Cybersecurity in cyberattacks shows that no organization is immune to threats posed by the online environment, including small and medium-sized businesses (SMBs). For this reason, cybersecurity for SMBs has become a priority .
Cybersecurity challenges for SMEs
Small and medium-sized enterprises face specific challenges regarding cybersecurity. In addition to a lack of dedicated security resources , 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 of data privacy and security regulations poses a challenge for SMEs, which must comply with current laws such as GDPR and LGPD . In other words, a lack of resources and specialized knowledge can hinder compliance with these regulations. The good news is that there are affordable cybersecurity tools that can serve these companies more efficiently and comprehensively.
Specific vulnerabilities of SMEs
Small and medium-sized businesses face a unique set of cybersecurity challenges. To better understand, we've outlined the main cybersecurity vulnerabilities that can affect SMEs.
Lack of resources dedicated to security.
While large companies have significant resources to maintain and protect their data, SMEs often face challenges due to limited resources . With cyberattacks becoming increasingly sophisticated and frequent, cybercriminals are developing new methods to hack systems, cause financial damage, and steal information. SMEs are seen as easy targets because they are perceived as having weaker defenses.
According to a survey by TIC Empresas 2023 , larger companies tend to address cybersecurity more frequently in meetings, reaching 75% of respondents. Meanwhile, at 39% in smaller companies, this figure is much lower .
The lack of resources also extends to training and time availability . As a result, SME employees often juggle multiple roles, leaving little time to focus on cybersecurity strategy. A lack of adequate training can increase the incidence of human error , such as clicking on suspicious emails or installing unauthorized software.
Without a clear plan and the resources needed to execute it, SMEs may struggle to maintain up-to-date and effective cyber defenses . Therefore, it's essential to seek more accessible and intelligent solutions to improve their security posture and strategy.
Lower level of awareness about cyber threats.
Small and medium-sized enterprises (SMEs) face unique cybersecurity challenges. Unlike large corporations, they often rely on fewer employees to manage IT functions, including cybersecurity. Furthermore, with limited budgets , investing in cutting-edge security solutions becomes more difficult.
Another relevant factor is cybersecurity awareness within these companies. Due to the size of the organization, managers may underestimate the company's vulnerability , believing 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 . 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 crucial that everyone stays informed about these threats and knows how to combat them.
Malware
Malware is a common and potentially devastating threat to small and medium-sized enterprises (SMEs). This type of malicious software is designed to compromise systems, cause damage, steal data, or spy on user activity. 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 that SMEs implement effective security strategies and solutions , such as antivirus software. Furthermore, ongoing employee training is essential to guide them on safe web browsing and email handling practices.
Ransomware
Ransomware cyberattack that encrypts a victim's files and demands a ransom payment to restore access. These attacks can completely paralyze a company's operations and force the payment of large sums to recover data.
To deal with ransomware, it's essential to maintain regular and secure backups of your most important information and adopt security practices to prevent infection, such as avoiding clicking on suspicious links and keeping software up to date. It's 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 usually arrives through fake messages that mimic legitimate communications and is frequently used to gain unauthorized access to systems .
Phishing attacks are especially harmful to SMEs, as they can result in the theft of important data and compromise company security . Therefore, it is crucial to empower employees to recognize signs of phishing and avoid these attacks.
Specific cases that affected SMEs
In 2023 alone, Brazil suffered 60 billion attempted cyberattacks, according to a survey by the company Fortinet . This illustrates the growing impact of cyberattacks on organizations around the world, resulting in system crashes, harming profitability, and leaking sensitive data from clients and partners.
According to an IBM survey , 62% of annual cyberattacks affect small and medium-sized businesses , 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 business continuity of SMEs. IBM's research reveals that 75% of small and medium-sized businesses that suffer large-scale cyberattacks end up virtually closing their doors.
Cybersecurity strategies for SMEs
Given all these factors, it is necessary for small and medium-sized enterprises to implement cybersecurity strategies and resources to protect information, anticipate suspicious activities, and prevent damage caused by cyber threats.
Implementation of Security Technologies
Therefore, implementing security technologies is the first step in protecting SMEs against threats. This includes the use of firewalls , antivirus software , and detection and prevention systems to ensure network and data protection.
While antivirus software helps detect and eliminate malware before it causes damage, firewalls control network traffic and block unauthorized access . It's important to ensure 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 can 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 should cover various aspects, such as system access, password usage, and procedures for handling security incidents.
These policies ensure that employees are aware of the procedures and best practices to be followed. Furthermore, it is necessary to regularly review and update these policies to keep pace with changes in threats and available technologies.
Implementing incident response procedures is equally crucial. These procedures are essential for a company to quickly address cyberattacks and minimize their impact. An incident response plan should be regularly tested and adjusted as needed, analyzing each incident after its resolution to continually improve security .
Benefits of investing in cybersecurity
Investing in cybersecurity is fundamental 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 stand out from the competition.
Protection against data loss
Therefore, the main benefit of investing in cybersecurity is protection against data loss . Ensuring critical data is protected from loss and corruption is essential to ensuring business continuity and compliance with privacy and data protection regulations.
The loss or leakage of information can result in significant financial losses, reputational damage, and loss of consumer trust. 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 it ensures that information remains unreadable to unauthorized individuals. Furthermore, access control is crucial to ensure that only authorized users can access critical information, reducing the risk of unauthorized access.
Strengthening customer confidence
Building customer trust is crucial for companies that want to stand out in the market. In addition to providing quality products or services, consumers need to trust that their data is protected.
In other words, investing in cybersecurity not only protects the organization but also strengthens customer trust. When consumers know their data is secure and that the company is committed to protecting it, 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, in addition to implementing robust security measures.
RappiBank
RappiBank suffered a cyberattack that resulted in the data of thousands of customers being leaked, including sensitive information such as names, CPFs, and credit limits. This information was then 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 unauthorized access and stated that it implemented measures to quickly address the vulnerabilities, notifying affected customers and alerting the appropriate authorities. This incident highlights the risks associated with data breaches, such as phishing attacks and the potential opening of fraudulent accounts using victims' data.
Authy
Authy popular two-factor authentication (2FA) app, suffered a cyberattack in 2023 that compromised the security of several users. This attack was the result of a targeted phishing campaign, where cybercriminals gained access to protected accounts by tricking users into providing their authentication codes.
Following the attack, Authy acted swiftly to mitigate the damage and strengthen user security. An intensive investigation into the extent of the breach and damage was conducted, suspicious sessions were revoked, and users were advised to reset their authentication settings and reevaluate their platform-related accounts. Security guidance was also issued to help users recognize and avoid future phishing attacks.
CVC Corp
The attack suffered by CVC Corp in 2021 was classified as ransomware, meaning that criminals were able to block access to the company's systems and then demand a ransom payment for the release of the data.
CVC undertook intensive work to restore normalcy to its systems and minimize the impact of the intrusion. The company stated that, despite the complexity of the attack, no personal customer data was compromised. Furthermore, it has reinforced its cybersecurity strategies to prevent future incidents.
Lessons learned during incident recovery can help improve security practices and the company's strategy for addressing future threats. Organizational resilience is fundamental to strengthening security and preventing future problems.
Positive long-term results
Investing in cybersecurity can bring several long-term benefits to SMEs. Organizations that have adopted effective security practices frequently report a reduction in the frequency and impact of attacks, as well as an overall improvement in the security of sensitive information.
As we could see from the attacks suffered by RappiBank and Authy, the companies learned from the attacks, implementing more efficient solutions to avoid these approaches. In this way, they managed to strengthen their strategy and prevent new incidents.
Therefore, adopting a preventive security approach can a 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 trust , improve market positioning, and ensure a more robust 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 businesses. A good strategy offers comprehensive 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 their digital security culture .
Furthermore, investing in cybersecurity not only protects the company against cyberattacks and data loss, but also strengthens consumer safety and improves brand reputation in the market . In other words, SMEs must be prepared to invest in cybersecurity, learn from their 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.
