The Top 5 Cybersecurity Threats Facing Small Businesses in 2024

Accenture's Cybercrime Study reported that 43% of cyberattacks target small businesses, highlighting the critical need for robust cybersecurity measures in the SMB sector. This article explores the top five cybersecurity threats facing small businesses in 2024 and examines how Managed Service Providers (MSPs) and Managed Security Service Providers (MSSPs) can help mitigate these risks.

Ransomware and Phishing Threats

Ransomware attacks continue to pose a significant threat to small businesses, potentially causing operational standstills and financial losses. These attacks involve malicious software encrypting a company's data, with cybercriminals demanding payment for its release. Phishing scams remain one of the most prevalent methods for cybercriminals to gain access to sensitive information, often using deceptive emails or messages to trick employees. To combat these threats, MSPs and MSSPs can implement robust backup solutions, deploy advanced email filtering systems, and conduct regular security awareness training for employees. This approach helps restore data without paying ransoms and enables staff to effectively recognize and report phishing attempts.

Insider Threats and IoT Vulnerabilities

Employees, contractors, or partners with access to sensitive data can pose significant insider threats, whether intentional or accidental. To mitigate this risk, MSPs and MSSPs implement strict access controls and monitoring systems and provide security policies and training. Simultaneously, the proliferation of Internet of Things (IoT) devices in business operations has expanded the attack surface for cybercriminals. These often poorly secured devices are easy targets, requiring MSPs and MSSPs to ensure proper configuration, regular updates, and network segmentation to limit potential breach impacts.

MSPs and MSSPs Solutions

MSPs and MSSPs offer comprehensive cybersecurity solutions to help small businesses combat evolving threats. These services include:

24/7 monitoring and incident response

Threat intelligence and analytics

Firewall management

Endpoint protection

Vulnerability assessments

Compliance and risk management assistance

By leveraging advanced technologies like AI-driven threat detection and automated response systems, MSPs and MSSPs enable SMBs to enhance their security posture without requiring extensive in-house expertise. This approach allows small businesses to focus on growth while benefiting from enterprise-level protection tailored to their needs and challenges.