Cyber Criminals Increasingly Target Smaller Companies

Major data breaches and intrusions against large companies continue to grab media headlines. Recently, data shows that cyber criminals increasingly turn to smaller companies.

In fact, more than 60% of all cyber breach victims are small and mid-size enterprises (SMEs), according to Small Biz Trends1.

Why do cyber criminals target smaller businesses?

At Dexter & Co, we believe that smaller businesses are the favored target of cyber criminals. Because, the leaders at small and mid-size enterprises (or SMEs) often mistakenly think that cyber security services are beyond their means. Also, this can make SMEs under-protected and more easily accessible.

Remember, these types of attacks are continuing to evolve. And, this quarter’s Cyber InFocus monitors and raises awareness of the following three specific threats that are problematic for all sized businesses, including SMEs.

Small businesses must take cybersecurity seriously 

Small business owners often don’t understand the true nature of cybercrime. In fact, they see cybercriminals people who that pick and choose their targets to score the biggest hit and earn the most reputation amongst their peers. It’s true, such cybercriminal cases still do exist.

Most cybercriminals these days don’t have advanced hacking skills or the ability to write exploits for newly discovered vulnerabilities. Instead, they rely on readily available hacking tools that are sold on the dark web. In fact, it’s similar to regular software that’s sold on the internet.

  • Three Specific Threats

    1. First, Emotet, a virus leading to increased business interruption claims
    2. Second, Ryuk, a new, sophisticated ransomware strain
    3. Third, Credential Stuffing, an attack that is on the rise to both businesses and consumers.

Click here to learn more about these attacks, how they work, and trends associated with each. There, you will find access to the Chubb Cyber IndexSM. As well as, a host of resources and insights on how you can protect your business. 

Never allow your business to stay unprotected! Contact Dexter & Co. today for your small business insurance needs.

Anthony Dolce is Vice President, Cyber Lead, North America Cyber Claims.

1 Alton, Larry. “How to Protect Your Small Business as Cyber Security Threats Rise” Small Business Trends: https://smallbiztrends.com/2016/06/cybersecurity-strategies.html  (June 3, 2016)

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