Due to Covid-19, businesses are now forced to work from home and employees are logging into their corporate networks via their home networks and this inadvertently opens up the risk of cyberattacks.

Large companies and even SMEs and individuals are exposed to multiple attacks every day. There were more than 9,400 cybercrime cases reported last year, an increase of more than 50 per cent from the 6,200 cases reported in 2018, according to the Singapore Cyber Landscape 2019 report.

Needless to say, the impact of cyberattacks can be very detrimental to your business and SMEs are even more vulnerable to it because SMEs are often less equipped to deal with such threats as compared to large enterprises. Last year, SMEs were the target of 43% of cyberattacks, and on average, the cost of each attack was $184,000, with a report suggesting that 60% of small businesses fold within six months of a cyberattack.

Despite the rising threat of cyberattacks, many SMEs are still unaware of such threats. It is important that SMEs factor in such attacks as risks so that they can watch out for them and better prepare for it. Here are some common cyber threats faced by SMEs:

• Ransomware attacks: a type of malicious attack that encrypts a victim’s file and demands a fee from the victim to restore access to the data 
• Phishing scams, especially spear-phishing (email): these scams use carefully crafted and targeted text messages or emails that often seems legitimate or official to ask for sensitive financial or personal information
• Website defacement: an attack on a website that changes the visual appearance of a website or a web page and is then replaced by one of their own.
• Malware: a type of malicious software/computer virus that is specifically designed to be downloaded without a user’s knowledge and is intended to cause serious damage or data breaches.

Tips for SMEs to help prepare for cyberattacks:

1. Regular software updates: Download and install software updates for your operating systems and applications as they become available. They contain vital security upgrades that keep your devices and business information safe. Many instances of hacking have relied on businesses not staying updated with software patches.
2. Firewall: A firewall is designed to help protect your business, your users, your technology and your customers’ information from malicious content by denying it entry to your network. SMe Firewall Simplified is our very own version of managed firewall for SME business who wants to protect against attacks, with minimum involvement. It is fully managed by AMC, there is no hardware to purchase and it is able to block off more than 90% of unwanted traffics.
3. Antivirus software: Install, use and regularly update antivirus and antispyware software on every computer used in your business to prevent viruses or malware.
4. Backup regularly: Make backup copies of important business data and information so that you can restore your data after an attack. If you do not have a backup system in place, check out SMESUITE, an all-in-one server for small businesses which allows you to share and store files securely with backups and it also has a firewall in place which allows you to have a secured network and server security.
5. Multi-factor authentication (MFA): Simply setting up a process to login by assuring multiple authentication can help in preventing an attack.

Prevention is better than cure, therefore you should consider taking a few extra steps to better prepare and protect your business from such attacks.

Feel free to contact us if you have any questions.