Cyber ​​threats to small businesses in Latin America are on the rise

90% of attacks targeting small businesses are fraudulent and
malicious. Norton experts share how you can protect yourself
small business owners.

November 12, 2024 – With the growth of digital interactions and digitization, small businesses in Latin America are increasingly vulnerable to cyber threats. Experts from Norton, a leading cybersecurity brand and part of Gen™, warn that small businesses often lack the security infrastructure necessary to protect themselves against sophisticated attacks and are therefore considered easy targets for scams and fraud.

According to a Gen survey, 90% of cyberattacks targeting small businesses are fraudulent and malvertising. Ransomware is also among the most dangerous threats, which remains a major challenge for small businesses. The most affected sectors include healthcare, finance and retail, which handle large volumes of sensitive data, such as personal, financial and health information.

“Small businesses are the most vulnerable, because they often lack the same security resources as large corporations,” said Iskander Sanchez-Rola, Chief Innovation Officer at Norton. “The impact of a breach on small businesses can be catastrophic, resulting in significant financial losses, reputational damage, and legal complications that can be difficult to recover from.”

Iskander Sánchez-Rola clarifies that small businesses can face not only direct attacks, such as data theft, but also the exposure of their credentials on the dark web, where sensitive information, such as names, credit card numbers and even customer health data, can be sold to cybercriminals, which can increase the company's risk of financial fraud and identity theft.

Ransomware: An immediate danger

One of the most serious threats to small businesses is ransomware, used by malicious actors to hijack vital company data and demand a ransom to release it. 

“Data can often be recovered at no cost if the company takes the right measures. However, the best defence against ransomware is prevention. Continuous employee awareness of digital security is essential to protect company and customer data, as lack of knowledge can be exploited by cybercriminals,” says Iskander Sánchez-Rola.

Lack of simple habits, such as using VPNs and secure browsers, makes small businesses more vulnerable to cybercriminals, exposing sensitive data such as intellectual property (patents, designs and strategies), financial information, banking transactions, accounting records and even access credentials such as employee usernames and passwords.

In response to this growing threat, Norton has launched Norton Small Business, a solution designed specifically for small businesses looking to bolster their cybersecurity without the need for an in-house IT team. The robust and easy-to-deploy tool offers continuous protection for up to 20 devices, with features such as dark web monitoring, cloud backups, and real-time protection against viruses, malware, and ransomware.

“Cybersecurity has never been more critical for small businesses. They need simple, affordable, and effective solutions to protect themselves from ever-evolving cyberthreats,” said Iskander Sanchez-Rola. “With the launch of Norton Small Business, we are giving small business owners the tools they need to ensure their business and customer data is safe from malicious actors. Our mission is to empower business owners to focus on growing their businesses with the confidence that their digital infrastructure is protected.”