As the world celebrates World Password Day, it has emerged that Small and medium enterprises are the greatest hit by cyber criminals in their race to embrace digitisations.
A new report by global cyber security firm Sophos, says that amidst the rapid pace of digital transformation, cybersecurity vulnerabilities are increasing, posing significant risks to business continuity and data integrity.
Insights from the latest 2024 Sophos Threat Report show the prevalence of password stealers as a major threat faced by SMEs today.
Sophos, director of threat research Christopher Budd, says that password stealers, a type of malware designed to extract credentials from infected systems, are rapidly advancing.
"The primary cybersecurity concern for businesses of all sizes is data protection. Over 90 percent of reported attacks involve some form of data or credential theft, whether it's through ransomware, data extortion, unauthorized access, or direct theft," said Budd
These sophisticated threats often bypass traditional security protocols, resulting in unauthorized access to critical business and personal data, Leading to financial losses, damage to reputation, and regulatory implications.
The report notes that the increasing frequency and complexity of cyberattacks highlight the urgent need for robust security protocols, especially for SMEs.
World Password Day provides an opportune moment to reinforce cyber defenses.
While passwords serve as an initial layer of defense, they often fall short in countering modern cyber threats.
Sophos says this is where Multifactor Authentication (MFA) emerges as a crucial security measure.
MFA is a security framework that requires multiple authentication methods across different credential categories to verify user identity during logins or transactions.
The implementation of MFA can significantly reduce cyber risks.
“Enterprises that utilize MFA experience fewer security breaches and have greater confidence in their cybersecurity readiness. MFA acts as a vital security layer that prevents unauthorized access attempts on devices or networks,” the report reads in part.
Budd adds that even in the event of a password breach, the additional layer of authentication in MFA can effectively prevent unauthorized access.
