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Showing posts with label Small Businesses. Show all posts
Temu
China Cyber Security Indonesia Small Businesses Temu

Indonesian Government Asks Apple, Google to Block China's Temu to Safeguard Small Merchants

 

Indonesia has urged Alphabet's Google and Apple to remove Temu, a Chinese fast fashion e-commerce startup, from their app stores in the nation, a minister said earlier this week. 

The decision was intended to safeguard the nation's small and medium-sized businesses from low-cost products offered by PDD Holdings' Temu, communications minister Budi Arie Setiadi told Reuters, despite the fact that authorities are yet to find any transactions involving its residents on the platform.

Temu's quick expansion has drawn criticism from multiple countries for its low-cost business model of sending shipments to customers in China. 

Budi described Temu's business approach as "unhealthy competition," as it connects consumers directly with factories in China to significantly lower prices. "We're not here to safeguard e-commerce, but we do protect small and medium-sized businesses. "There are millions who must be protected," the minister stated.

If Temu makes such a move, Jakarta will likewise block its investment in local e-commerce, according to Budi, who added that he is unaware of any such plan. Additionally, Budi stated that the government intends to ask Shein, a Chinese online retailer, for a similar ban. Last year, Indonesia compelled China's ByteDance social media network TikTok to shut down its online shopfront in order to safeguard the privacy of local users and merchants.

Months later, TikTok agreed to acquire a majority stake in Indonesian digital behemoth GoTo's e-commerce subsidiary in order to maintain its presence in Southeast Asia's largest e-commerce market. On Tuesday, Indonesian e-commerce company Bukalapak.com refuted news of an acquisition by Temu. 

According to an estimate by Google, Singapore state investor Temasek Holdings, and consultancy Bain & Co., Indonesia's e-commerce industry could grow to almost $160 billion by 2030, up from $62 billion in 2023.
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Small Businesses
Australia Australian Businesses Customer Data Cyber Security awareness Data Breach Data Leak small business security Small Businesses

Small Trade Businesses Urged to Strengthen Security After Total Tools Data Breach

 

Small trade businesses are on high alert following a significant data breach at Total Tools, a major Australian hardware retailer, which exposed sensitive information of over 38,000 customers. This breach compromised customer names, credit card details, email addresses, passwords, mobile numbers, and shipping addresses, making small trade businesses potential targets for secondary cyberattacks. 

The CEO of the Council of Small Business Organisations Australia (COSBOA), Luke Achterstraat, emphasized the importance of heightened vigilance for businesses, especially those in the construction and trades sector, as they face increased risks of cyber threats. Achterstraat urged all businesses with online hardware accounts to monitor for any unusual activity in the coming days and weeks. He stressed the importance of protecting sensitive data, finances, and client information from potential scams and fraud. COSBOA recommends businesses to immediately review their security protocols, change all passwords linked to Total Tools accounts, and enable two-factor authentication where possible to minimize the risk of unauthorized access. 

To further support small businesses, COSBOA is promoting the Cyber Wardens program, a free eLearning initiative funded by the Federal Government. This program is designed to help small businesses and their employees fortify their digital defenses against cyber threats, equipping them with the knowledge to identify and prevent cyberattacks. COSBOA has partnered with industry bodies such as the Master Builders Association, the National Timber and Hardware Association, and the Master Grocers Association to ensure that small businesses across Australia have access to the necessary resources to safeguard against cybercrime. 

With cyberattacks on the rise, especially in sectors like construction and trades, small businesses must stay informed and prepared. Hackers often exploit vulnerabilities in these industries due to the valuable data they handle, such as payment information, client details, and supplier contracts. Therefore, investing time in employee training and implementing cybersecurity best practices can significantly reduce the risk of future breaches. The recent data leak at Total Tools serves as a critical reminder that even trusted suppliers can fall victim to cyberattacks, putting customers and affiliated businesses at risk. As more companies move toward digital solutions, the importance of cybersecurity can’t be overstated. COSBOA’s efforts, through the Cyber Wardens program, aim to create a more secure environment for Australia’s 2.5 million small businesses, ensuring they are well-equipped to tackle the ever-evolving cyber threats. 

In addition to joining cybersecurity programs, businesses should regularly update software, employ strong, unique passwords, and back up essential data to reduce the impact of potential breaches. By taking these proactive steps, small trade businesses can enhance their digital security, ensuring they remain resilient against future cyber threats.
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Turkey
CosmicBeetle Cyber Attacks ESET ESET Research Malware Attack ransomware attacks small business security Small Businesses Turkey

CosmicBeetle Exploits Vulnerabilities in Small Businesses Globally

 

CosmicBeetle is a cybercriminal group exploiting vulnerabilities in software commonly used by small and medium-sized businesses (SMBs) across Turkey, Spain, India, and South Africa. Their main tool, a custom ransomware called ScRansom, is still under development, leading to various issues in the encryption process. This sometimes leaves victims unable to recover their data, making the ransomware not only dangerous but also unpredictable. 

Based on analysis by Slovakian cybersecurity firm ESET, CosmicBeetle’s skills as malware developers are relatively immature. This inexperience has led to chaotic encryption schemes, with one victim’s machines being encrypted multiple times. Such issues complicate the decryption process, making it unreliable for victims to restore their data, even if they comply with ransom demands. Unlike well-established ransomware groups that focus on making the decryption process smoother to encourage payment, CosmicBeetle’s flawed approach undermines its effectiveness, leaving victims in a state of uncertainty. 

Interestingly, the group has attempted to boost its reputation by implying ties to the infamous LockBit group, a well-known and more sophisticated ransomware operation. However, these claims seem to be a tactic to appear more credible to their victims. CosmicBeetle has also joined the RansomHub affiliate program, which allows them to distribute third-party ransomware, likely as an attempt to strengthen their attack strategies. The group primarily targets outdated and unpatched software, especially in SMBs with limited cybersecurity infrastructure. They exploit known vulnerabilities in Veeam Backup & Replication and Microsoft Active Directory. 

While CosmicBeetle doesn’t specifically focus on SMBs, their choice of software vulnerabilities makes smaller organizations, which often lack robust patch management, easy targets. According to ESET, businesses in sectors such as manufacturing, pharmaceuticals, education, healthcare, and legal industries are particularly vulnerable. CosmicBeetle’s attacks are opportunistic, scanning for weak spots in various sectors where companies might not have stringent security measures in place. Turkey, in particular, has seen a high concentration of CosmicBeetle’s attacks, suggesting that the group may be operating from within the region. 

However, organizations in Spain, India, and South Africa have also been affected, illustrating the group’s global reach. CosmicBeetle’s focus on exploiting older vulnerabilities demonstrates the need for businesses to prioritize patching and updating their systems regularly. One key issue with CosmicBeetle’s operations is the immaturity of their ransomware development. Unlike more experienced cybercriminals, CosmicBeetle’s encryption tool is in a constant state of flux, making it unreliable for victims. While ESET has been able to verify that the decryption tool technically works, its rapid and frequent updates leave victims uncertain whether they can fully recover their data. To reduce the risk of falling victim to such attacks, SMBs must prioritize several cybersecurity measures. 

First and foremost, regular software updates and patch management are essential. Vulnerabilities in widely used platforms like Veeam Backup and Microsoft Active Directory must be addressed promptly. Businesses should also invest in employee cybersecurity training, emphasizing the importance of recognizing phishing attacks and suspicious links. In addition to these basic cybersecurity practices, companies should back up their data regularly and have robust incident response plans. Having a reliable backup strategy can mitigate the damage in the event of a ransomware attack, ensuring that data can be restored without paying the ransom. Companies should also invest in cybersecurity solutions that monitor for unusual network activity, providing early warning signs of potential breaches.
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Small Businesses
Cyber Security Cybersecurity Precautions Financial Fraud KeyBank Payment Faud small business security Small Businesses

Small Businesses Increasingly Concerned About Payment Fraud

 

Small businesses are becoming more concerned about payment fraud, as revealed by a recent survey from regional bank KeyBank. The survey included nearly 2,000 small-to-medium-sized businesses with annual revenues of less than $10 million. The results show that payment fraud is a significant worry, with various types of fraudulent activities posing serious threats to their financial security. 

The survey revealed several major concerns among small business owners. Forty-four percent of respondents were anxious about unauthorized transactions or electronic fund transfers. Identity theft was a concern for 37%, while 28% were primarily worried about malware and ransomware attacks. Additionally, 27% were troubled by phishing and email scams. 

Mike Walters, President of Business Banking at KeyBank, highlighted the impact of new technology on increasing vulnerabilities to fraud. "With the introduction of new technology over the last several years, small businesses are some of the many that have fallen victim to fraudulent activity," he stated. Walters emphasized the importance of having a robust plan to combat fraud. Beyond fraud, the survey identified other significant economic challenges expected in the coming months. High overhead costs, delayed payments from clients, and fluctuating revenue were among the top issues. 

Despite these challenges, small businesses remain optimistic. Sixty-five percent of small business owners feel confident they could cover their operating expenses for a month using their cash reserves if an unexpected need arose. Walters praised the resilience of small business owners, attributing their confidence to years of managing financial uncertainty. "Their resilience is a testament to years of weathering financial uncertainty, and with their confidence remaining strong, they’re able to power through the last leg of inflation and keep themselves on track for economic growth," he said. 

The survey underscores the critical need for small businesses to adopt comprehensive security measures to protect against fraud and other cyber threats. Implementing robust cybersecurity practices can help mitigate risks and ensure the continued growth and stability of small businesses in an increasingly digital economy. The findings indicate that small businesses must prioritize cybersecurity to safeguard against the growing threats of fraud and cybercrime. By adopting advanced security measures and maintaining vigilance, these businesses can better protect their operations and maintain the trust of their customers.
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SMBs
Australian Businesses Australian Government Cyber Security cyber threat Small Businesses SMBs

Australian SMBs Faces Challenges in Cyber Security


The internet has turned into a challenge for small to midsize businesses based in Australia. In addition to the difficulty of implementing innovative technology quickly and with limited resources because of the rate of invention, they also face the same cyberthreats that affect other organizations. Then, as 60% of SMBs close following a breach, companies that are breached are likely to fail later.

This has raised concerns of the regulators. 

According to a recent report by ASIC, ‘medium to large’ business firms are recently been reporting severe cyber security capabilities in comparison to other organizations, including supply chain risk management, data security, and consequence management.

In response to the aforementioned threats, the Australian government has announced an AU $20 million package to boost small businesses. An optional cyber "health check" program is being established as part of this to assist small business owners in assessing the maturity of their cyber security. A Small Business Cyber Resilience Service, which will offer a one-on-one service to assist small firms in recovering from a cyber assault, will also receive $11 million of the package. 

This initiative will focus on areas where SMBs are the most vulnerable. However, small firms will also need to take it upon themselves to place a lot greater emphasis on resilience than they have been doing in the face of growing cyber threats. 

The Risk in Numbers 

The ASIC research analysis found that small businesses are only slightly more effective than half of their medium and big counterparts in several areas, such as identifying threats and overcoming them.

The significant percentages of small businesses are as follows:

  • Do not follow or benchmark against any cyber security standard (34%).
  • Do not perform risk assessments of third parties and vendors (44%).
  • Have no or limited capability in using multi-factor authentication (33%)./ Do not patch applications (41%).
  • Do not perform vulnerability scans (45%). Do not have backups in place (30%).

The Cost to Small Business

The Annual Cyber Threat Report 2022-23 published by the Australian Signals Directorate reveals that the average cost of cybercrime has increased by 14% over the past year. Small firms paid $46,000, medium-sized organizations paid $97,200, and bigger enterprises paid $71,600.

Of course, that is a financial burden for any business, but it seems to be especially harmful for SMBs. Approximately 60% of small firms that experience a breach ultimately go out of business as a direct result of it.

These organizations face a real existential threat from cyber security. Even those who manage to escape the breach's direct costs still have to deal with the harm to their reputation, which can cost them partners and customers as well as short-term cash flow. In the best-case scenario, a cyberattack "just" prevents the small business from expanding and growing.

What can Small Businesses do? 

After identifying the restrictions on resources available to small businesses, the ASD and Australian Cyber Security Centre have designed the Essential Eight, a set of best practices for security and small enterprises. These are as follows:

  • Creating, implementing and managing a whitelist of approved applications. 
  • Implementing a process to regularly update and patch systems, software and applications.
  • Disabling macros in Microsoft Office applications unless specifically required, and training employees not to deploy macros in unsolicited email attachments or documents. 
  • Securing the configuration of web browsers to prevent harmful content, hence hardening user applications. Keeping browser extensions up to date and only using those that are required.
  • Restricting administrative privileges to those who need them. 
  • Configuring operating system patching through automatic updates.
  • Using strong, unique passwords and enabling multi-factor authentication. 
  • Isolating backups from the network and performing daily backups of important data.  

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User Privacy
AI Chatbot Artifical Intelligence Cyber Security Encryption Sensitive data Small Businesses User Privacy

Using Generative AI to Revolutionize Your Small Business

Staying ahead of the curve is essential for small businesses seeking to succeed in today's fast-paced business environment. Generative artificial intelligence (AI) is a cutting-edge tool that has gained popularity. The way small firms operate, innovate and expand could be completely changed by this cutting-edge technology.

Generative AI is a game-changer for tiny enterprises, claims a recent Under30CEO piece. It is referred to as a technique that "enables machines to generate content and make decisions based on patterns in data." This means that companies may use AI to automate processes, produce original content, and even make defensible judgments based on data analysis. 

Entrepreneur.com highlights the tangible benefits of incorporating Generative AI into small business operations. The article emphasizes that AI-powered systems can enhance customer experiences, streamline operations, and free up valuable time for entrepreneurs. As the article notes, "By leveraging Generative AI, small businesses can unlock a new level of efficiency and effectiveness in their operations."

Harvard Business Review (HBR) further underscores the transformative potential of Generative AI for businesses. The HBR piece asserts, "Generative AI will change your business. Here's how to adapt." It emphasizes that adapting to this technology requires a strategic approach, including investing in the right tools and training employees to work alongside AI systems.

Taking action to implement Generative AI in your small business can yield significant benefits. By automating repetitive tasks, you can redirect human resources toward higher-level, strategic activities. Moreover, AI-generated content can enhance your marketing efforts, making them more personalized and engaging for your target audience.

It's important to remember that while Generative AI holds immense promise, it's not a one-size-fits-all solution. Each business should evaluate its specific needs and goals before integrating this technology. As the HBR article advises, "Start small and scale up as you gain confidence and experience with Generative AI."

Small businesses are about to undergo a revolution thanks to generative AI, which will improve productivity, innovation, and decision-making. Entrepreneurs can position their companies for development and success in an increasingly competitive market by acting and strategically deploying this technology. Generative AI adoption is not just a choice for forward-thinking small business owners; it is a strategic need.

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Small Businesses
Business hacking Cyber Attacks Cyber Protection Cyber Threats Cybersecurity Breach IT Experts Small Businesses

How can Small Businesses Protect Themselves From Cyber Threats?


In today’s world where businesses of kinds and shapes are developing into a digitalized body, it has also increased chances of cybercrime in their cyber spaces significantly. Newbie business personnel who are looking forward to set a business in bakeries, renovations, and other fascinating passions now struggle, seeing the complexities in cybersecurity. Due to the fact that cybercriminals are continuously keeping an eye on vulnerabilities, it is crucial for organizations to take proactive measures to safeguard their digital assets and keep their operations running smoothly.

Modern Reality of Cyber Threats 

While pondering over cyberattacks is definitely not the first thing that comes over an entrepreneur’s mind, in today’s world where digital footprints is a known issue in any operation, cyber security needs to be taken into consideration. Data breaches and ransomware assaults are only two examples of the destructive actions that go under the umbrella of "cyber risk," which are frequently carried out by rogue agents, organized crime groups, or even nation-states. The virtual nature of cyberattacks does not lend itself to the straightforward answer of shifting to a "safer neighborhood," unlike conventional physical protection. Attackers benefit from ongoing access and endless opportunities as a result of firms being online all the time.

Adding to this, incorporation of AI technologies into a business has given threat actors a chance to improvise and add more complexities to their attacks. Ransomware-as-a-Service (RaaS) has further aided in expending the gig economy in the cybercrime-space, allowing small-time offenders to use automation and scale up their destructive activities. As a result, the fusion of technology with malicious intent has made the business of cyberattacks a booming one worldwide.

Critical Strategies for Cyber Protection 

There are many measures that could be followed to protect oneself from getting their systems struck by any cybercrime entity. We are listing some them below:

Keep Software Up-to-Date: Software maintenance is an essential practice. Cybercriminals may be able to exploit weaknesses in software that is even decades old. By installing software updates from reputable manufacturers like Microsoft, the danger of cyberattacks can be greatly reduced.

Implement Essential Controls: Leaders from small-size businesses are advised to emphasize on foundation measures in order to protect against known threats, like phishing attacks, malware or hacking. Some of the best safety measures include multifactor authentication, email and web filtering, data security and backups, privileged access management, and endpoint detection and response.

Collaborate with Insurers and IT Experts: Despite effective cybersecurity precautions, hacks can still happen, thus planning and cooperation are crucial. Working together with IT professionals and cyber insurers can result in specialized incident plans and quick recovery plans in the event of a successful attack. Cyber insurance offers access to specialized teams, coaching for crisis response, and financial support.  

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SMBs
CISA Cyber Securities Cyberattacks IIT Small Businesses SMBs

Cybersecurity Experts are Scarce for Companies and SMBs

 


In 2023, more than half of small and midsized businesses (SMBs) intend to increase their expenditures on cybersecurity — which is a positive development since six out of ten firms (61%) do not have cybersecurity staff, about half (47%) do not have incident response plans, and 40% do not conduct formal awareness training on cybersecurity. 

A study by Huntress of IT professionals at small and medium-sized businesses with 250 to 2,000 employees published on March 15 indicates that although many of the respondent organizations have deployed a range of cybersecurity products, they found that they are not the only ones. Even though they tend to ignore basic defensive measures (email security (86%), endpoint protection (79%), and network protection (73%), the US Cybersecurity and Infrastructure Security Agency (CISA) recommended recently that workers supplement their password security with two-factor or multiple-factor authentication as a means of strengthening their password security.  

As a result of their lack of preparation, understaffing, and/or under-resourcing, a majority of these companies feel unprepared or under-resourced to respond to evolving threats. Many of these businesses face difficulties obtaining cybersecurity insurance coverage and ensuring their employees are properly trained on security issues. According to Huntress' report, several midsize companies know multiple cybersecurity layers are necessary. However, there are significant gaps in the tools and planning processes used by these businesses. 

Additionally, a full third of the respondents (34%) said they are unaware of advanced threats and do not believe they could detect them. 

According to Roger Koehler, CISO at Huntress, a substantial percentage of individuals are unaware that their identities have been targeted. For these organizations to remain protected, visibility is of the utmost importance. This is because malicious actors can spend weeks or even months sitting in their networks, gaining footholds, and gathering information to perform their attacks. 

According to the Huntress study, 14% of respondents in this business segment confirmed having experienced an attack within the last year. There was also 10% of IT professionals unsure whether there had been a cyberattack during the survey period. In the United States, there are about 6 million companies between the ages of 250 and 2000 that employ 250 to 2,000 people. Those numbers add up pretty quickly. 

Cyber Spending is Expected to Increase 

It was interesting to read that Huntress also found that 49% of organizations are planning to spend more money on cybersecurity in the upcoming year. This is to meet the staggering need for increased knowledge and preparedness in the cybersecurity arena. A proactive approach to cybersecurity on the part of such a large number of small and medium-sized businesses is encouraging, Koehler says, rather than simply reacting to attacks as they occur. As a result, the biggest challenge in spending that budget will be finding the right employees within the organization. 

"It seems that middle-sized businesses are not just waiting for an attack to occur and subsequently reacting to them, but are investing in preventative measures so that these attacks can be prevented before they ever take place," Koehler says. As well as having the right people on your team, midsize businesses could benefit from having the right people to deal with attacks.  It is estimated that there are 700,000 cybersecurity jobs available as of the end of last fall, which is an increase of 43% from the end of 2021. Finding cybersecurity professionals in high demand is becoming increasingly difficult with the increase in burnout and dissatisfaction among cyber professionals. 

Managed cybersecurity services will experience significant growth in the coming years, thanks to the combination of stronger budgets and a stronger market for talented cybersecurity professionals. An analysis by McKinsey published in October concluded that this is the case. Consultants for the company believe that managed security service providers will be able to capture the majority of market share, as well as security-and-operations management projects.

According to McKinsey's analysis, over the next two years, its forecasted shift of allocated security spending to internal compared to third-party services is expected to increase across all segments of the market. Whenever talent is an issue, companies will need to turn to outsourced services when it comes to achieving strong security results, as long as talent remains a challenge. 
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