from Beazley Breach Response (BBR) Services.

BBR Services analyzed all of the data breaches that it investigated in 2018. 9% of the successful attacks involved ransomware and 71% of those ransomware attacks were on SMBs. The healthcare industry suffered the highest number of ransomware attacks, and accounted for one third of successful attacks. Companies in the professional and financial services sectors accounted for 12% of ransomware attacks each, followed by the retail industry with 8% of attacks.

The costs of those ransomware attacks can be considerable. If companies are unable to recover data from backups, a sizable ransom must be paid to recover encrypted data. In 2018, the average ransom demand was $116,400 and the median ransom demand was $10,310. One client was issued a ransom demand of $8.5 million. The highest ransom demand paid was $935,000.

Massive demands for payment for the keys to unlock encrypted files may not be the norm, but even at the lower end of the spectrum SMBs may struggle to find the money to pay. The ransom demand is also likely to be considerably higher than the cost of cybersecurity protections for SMBs to prevent ransomware attacks.

One of the main ways that hackers gain access to the networks of SMBs is by exploiting flaws in Remote Desktop Protocol. SMBs that leave RDP ports open are at a much higher risk of being attacked. RDP is required by many SMBs because they outsource IT to managed service providers, which need to use RDP to access their systems. In such cases it is essential for default RDP ports to be changed and for very strong passwords to be implemented to reduce the risk of brute force attacks succeeding.

There was also an increase in sextortion scams in 2018. These scams attempt to extort money by threatening to expose victims’ use of adult websites. While these scams usually contain empty threats, they are often successful. In addition to attempting to extort money, the scams are used to install malware or ransomware.  Email attachments are sent which claim to contain videos of the victim accessing adult websites, which the scammers claim to have been recorded using the computer’s webcam. When the files are opened to be checked, malware or ransomware is installed.

2018 also saw a 133% increase in Business Email Compromise attacks. These attacks spoof the email address of a senior executive to make the emails and requests seem more plausible. These scams are usually conducted to obtain sensitive information or to get employees to make fraudulent wire transfers. BEC attacks accounted for 24% of all breaches investigated by BBR Services in 2018.

One of the most important cybersecurity protections for SMBs to implement to prevent these attacks is an advanced email filtering solution – One that is capable of detecting spoofed emails. SpamTitan, TitanHQ’s cloud-based spam filtering solution, has recently been updated to include DMARC authentication to detect email impersonation attacks such as BEC scams. The solution also now includes a new sandboxing feature that allows potentially malicious attachments to be analyzed in detail in the sandbox where no harm can be caused. This helps to identify more malicious attachments and better protect SMBs from zero-day malware and other malicious files.

TitanHQ’s powerful cybersecurity protections for SMBs can greatly improve email security and block a wide range of web-based attacks. For further information on effective cybersecurity protections for SMBs to deploy to improve security posture and block costly attacks, contact TitanHQ today.