The threat of "hack-for-hire"

What is “hack-for-hire”?

Hack-for-hire is a type of cyber attack in which hackers or hacker groups offer their services for a fee to carry out targeted attacks. These services can include a wide range of activities, from data theft to website defacement to the destruction of business infrastructure.

Why are SMEs at risk?

SMEs are particularly vulnerable to hack-for-hire attacks due to a number of factors:

• Limited resources: SMEs often do not have the financial or human resources to implement state-of-the-art security measures or hire specialised security experts.
• Lack of security awareness: In many SMEs, the focus is on day-to-day operations, which can lead to security issues being neglected. Employees may not receive adequate training on cyber threats and how to recognise and avoid them.
• Dependence on third-party providers: SMEs often work with external service providers and suppliers, which creates potential gateways for attackers.A hacker who gains access to one of these third-party providers can then indirectly access the SME’s systems and data.

The consequences for SMEs

The impact of a successful hack-for-hire attack on an SME can be devastating:

• Loss of confidential data: Hackers can steal sensitive business information, including customer data, intellectual property and financial data, which can lead to a loss of trust and reputation for the organisation.
• Financial damage: Recovering data and systems after a cyberattack can be costly. In addition, fines and legal action can be taken against the organisation if data breaches occur.
• Business interruption: A successful attack can lead to business disruption, which can result in lost revenue and customer dissatisfaction. This can have a long-term impact on the financial stability of the organisation.

How can SMEs protect themselves?

Although the threat of hack-for-hire is real, there are steps SMEs can take to protect themselves:

• Invest in security: although it can be a financial burden, investing in adequate security measures is crucial. This includes the use of firewalls, antivirus software, regular security updates and training for employees.
• Vetting third-party providers: SMEs should carefully scrutinise the security practices of their external service providers and ensure that they adhere to appropriate security standards.
• Increase security awareness: Employees should receive regular training on cyber threats and be aware of how to recognise and report suspicious activity.
• Contingency planning: SMEs should develop a comprehensive contingency plan for dealing with cyber-attacks that sets out clear procedures for responding to an incident.