18 Dec 2024

Is My Business A Target for Cyber Criminals?

Frequently, people ask us at LoughTec, “Why would someone hack me, I am only a small/medium sized business in Northern Ireland or Ireland?”

Quite simply the answer is, cyber criminals or hackers as they are commonly known, just do not care who you are, where you are based, what industry you are in, how many people you employee and how they would ultimately affect you, your business, your customers or your employee's! 

Yes the bigger you are, the more attractive your company could be in regards to generating more money for a cyber criminal, but small to medium sized businesses usually don’t have enterprise level cyber security solutions like those larger organisations, so although yes the rewards are financially less for a cyber criminal, the ease of being able to breach a small to mid sized company can be exponentially easier.

Their aim, is to disrupt your business as much as possible, in order to get you to comply, for example with a ransomware attack, the end goal is to get you to pay them a financial ransom demand, usually in an almost untraceable cryptocurrency like bitcoin, to get your business “unlocked” or pay them to prevent extracted confidential data being leaked, usually onto the dark web, and to be able to return the business back to normal.

All businesses are a target for cyber criminals, but it can also largely depend on several factors, including its size, industry, digital presence and the sensitivity of the data it handles. Here’s a quick breakdown of some of these factors to help you understand and evaluate.

Industry

Some industries are more attractive to cyber criminals because they often store sensitive data, manage financial transactions, have valuable intellectual property (IP) or any downtime experienced would have dire financial consequences. Sectors such as finance, healthcare, retail, education, production/manufacturing and government services are particularly targeted.

Size of the Business

• Small and Medium Businesses (SMBs & SMEs) - Are often targeted because they may have fewer security measures and less awareness, making them “low-hanging fruit” for attackers.
• Large Enterprises - Targeted for their high-value data, trade secrets and customer information.

Data Sensitivity

Businesses that handle sensitive personal data (like Names, Addresses, DOB’s, National Insurance numbers, credit card information or health records) are at greater risk. Cyber criminals target data that can be sold on the black market or used to commit fraud.

Digital Footprint and Online Transactions

If your business relies on online transactions, e-commerce or uses cloud services, it could be more vulnerable. A strong digital presence can attract cyber criminals seeking to exploit weak entry points.

Supply Chain and Third-Party Vendors

Many attackers gain access to targets through their suppliers or partners. If your business interacts with a network of vendors, especially if they lack strong cybersecurity, it might make you an attractive secondary target.

Security Practices

Businesses without up-to-date cyber security practices or awareness training are at higher risk. Common weaknesses include:

• No multi-factor authentication
• Lack of regular software updates/patches
• Weak password policies
• Insufficient network monitoring and logging
• No SOC team 24/7/365 monitoring

Company Reputation and Competitors

Sometimes, attackers target businesses for reputational damage, particularly if they are well-known or seen as industry leaders. Also, competitor-led attacks are not unheard of in some industries.

If you’re concerned about your business’s risk level, implementing cyber security measures, employee training and regular security audits can help reduce your vulnerability.

LoughTec are cyber security experts, if you want to find out more on how LoughTec can help protect your business see below options. 

Click to find out more about how much a cyber attack could potentially cost your business. 

Click to find out more about Security Operations Centre SOC 24-7-365 protection.

Click to find out more about Staff Cyber Security Awareness Training.

Click to find out more about Ransomware Protection.