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5 Reasons Why Small Businesses are Prime Targets for Hackers - And How Momentum Z Can Help Protect

Small and medium-sized businesses (SMBs) and enterprises (SMEs) are attractive targets for cybercriminals. Despite having limited resources to invest in cybersecurity, they are a prime target for hackers due to the sensitive data they hold, and the perception that they are more vulnerable to cyber-attacks. In this short article, we'll explore why SMBs and SMEs are attractive targets for hackers, and how Momentum Z's solutions and services can help, including IMDA's Data Protection Essentials (DPE) and CSA's Cyber Essentials (now called CISO-as-a-Service) certification, can help protect your business.

  1. Limited resources and budget: SMBs and SMEs have limited resources to invest in cybersecurity, which makes them an easy target for hackers. They may not have a dedicated IT team or security personnel to manage and monitor their network, leaving them vulnerable to attacks.

  2. Lack of awareness: SMBs and SMEs may not have the necessary knowledge or awareness about cybersecurity best practices. Employees may not be trained to identify and prevent cyber-attacks, and there may be gaps in the company's cybersecurity policies and procedures.

  3. Valuable data: SMBs and SMEs may hold sensitive data such as financial information, customer data, and intellectual property. This makes them an attractive target for hackers who can sell or use the information for personal gain.

  4. Third-party vendors: SMBs and SMEs may work with third-party vendors who may not have robust cybersecurity measures in place. This creates a potential vulnerability in the business's network and data.

  5. Easy entry points: Hackers can exploit easy entry points such as weak passwords, unpatched software, and unsecured endpoints to gain access to a business's network.

Case Study: One example of an SMB that fell victim to a cyber-attack is a Singapore-based accounting firm that suffered a data breach in 2019. The firm's client database, including confidential information such as personal identification numbers and bank account details, was compromised. The breach was caused by a phishing email that contained a malware-laden attachment.

Collated Fines not in any particular order

Read more findings here by the Commission of PDPC,

How Momentum Z can help: Momentum Z provides a comprehensive suite of cybersecurity services, including IMDA's Data Protection Essentials (DPE) and CSA's Cyber Essentials (now called CISO-as-a-Service), to help SMBs and SMEs protect their businesses. The DPE and Cyber Essentials certifications provide a baseline for cybersecurity practices and ensure that businesses have the necessary policies and procedures in place to protect their cyber perimeters and sensitive data. Momentum Z's team of experts can also provide training for employees to identify and prevent cyber-attacks, as well as implement robust cybersecurity measures to protect the network and data.

Conclusion: SMBs and SMEs are prime targets for cyber-attacks due to their limited resources and budget, lack of awareness, valuable data, third-party vendors, and easy entry points. However, with the right cybersecurity measures in place, businesses can protect their data and network from cyber threats. Momentum Z's solutions, including IMDA's DPE and CSA's Cyber Essentials (now called CISO-as-a-Service), can help businesses implement robust cybersecurity measures and protect their sensitive data from cybercriminals.

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