Cybersecurity is a critical concern in today's digital world. The growth of cyber attacks shows that no organization is immune to the threats present in the online environment, including small and medium-sized companies (SMEs). For this reason, cybersecurity for SMBs has become a priority .
Cybersecurity challenges in SMEs
Small and medium-sized businesses face specific challenges when it comes to cybersecurity. In addition to the lack of resources dedicated to security , many of these companies operate with small or even outsourced IT teams , which limits their ability to continuously monitor and implement more robust measures.
Furthermore, the increasing complexity in data privacy and security regulations becomes an issue for SMEs, who need to maintain compliance with current laws such as GDPR and LGPD . In other words, the lack of resources and specialized knowledge can make compliance with these laws difficult. The good news is that there are affordable cybersecurity tools that can serve these companies more efficiently and completely.
Vulnerabilities specific to SMEs
Small and medium-sized businesses face a unique set of cybersecurity challenges. To better understand, we have separated the main cybersecurity vulnerabilities that can affect SMEs.
Lack of resources dedicated to security
While large companies have significant resources to keep their data secure, SMBs often face challenges due to limited resources . With cyber attacks becoming more sophisticated and frequent, cybercriminals are developing new methods to invade systems, cause financial damage and steal information. SMEs are seen as easy targets as they are perceived to have weaker defenses.
According to a survey by TIC Empresas 2023 , larger companies end up addressing cybersecurity in meetings more frequently, reaching 75% of respondents. While in small companies, this rate is much lower, 39%.
The lack of resources also extends to training and available time . Therefore, employees at SMEs often have multiple roles, leaving little time to focus on cybersecurity strategy. Lack of a proper training program can increase the incidence of human errors , such as clicking on suspicious emails or installing unauthorized software.
Without a clear plan and the resources needed to execute it, SMBs may struggle to keep their cyber defenses up to date and effective . Therefore, it is essential to seek more accessible and intelligent solutions to improve your security posture and strategy.
Lower level of awareness about cyber threats
Small and medium-sized businesses face unique cybersecurity challenges. Unlike large corporations, they often rely on a few employees to manage IT functions, including cybersecurity. Furthermore, with limited budgets , it becomes more difficult to invest in cutting-edge security solutions.
Another relevant factor is cybersecurity awareness within these companies. Due to the size of the organization, managers may underestimate the company's vulnerability , believing that they are not attractive targets for cybercriminals. This misconception is dangerous, as cybercriminals are aware of these vulnerabilities and exploit them to carry out malicious activities .
To address this vulnerability, it is essential that SMEs invest in employee training and awareness programs . Therefore, these programs help educate employees about the latest threats, best security practices, and increase awareness.
Examples of common threats
Cybercriminals are constantly developing new strategies to improperly access user and company systems and networks. Therefore, it is essential that everyone stays up to date on these threats and knows how to combat them.
Malware
Malware is a common and potentially devastating threat to small and medium-sized businesses. This type of malicious software is designed to compromise systems, cause damage, steal data or spy on users' activities. SMEs are particularly vulnerable to these threats, mainly due to a lack of adequate detection and monitoring systems .
To avoid this problem, it is crucial for SMEs to implement effective security strategies and solutions , such as antivirus. Furthermore, continuous training of employees is essential to guide them on safe web browsing and email handling practices.
Ransomware
Ransomware is a type of cyber attack that encrypts the victim's files and demands a ransom payment to grant access. These attacks can completely paralyze a company's operations and force large sums to be paid to recover data.
To deal with ransomware, it is essential to maintain regular and secure backups of the most important information and adopt security practices to prevent infection, such as avoiding clicking on suspicious links and keeping software up to date. It is important to remember that paying the ransom does not guarantee data recovery and, often, companies end up paying more than once.
Phishing
Phishing is one of the oldest cyber threats and consists of fraudulent attempts to obtain sensitive data, such as financial information and passwords. This threat typically arrives via fake messages that imitate legitimate communications and is often used to gain unauthorized access to systems.
Phishing attacks are especially harmful to SMBs as they can result in important data being misappropriated and compromising company security . Therefore, it is essential to train employees to recognize signs of phishing and avoid these attacks.
Specific cases that affected SMEs
In 2023 alone, Brazil suffered 60 billion attempted cyber attacks, according to a survey by the company Fortinet . This illustrates the growing impact of cyber attacks on organizations around the world, resulting in systems crashing, damaging profitability and leaking sensitive customer and partner data.
According to a survey by IBM, 62% of annual cyber attacks affect small and medium-sized companies , highlighting the need for these companies to adopt a more robust and efficient security strategy . In addition to the financial losses, these attacks have a significant impact on the continuity of SMEs' activities. IBM research reveals that 75% of small and medium-sized companies that suffer large-scale cyber attacks end up practically closing their doors.
Cybersecurity Strategies for SMBs
Given all these factors, it is necessary for small and medium-sized companies to implement cybersecurity strategies and resources to protect information, predict suspicious activities and prevent damage caused by cyber threats.
Implementation of Security Technologies
Therefore, implementing security technologies is the first step to protecting SMEs against threats. This includes the use of firewalls , antivirus , and detection and prevention systems to ensure network and data protection.
While antiviruses help detect and eliminate malware before it causes damage, firewalls control network traffic and block unauthorized access . It is important to ensure that these technologies are always up to date and configured according to the company's needs.
Multi-factor authentication ( MFA) is another essential measure, requiring users to provide more than one form of identification to access data or systems. This may include a combination of stronger passwords and additional factors such as biometric authentication or codes sent to devices. MFA is crucial for protecting systems and accounts from unauthorized access .
Security policies and procedures
Developing clear security policies is essential to establishing consistent practices and guidelines that protect the company's digital assets. In other words, these policies must cover several aspects, such as system access, use of passwords and procedures for dealing with security incidents.
These policies ensure that employees are aware of the procedures and best practices to be followed. Additionally, you should regularly review and update these policies to keep up with changes in threats and available technologies.
Implementing incident response procedures is equally crucial. These procedures are essential for the company to quickly deal with cyber attacks and minimize their impact. An incident response plan should be tested regularly and adjusted as needed, analyzing each incident after it is resolved to continually improve security .
Benefits of investing in cybersecurity
Investing in cybersecurity is essential for companies in all sectors, as it protects sensitive data and strengthens the company's reputation in the market . In other words, this investment offers numerous benefits, helping the company to stand out from the competition.
Data loss protection
Thus, the main benefit of investing in cybersecurity is protection against data loss . Ensuring critical protection from loss and corruption is critical to ensuring business continuity and compliance with privacy and data protection regulations.
The loss or leakage of information can result in significant financial losses, damage to reputation and loss of trust with consumers. Measures such as regular backups and data encryption help ensure that information is secure and can be recovered in the event of a cyberattack.
Encryption is essential in this process, as it ensures that information remains unreadable to unauthorized people. Additionally, access control is critical to ensuring that only authorized users can access critical information, reducing the risk of unauthorized access.
Strengthening customer trust
Strengthening customer trust is crucial for companies that want to stand out in the market. Because, in addition to providing quality products or services, consumers need to trust in the protection of their data.
In other words, investing in cybersecurity not only protects the organization , but also strengthens customer trust. When consumers know that their data is safe and that the company is committed to protecting that information, they are more likely to trust the company and continue doing business with it.
How SMBs strengthened their security after cyberattacks
Many small and medium-sized businesses that have faced cyberattacks in recent years have implemented effective recovery strategies and developed a resilient posture . These cases highlight the importance of a coordinated and strategic response and the implementation of robust security measures.
RappiBank
RappiBank suffered a cyber attack that resulted in the leakage of data from thousands of customers, including sensitive data such as names, CPFs, and credit limits. This information was made available for sale for US$750 on an online cybercriminal forum, affecting customers in Brazil and other Latin American countries.
In response to this incident, the company confirmed that there was unauthorized access and stated that it had implemented measures to quickly resolve the vulnerabilities, notifying customers who were affected and alerting the competent authorities. This incident highlights the risks related to data leaks, such as phishing attacks and the possible opening of fraudulent accounts using victims' data.
Authy
Authy - factor authentication (2FA) app, suffered a cyberattack in 2023 that compromised the security of several users of the platform. This attack was the result of a targeted phishing campaign, where cybercriminals were able to access protected accounts by tricking users into providing their authentication codes.
After the attack, Authy demonstrated agility to mitigate the damage and reinforce user security. There was an intense investigation into the extent of the breach and damage, revoked suspicious sessions and advised users to reset their authentication settings and re-evaluate their accounts related to the platform. Additionally, security guidance has also been issued to help users recognize and prevent future phishing attacks.
CVC Corp
The attack suffered by CVC Corp in 2021 was classified as ransomware, which means that criminals managed to block access to the company's systems, and then demand a ransom payment to release the data.
CVC carried out intensive work to restore normality to its systems and minimize the impacts of the invasion. The company stated that, despite the complexity of the attack, there was no compromise of customers' personal data. Additionally, it has also strengthened its cybersecurity strategies to prevent future incidents.
Lessons learned during incident recovery can help improve your company's security practices and strategy to address future threats. Organizational resilience is essential to strengthen security and avoid future problems.
Positive long-term results
Investing in cybersecurity can bring several long-term benefits to SMBs. Organizations that have adopted effective security practices often report a reduction in the frequency and impact of attacks, as well as an overall improvement in the security of sensitive information.
As we saw with the attacks suffered by RappiBank and Authy, companies learned from the attacks they suffered, implementing more efficient solutions to avoid these approaches. In this way, they managed to strengthen their strategy and avoid new incidents.
Therefore, adopting a preventive stance in relation to security can company's competitiveness and . SMEs that demonstrate a strong commitment to cybersecurity attract customers more easily and strengthen business relationships and partnerships. In the long term, investments in cybersecurity can increase consumer confidence , improve market positioning and ensure a stronger security posture.
Strengthen the security of your SME
Given market transformations and the emergence of new strategies and technologies used by cybercriminals, cybersecurity must be a priority for small and medium-sized companies. A good strategy provides complete protection against a wide range of cyber threats and minimizes the devastating impacts of these incidents. Therefore, to address these vulnerabilities and challenges, SMEs must implement robust security technologies and develop clear policies to strengthen digital security culture .
Furthermore, investing in cybersecurity not only protects the company against cyber attacks and loss of information, but also strengthens consumer security and improves the brand's reputation in the market . In other words, SMEs must be prepared to invest in cybersecurity, learn from experiences and adopt the best cybersecurity practices available. Therefore, protection against cyber threats is essential for the resilience and success of SMEs in today's market.
