A New Wave of Cybersecurity Scams: What SMEs Need to Know to Stay Protected

Small and medium-sized enterprises (SMEs) are experiencing a sharp rise in cyber threats, a trend fueled by recent advances in technology that enable attackers to develop highly targeted and sophisticated scams. Recent insights shared in CPABC in Focus, a publication by the Chartered Professional Accountants of British Columbia, reveal how cyberattacks have become more frequent and dangerous, making it crucial for SMEs to understand the current cybersecurity landscape and adopt effective protections.

Social engineering scams, a long-standing tactic in cybercrime, have been supercharged by AI. Cybercriminals are now able to use AI to mimic the unique writing style or voice of a company executive, making phishing attempts look disturbingly authentic. AI tools can generate emails in a CEO’s tone by analyzing previous messages, creating a heightened sense of urgency that manipulates employees into disclosing sensitive information or transferring funds. Even more alarming, with just a brief voice sample, scammers can create deepfakes that sound almost identical to a known individual’s voice. These advanced methods underscore the need for SMEs to train employees on identifying unusual requests and validating communications, no matter how authentic they may appear.

Third-party risk poses another significant concern. Since most SMEs rely on third-party providers to host their data, the security of their information is often tied to these external systems. The danger lies in the potential for one supplier breach to impact thousands of businesses, creating a domino effect in which a single compromised vendor leads to access to data across multiple organizations. SMEs can mitigate these risks by vetting providers carefully, ensuring they meet high cybersecurity standards, and regularly reviewing their compliance with robust security protocols.

Business email compromise (BEC) attacks have also become more sophisticated, with attackers infiltrating company email systems and monitoring communications for weeks or even months. No longer are these scams just a poorly crafted email asking for a wire transfer. Cybercriminals embed themselves in legitimate email chains, targeting substantial transactions with a level of credibility that is hard to detect. By patiently waiting for the right moment, they maximize their potential financial gain, often targeting the largest transactions scheduled over several months. Companies can reduce their exposure to BEC attacks by using multi-factor authentication, limiting access to sensitive information, and implementing policies for verifying requests for significant financial transactions.

To confront these escalating threats, SMEs need more than traditional defenses. Directpath Global Technologies (DGT) offers a suite of tailored services designed to tackle the most complex cybersecurity challenges SMEs face today. As a Managed Security Service Provider (MSSP), DGT provides tools like Extended Detection and Response (XDR) to offer real-time insights into network activity, and Mobile Threat Defense (MTD) to safeguard devices against an array of mobile-specific threats. Additionally, their Vulnerability Assessment and Penetration Testing (VAPT) and virtual Chief Information Security Officer (vCISO) services allow companies to build a strategic, customized cybersecurity framework. With DGT's advanced AI capabilities, these services extend beyond security to support broader operational needs, equipping SMEs to better detect, respond to, and prevent sophisticated cyber threats.

In this climate, SMEs must prioritize cybersecurity to protect themselves against the intensifying threats of social engineering, third-party compromises, and business email fraud. A strong cybersecurity strategy isn’t just a defensive measure; it’s an investment in stability and resilience, allowing businesses to focus on growth with confidence. By remaining vigilant and leveraging the right cybersecurity solutions, SMEs can navigate this challenging landscape and protect their assets from the growing wave of cybercrime. Source: Chartered Professional Accountants of British Columbia