Preventing the embarrassment of Data Theft is probably very important to those who truly care about the data privacy of their customers. Who wants their customer’s private information in the possession of cybercriminals who is offering it for sale on the dark web. Noone!
In contrast to the past, today’s cybercriminals are not just targeting the multinational giants. Surprisingly, and alarmingly, small to medium-sized enterprises (SMEs) have emerged as one of the favored targets for cyberattacks. Although the hackers realize they cannot charge as much as they can charge the SMEs, it is so much easier to hack SMEs because very often SMEs unknowingly have their front door unlocked for hackers.
Hacking of SMEs: A Rising Trend
SMEs rationalize that they are ‘too small’ to be on the radar of sophisticated hackers, why would anyone take the time to try to get money from an SME that is typically having a hard time making payroll? This train of thought couldn’t be further from the truth. In fact, cybercriminals find SMEs to be easier pickings, largely because they are experiencing that these businesses lack the advanced security infrastructure of larger corporations. Add to this, the fact that SMEs often serve as vendors or partners to bigger entities, and you quickly understand why they are appealing backdoors for hackers targeting larger ecosystems, you can use the SME service providers are trojans to much bigger targets.
What is the Real Price of a Cyberattack? Is it the Money?
We have heard the pub philosopher say it: “it is cheaper to pay the ransomware compared to investing in cybersecurity.”
When discussing the consequences of a cyberattack, ransomware often takes the spotlight. The malicious ransomware software is often sold as-a-service to simple criminals that know nothing about computers and technology. With simple guidance the ransomware encrypts victims’ data, rendering it inaccessible until a ransom is paid. But while the immediate financial cost is palpable, it is only the tip of the iceberg for those committed to the privacy of their customers.
The real danger lies beyond the simple ransomware transaction: the longer-term harm of the SME’s reputation and the trust of its customers that was built over the many years. Clients, partners, personnel, investors, and stakeholders want to know their data is trusted and safe as part of the SMEs responsibilities. A security breach, especially one that steals and potentially leaks sensitive client information, sends a message that the business failed to prioritize and protect its stakeholders. Restoring that lost trust and credibility is no small feat – and for some businesses, the damage is irreparable.
How Can You Be Sure Your and Your Client’s Data is Safe?
So, you may be an SME that has or has not yet been confronted with a ransomware attack. As a responsible leader, you could be (should be) concerned about the safety of all your business data in today’s aggressive cyber world. What’s is the next step to act on your objectives to avoid ransomware?
The answer not an easy one, but a penetration test is a quick way to get a report if and how hackers can enter your environment.
Penetration testing, often dubbed as ‘ethical hacking’, is a simulated cyberattack on your system, executed by trained professionals to discover vulnerabilities that can be exploited to access your systems and data. A penetration test mimics the actions of potential hackers, but with a constructive purpose: to identify and fix weak spots before they can be exploited by malicious entities. It provides a clear picture of how easily cybercriminals can access your environment and data.
Penetration tests are not cheap and for that reason not typically included in the routine of SMEs. However, the price of penetration test are relatively small compared to the potential ransom payments, public embarrassment and potential legal action by your clients if they feel you were negligent with their data. A penetration test is not a final solution. It is a valuable insight that can give direction to the actions (procedures and software) to be taken/purchased by SMEs to mitigate the risk of a cyber-attack.
The Takeaway
In today’s rapidly evolving cyber landscape, the importance of proactive security measures cannot be understated. For SMEs, this is not just avoiding ransom payments, but more so about safeguarding the very foundation build up in their business – trust. By investing in regular(at least annual) penetration testing, SMEs get guidance about fortifying their defenses, close all doors and windows to make it more difficult for cybercriminals, and most importantly, demonstrate to their clients and partners that they are a business worth trusting, not because they can guarantee that they are risk-free from cyber criminals, but because the make serious efforts to mitigate the risk of it happening. Get tested!
Niko Kluyver