There are rising AI security threats to small businesses. A recent survey by the World Economic Forum shows that ransomware attacks have increased by nearly 300%, with over 50% of these attacks specifically targeting small businesses. Whilst AI is 2024’s major buzzword and isn’t the be-all and end-all, it does make automating certain cyber attacks a lot easier, and hence more attractive to threat actors.

As the integration of AI into business operations accelerates, so does it into cyber criminal enterprises, making small businesses are increasingly vulnerable to various AI-driven security threats. Oxford Capital has an interesting news post on the top AI security threats that small businesses must be aware of and prepared to face in the latter half of this year, and extending into 2025. In brief:

AI-Powered phishing attacks

Phishing attacks have evolved, with cybercriminals now leveraging AI to create highly convincing and personalised emails. These attacks are designed to deceive employees into revealing sensitive information or downloading malicious software.

Automated vulnerability exploits

Threat actors are using AI to scan for and exploit vulnerabilities in software systems at an unprecedented speed and scale. Small businesses, often with limited resources for frequent software updates and patches, naturally have a greater exposure.

Deep fake scams

The rise of deep fake technology poses a significant threat as cybercriminals use AI to create realistic audio and video impersonations of company executives. These deep fakes can be used to manipulate employees into transferring funds or sharing confidential information.

AI-driven ransomware

Ransomware attacks have become more sophisticated with the help of AI, allowing attackers to efficiently target and encrypt critical business data. The automated nature of these attacks means they can occur rapidly and without warning, leaving small businesses little time to react. However ransomware has also evolved beyond encrypting a victim’s data – now it is more usually simple just data theft and asking for a ransom to delete it. Recent FBI successes have shown that invariable, this data is never deleted, but also sold, meaning the attackers get paid twice.

Malicious AI bots

AI bots can be used to conduct malicious activities such as credential stuffing, where bots attempt to gain access to accounts using stolen credentials. Small businesses are particularly vulnerable due to typically weaker cybersecurity measures compared to larger enterprises.

Weak passwords

Weak passwords are a major cybersecurity threat for small businesses as they can be easily guessed or cracked, allowing unauthorised access to sensitive information.

In conclusion, small businesses can help to mitigate AI-driven cybersecurity threats by implementing several key solutions:

  • Strong password policies: Use complex passwords and update them regularly.
  • Multi-factor authentication: Add an extra layer of security to sensitive accounts.
  • Regular software updates: Ensure all systems and applications are up-to-date to close potential vulnerabilities.
  • Employee training: Educate staff on recognizing phishing attempts and other cyber threats.
  • Robust cybersecurity controls: Invest in comprehensive security solutions to detect and respond to threats efficiently.

Cyber & Data Protection can help your small business analyse your current security posture with our Cyber Risk Assessment, which will also initiate conversations about how to include and strengthen your internal security controls to prevent future attacks. We can also help you achieve Cyber Essentials, with employee training and help and advice on software patch management, as well as a suite of next-generation anti-malware defence with WatchGuard’s proactive AI-driven ThreatSync+ Network Detection & Response (NDR). To find out more how we can help with the rising AI security threats to small businesses, call us now on 01743 644 404 or email us at hello@cyber-data.co.uk