Small to medium-sized businesses (SMBs) are facing an increasing threat from cybercriminals, with the number of infections rising by 5 percent in the first quarter of 2024 compared to the same period last year, according to a report released by cybersecurity firm Kaspersky.

The report highlighted a troubling trend: A total of 2,402 users encountered malware and unwanted software posing as legitimate software products in the first four months of the year. It marked an 8 percent increase over the same period in 2023.

Additionally, 4,110 unique files were distributed under the guise of small and medium business-related software, indicating a growing sophistication and volume of cyberattacks targeting small businesses.

Kaspersky’s data revealed that Trojans continued to be the most prevalent form of attack. Unlike viruses, Trojans cannot self-replicate but disguise themselves as legitimate software, making them particularly dangerous.

The number of Trojan attacks reported between January and April 2024 reached 100,465, a 7 percent increase from the previous year. The figure far outstripped the next most common threat, Dangerous Objects, which recorded 17,320 attacks — an increase of 6,994 from 2023.

Cybercriminals have shifted their focus to popular software applications. Microsoft Excel has surged to become the primary channel for these attacks, rising from fourth place in 2023 to first in 2024.

Microsoft Word follows closely in second place, while Microsoft PowerPoint and Salesforce tie for third as common targets.

Kaspersky analysts utilized the Kaspersky Security Network (KSN) telemetry to track the threats. They cross-referenced data from commonly used SMB applications like Microsoft Office, MS Teams, and Skype to identify the prevalence of malicious files and unwanted software linked to these platforms. Said data also highlighted the number of users impacted by such threats.

Likewise, phishing continues to be a significant risk for SMBs, leading to severe consequences. Employees often receive links to fraudulent websites mimicking well-known services, corporate portals, or online banking platforms. When they log in, their credentials are stolen, or they inadvertently trigger automated attacks, jeopardizing sensitive business information.

“Our intelligence indicates that human error, often due to insufficient cybersecurity awareness, is a major vulnerability for SMBs,” said Vasily Kolesnikov, a cybersecurity expert at Kaspersky.

“The widespread use of Microsoft Excel in office environments provides fertile ground for attackers who can embed and manipulate malicious data in large datasets that are frequently shared across a business. SMBs might believe they are not targets, but as part of a vast network of interconnected assets, any weakness can be exploited by cybercriminals.”

Kolesnikov emphasized the importance of robust cybersecurity measures for SMBs. He advised that clear policies for accessing corporate assets should be established, and employees should be regularly reminded of basic cybersecurity practices to mitigate risks.

Protecting SMBs from cyber threats is crucial for sustaining economic stability, particularly in emerging markets. According to United Nations data, SMBs account for 70 percent of jobs in these regions. However, these businesses often struggle to access the financial resources needed to bolster their cybersecurity defenses.