Indianapolis businesses face escalating cyber threats in 2024, with ransomware and phishing attacks targeting local SMBs at unprecedented rates.
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Ransomware isn’t just hitting Fortune 500 companies anymore. 82% of ransomware attacks in 2021 were against companies with fewer than 1,000 employees, with 37% targeting businesses with fewer than 100 employees. These attacks can cripple your operations within hours.
The threat is particularly acute for Indianapolis businesses. In 2024, U.S. utilities faced an increase of nearly 70 percent in cyberattacks compared to 2023, with tens of thousands of customers losing power due to these attacks. If critical infrastructure isn’t safe, your business faces even greater risks.
Cybercriminals specifically target smaller companies because they often lack robust security measures. This shift in tactics results from attackers turning away from mega-sized targets to focus on small or mid-sized companies, since risk of exposure and arrest are generally not as great.
The attack method is surprisingly simple yet effective. RDP compromise—via access to a system administrator or user password—is the most common break-in method in these types of attacks. Once inside, attackers move laterally through your network, gathering intelligence before deploying their ransomware payload.
What makes this particularly dangerous for Indianapolis businesses is the financial impact. While some ransomware groups demand millions, others like Phobos demanded an average of $1,719 from victims, with a median demand of just $300. Don’t let the smaller amounts fool you—even a “small” ransomware attack can shut down your operations for days or weeks.
The human element remains the weakest link. Human error is one of the leading causes of security breaches. Your employees need ongoing training to recognize suspicious emails, links, and requests that could provide attackers with the access they need.
Recovery isn’t just about paying a ransom. Creating offsite, offline backups and keeping them beyond the reach of attackers is crucial. Test them regularly to make sure you can restore essential business functions swiftly. Many businesses discover their backups are corrupted or incomplete only after an attack occurs.
Effective ransomware protection requires multiple layers of defense working together. Stop threats early before they can infiltrate or infect your endpoints using always-on cybersecurity software that can prevent exploits and malware used to deliver ransomware.
Password security forms your first line of defense. Password managers are a popular tool to protect credentials and prevent RDP compromise. Since most ransomware attacks begin with compromised credentials, implementing strong password policies and multi-factor authentication significantly reduces your risk.
Network segmentation can contain damage if an attack occurs. Finding ways to use cloud, security, and automation technology wherever possible will work to your advantage. At a basic level, maintaining software and systems updates will prevent some vulnerabilities and having backup and disaster recovery in place will minimize downtime and data loss.
Employee training remains critical because it’s essential to have a solid plan that includes making educating staff on how to spot and avoid threats an ongoing priority. Human error is one of the leading causes of security breaches. Regular security awareness training helps your team recognize and report suspicious activities before they escalate.
Consider the broader impact on your business operations. Financial costs from breaches can range from a few hundred to millions of dollars, with long-term reputational damage leading to loss of customer trust and loyalty, which can take years to recover. The investment in proper cybersecurity measures is minimal compared to the potential losses from a successful attack.
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Phishing attacks have evolved far beyond suspicious emails from foreign princes. Modern phishing scams can reach victims through malicious websites, text messages, social media, and even mobile app downloads. In 2024, Malwarebytes found more than 22,800 phishing apps on Android.
Indianapolis businesses face particular vulnerability to these attacks. Threats including phishing, spam and email malware are most commonly aimed at businesses with fewer than 250 employees. Those with fewer than 100 employees receive 350% more threats than larger companies, with CEOs and CFOs being popular targets.
Voice phishing (vishing) represents a growing threat to Indianapolis businesses. Vishing incidents rose by 30 percent in 2023, with 68.4 million Americans falling victim. One study indicated a 442 percent increase in vishing incidents in 2024. These attacks bypass traditional email security measures entirely.
The sophistication of these attacks continues to increase. Phishing has evolved beyond basic emails, with AI-powered tactics to impersonate legitimate users making it hard to detect. Attackers can now create convincing voice replicas and personalized messages that appear to come from trusted sources.
Business email compromise represents another significant threat vector. Business email compromises occur when business emails are compromised and then used to attack other businesses. Publicly available toolkits like Evilginx allow threat actors to easily spin up phishing kits to target organizations and can be used to bypass multi-factor authentication.
The financial impact extends beyond immediate losses. The FTC estimates that consumers lost $280 million to phone scams in the first quarter of 2024, with 21 percent of Americans losing money to text message scams. When these attacks target your business, the losses multiply through operational disruption and customer impact.
Training your team becomes even more critical with these evolving threats. Some small business owners might discount the threat of losing login credentials to consumer tools, but the threat is compounded by the enormous problem that too many individuals and businesses reuse passwords across multiple accounts. A single compromised credential can provide access to multiple systems.
Defending against social engineering requires a combination of technology and human awareness. Avoid phishing attacks by refusing to click on links from unknown senders and never download attachments from unknown senders or unexpected emails. These attachments could contain malware that steals passwords, data, and multifactor authentication codes.
Implementing proper email security measures provides your first line of defense. Advanced email filtering can catch many phishing attempts before they reach your employees, but determined attackers will still find ways through. This is why employee training remains so important.
Regular security awareness training should cover current attack methods and provide practical examples your employees can relate to. Educate your team on essential practices such as recognizing phishing attempts, using strong, unique passwords, and regularly updating software. These simple steps are your first line of defense against cyber attacks.
Consider implementing additional verification procedures for sensitive requests. When someone calls requesting password resets, financial information, or system access, establish protocols that require verification through separate communication channels. This simple step can prevent many successful social engineering attacks.
The AI factor adds new complexity to these threats. While AI can help businesses and security solution providers create better defense strategies, it also gives bad actors better tools to enhance their attacks. AI has made threats harder to detect, more frequent, and more sophisticated, but it can also find vulnerabilities faster. Your defense strategies must evolve as quickly as the attacks themselves.
The cybersecurity landscape in Indianapolis demands immediate attention and ongoing vigilance. Unlike Hoosier basketball and the Indianapolis 500, cyber security is a year-round sport. Because the work is never done, it often makes sense for businesses to seek out support from a trusted partner that can bring the needed cyber security expertise and resources.
Your business cannot afford to wait for an attack to happen before taking action. If nearly three-quarters of small businesses were to experience a ransomware attack, bankruptcy would soon follow for the majority. A staggeringly low 17% of small businesses have cyber insurance, with 48% waiting until they experienced an attack before buying insurance.
The path forward requires comprehensive planning and expert guidance. Creating a process to monitor and update your plan regularly will empower your business to elevate its security posture and be better prepared for potential threats. When you’re ready to protect your Indianapolis business with proven cybersecurity solutions, we bring over 30 years of experience helping local businesses stay secure and operational.
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