Top 5 Cybersecurity Threats Facing SMBs

Cybersecurity is a growing concern for businesses of all sizes, but small and medium-sized businesses (SMBs) are particularly vulnerable. Many SMBs believe they aren't prime targets for cybercriminals, but this misconception can lead to costly consequences. Limited security resources often make them easy targets.

As part of Cybersecurity Awareness Month, we conducted a LinkedIn poll to learn what professionals see as the most significant cybersecurity threats. Phishing attacks topped the list, followed by risks from social media and weak password practices. With these findings, let's explore the top 5 threats SMBs face and how to protect your business.

1. Phishing Attacks

Phishing is the top cybersecurity threat, as identified by 75% of respondents in our recent LinkedIn poll. Phishing attacks involve cybercriminals posing as legitimate organizations to trick employees into sharing sensitive information, such as login credentials or financial data. These attacks are becoming more sophisticated, and without proper training, employees may easily fall for these scams.

How to protect your business:

• Conduct regular cybersecurity awareness training for your team.
• Use multi-factor authentication (MFA) to add an extra layer of security.
• Install email filtering tools to block phishing emails before they reach employees.

How Covenant Global Can Help:

Fortify, Covenant Global's all-encompassing cybersecurity solution, offers SMBs advanced protection against evolving threats. With cutting-edge threat detection and response, this solution continuously monitors your environment to detect and neutralize phishing attempts and other malicious activities before they cause harm. It integrates seamlessly with your existing Microsoft infrastructure, reducing administrative overhead while ensuring maximum protection. By implementing Fortify, you'll experience improved Microsoft Secure Scores, enhanced data security, and potentially lower your organization's cybersecurity insurance premiums—providing peace of mind as you stay ahead of emerging threats.

2. Social Media Vulnerabilities

Social media can be a valuable tool for businesses but poses significant risks. In our LinkedIn poll, 12.5% of respondents identified social media as a significant cybersecurity threat. Cybercriminals often use information shared on social platforms to craft targeted social engineering attacks, tricking employees into revealing confidential data or clicking malicious links.

How to protect your business:

• Educate employees on the risks of sharing sensitive information online.
• Implement guidelines for appropriate social media use within the organization.
• Monitor social media activity for any signs of phishing or suspicious interactions.

How Covenant Global Can Help:

SkyDesk 365 includes secure collaboration and communication, which help SMBs manage information sharing across digital platforms. By centralizing communication and providing safe access controls, SkyDesk 365 ensures that sensitive business information is shared only with authorized users. This helps mitigate the risks associated with oversharing on social media and prevents unauthorized access to critical data, reducing the likelihood of social engineering attacks.

3. Weak Passwords & Lack of MFA

Weak passwords and the absence of multi-factor authentication (MFA) are common vulnerabilities that expose businesses to cyberattacks. 12.5% of respondents in our LinkedIn poll identified these issues as significant cybersecurity threats. Cybercriminals can easily exploit weak passwords to gain unauthorized access to sensitive data, leading to breaches that can have serious consequences.

How to protect your business:

• Again, implement MFA for an added layer of security.
• Use password management tools to encourage the use of strong, unique passwords.
• Regularly review and update access controls to ensure only authorized personnel can access critical systems.

How Covenant Global Can Help:

Microsoft 365 Business Premium offers built-in security features, including MFA and Conditional Access, designed to strengthen your access management. Covenant Global helps SMBs implement these features, ensuring only authorized users can access sensitive data. This significantly reduces the risk of password-related breaches and strengthens overall security, allowing SMBs to operate more confidently.

4. Ransomware

Although ransomware didn't receive votes in our poll, it remains one of the most dangerous cybersecurity threats for SMBs. Ransomware attacks involve encrypting a company's data and demanding a ransom for its release. SMBs without strong security measures or regular data backups can face significant financial losses and operational downtime.

How to protect your business:

• Regularly back up your data to a secure location.
• Keep all software and systems up to date with the latest security patches.

• Train employees to recognize phishing emails, as they are often the delivery method for ransomware.

How Covenant Global Can Help:

With SkyDesk 365 and Azure, Covenant Global helps SMBs create a robust data backup and recovery plan. These solutions ensure that your critical data is securely backed up in the cloud, allowing for a swift recovery in the event of a ransomware attack. This minimizes downtime and ensures business continuity, so your business can quickly get back on track without being held hostage by cybercriminals.

5. Insider Threats

Whether intentional or accidental, insider threats can pose significant risks to a company's data security. Employees or contractors with access to sensitive information can inadvertently cause data breaches through careless behavior or, in some cases, malicious actions. These risks are often overlooked but can be as damaging as external threats.

How to protect your business:

• Establish clear security policies and access controls.
• Conduct regular training to educate employees about data protection best practices.
• Monitor user activities to detect unusual behavior indicating a potential insider threat.

How Covenant Global Can Help:

CSP Manage by Covenant Global allows SMBs to have centralized control over their cloud environment, providing visibility into user access and activities across their Microsoft environment. Through CSP Manage, businesses can track and manage permissions, ensuring only authorized personnel can access sensitive information. It also allows for quick adjustments to user access based on changing roles or detected risks. This helps to minimize the impact of potential insider threats, ensuring that security policies are enforced and user activities are monitored effectively.

Protect Your Business: Take Action Against Cyber Threats

Cybersecurity is an ever-evolving challenge, especially for small and medium-sized businesses. Understanding the top threats—like phishing, ransomware, weak passwords, social media vulnerabilities, and insider risks—allows you to protect your business proactively. As AI becomes more integrated into business operations, securing your data is critical. That's where our Copilot Readiness Assessment comes in.

Our assessment ensures your organization is fully prepared to leverage AI tools like Microsoft Copilot while keeping your data secure. By evaluating your infrastructure, we help you adopt AI technologies securely, ensuring that sensitive business information is only shared with authorized users. This way, you can confidently embrace AI advancements while safeguarding your most valuable assets.

By leveraging the right services and solutions, such as those offered by Covenant Global, you can strengthen your defenses, safeguard sensitive information, and ensure business continuity. We want to extend a big thank you to everyone who participated in our recent LinkedIn poll. Your insights helped shape this conversation around the biggest cybersecurity concerns facing SMBs today. Stay tuned for more valuable tips and resources throughout Cybersecurity Awareness Month, and let's continue to prioritize a safer digital environment for all.