How can small businesses ensure the security of their online transactions and financial information?

Small businesses face a variety of cybersecurity threats. Here are some of the most common ones:

1. Phishing and Social Engineering: These are widespread and effective cyberattacks facing small businesses. Phishing, and its associated variants such as spear-phishing and business email compromise, is the most prevalent cyberthreat.

2. Malware: At 18%, malware is the most common type of cyberattack aimed at small businesses.

3. Data Breaches: Data breaches account for 16% of cyberattacks on small businesses.

4. Website Hacking: This accounts for 15% of cyberattacks on small businesses.

5. DDoS Attacks: DDoS attacks account for 12% of cyberattacks on small businesses.

6. Ransomware: Ransomware accounts for 10% of cyberattacks on small businesses. Ransomware can come in many shapes and sizes, but it all functions with the same basic concept: You must pay a ransom in order to gain access to your data.

7. Security Misconfigurations and Unpatched Systems: These can leave small businesses vulnerable to cyberattacks.

8. Credential Stuffing: This involves using stolen account credentials to gain unauthorized access to user accounts.

Remember, small businesses often do not have a dedicated cybersecurity team or enterprise-grade defenses, making them easier targets for cybercriminals¹[1]. Therefore, it's crucial for small businesses to be aware of these threats and take appropriate measures to protect themselves. This can include regular cybersecurity training, robust security tools like multi-factor authentication or password managers, and partnering with a reliable IT support and cybersecurity provider.