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Phishing Attacks on Social Media, like Meta, That Target Small Businesses are a “Gold Mine” for Thieves

As small businesses increasingly rely on social media platforms like Instagram, Facebook, and others to promote their products and services, they are facing a significant cybersecurity disadvantage. These platforms have become integral to daily business operations, making them vulnerable targets for cyberattacks. Unfortunately, social media giants like Meta (formerly Facebook) have not done enough to help small businesses tackle this problem.

Small businesses are often targeted by hacking rings due to their limited cybersecurity resources. While many small business owners don’t rate the risk of cyberattacks highly, the FBI reports a surge in hacks targeting small businesses. In 2021 alone, the FBI’s Internet Crime Complaint Center received almost 850,000 complaints related to cyberattacks, with a majority targeting small businesses.

These cyberattacks can have severe consequences for small businesses. For instance, an attack could compromise their social media accounts, forcing owners to start from scratch. Cybercriminals often create fake pages or employ phishing schemes to trick users into divulging their credentials. These tactics result in unauthorized access to accounts, leading to the spread of malicious content.

Despite the prevalence of these attacks, social media companies have provided little support to small businesses in addressing the issue. Many attacks exploit human behavior, such as clicking on seemingly harmless links, making cybersecurity education and two-factor authentication crucial for defense. Additionally, using business password managers and practicing good cyber hygiene, such as having a strong password policy, can go a long way in safeguarding accounts.

While the Cybersecurity and Infrastructure Security Agency (CISA) acknowledges the problem, government regulation and support for small business software remain limited. As cyberattacks continue to target smaller enterprises, it’s becoming increasingly clear that a shift is needed in balancing resources to protect the virtual world, given its growing importance in daily operations.

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