Cyberattacks: why SMEs are a top target compared to large enterprises

Small and medium-sized enterprises (SMEs) have become a prime target for cybercriminals, with attacks rising by 250%. They are perceived as easier to infiltrate than larger companies.

According to the Hiscox Cyber Readiness Report, 49% of SMEs reported experiencing a cyberattack in 2023, and 60% were forced to shut down as a result. Furthermore, 36% of micro-enterprises, with fewer than 10 employees, suffered from cyberattacks.

These statistics highlight the urgent need for SMEs to bolster their Cyber Security with cost-effective solutions like Telefónica Tech’s 'Tu Empresa Segura' (Your Secure Business). We have designed this service to provide SMEs with the tools and knowledge to stay protected.

Common Cyberattacks Targeting SMEs

SME are increasingly exposed to several types of cyber threats, including:

• Email-related attacks and phishing: Cybercriminals often use phishing to deceive victims into clicking malicious links or opening harmful files. Once opened, these files can infect systems, granting access to sensitive information and company networks.
• Ransomware: These highly destructive attacks encrypt company data, making it inaccessible. The perpetrators demand a ransom in exchange for the decryption tools and secret keys needed to recover the data.
• Malware: Various families of malicious software, such as viruses, backdoors, keyloggers, and cryptocurrency miners, are used to compromise systems, spy on activities, or generate illicit profits. These malicious tools often operate without the business's knowledge, benefiting the attackers.

There are several reasons why SMEs are appealing targets:

• Limited resources: SMEs typically allocate fewer resources to Cyber Security than larger companies, making them more vulnerable.
• Low awareness and training: Many SMEs lack strong security policies and fail to provide adequate training for employees, leaving them more susceptible to social engineering tactics like phishing.
• Outdated technology infrastructure: Failure to regularly update systems and software can leave SMEs exposed to known vulnerabilities.

The impact of a successful attack

Cyberattacks can be devastating for SMEs and may even jeopardize the business's future. Some of the most significant impacts include:

• Financial Costs: Direct costs can include paying ransoms in ransomware attacks, expenses related to data recovery, and the implementation of new security measures.
• Loss of Customers and Revenue: A breach can severely damage an SME’s reputation, leading to loss of customer trust and a significant drop in revenue.
• Fines and Penalties: Data breaches can lead to heavy fines from regulatory bodies, particularly if the company is found to have been negligent in its data protection practices.

Protect Your Business with 'Tu Empresa Segura'

To mitigate these risks, SMEs must adopt robust Cyber Security solutions like our Telefónica Tech’s "Tu Empresa Segura." This comprehensive security service is tailored to protect businesses from the growing array of cyber threats.

The solution is customizable to SMEs' needs, regardless of size or industry, and includes:

• Tools to defend against cyberattacks.
• Expert support and advice.
• Employee training and awareness programs on Cyber Security policies.

'Tu Empresa Segura' offers various levels of protection, ensuring that even SMEs with limited resources can access strong defenses against cyberattacks:

• Basic Package: This entry-level option includes essential protections such as secure browsing, antivirus and anti-ransomware, and a clean email system that filters out spam, malware, and phishing attempts in real time.
  
  

  ✅ These measures are crucial for preventing common attacks and safeguarding company data and systems.

• Advanced Package: Designed for businesses that require more extensive protection, this package adds features like secure remote working and secure office networks, as well as employee Cyber Security awareness programs.
  
  

  ✅ These features not only protect the company’s devices and networks but also educate employees on best practices, reducing the risk of human error leading to successful attacks.

• Premium Package: This package offers the most comprehensive protection, including additional services such as cloud security.
  
  

  ✅ This is particularly valuable for companies that rely on cloud applications and storage, ensuring that every aspect of their digital infrastructure is secured against potential vulnerabilities.

In addition, our new Managed Cyber Security package provides a combined EDR (Endpoint Detection and Response) and MDR (Managed Detection and Response) solution to monitor, detect, block and remediate any security incident on endpoints and in the cloud, providing SMEs with a Cyber Security solution until now reserved for large enterprises.

We at Telefónica Tech leverage Sophos' advanced capabilities, identifying threats through endpoint activity monitoring and real-time data analysis. This proactive threat detection intensifies incident investigation and response, all managed through Telefónica Tech’s global network of Security Operations Centers (SOCs), staffed by our Cyber Security experts.

With 'Tu Empresa Segura' SMEs receive expert guidance from setup through to daily operations, with 24/7 support to ensure quick response to any incident.

✅ 'Tu Empresa Segura' is a comprehensive and scalable Cyber Security solution.

By investing in this managed, reliable, and effective security service, companies can significantly reduce their risk of cyberattacks, ensure business continuity, and maintain trust of their partners, suppliers, and customers.