The internet’s underbelly—the “dark web”—is a hub for cybercrime that poses growing threats to businesses of all sizes. For small to mid-sized businesses (SMBs), understanding the dark web and its implications has never been more critical. Recent discussions with experts from NetGain Technologies, Converge Insurance, and Lockton Affinity reveal how cybercriminals use the dark web to exploit businesses. With these kinds of threats looming, protecting your SMB and implementing stronger security practices must be prioritized.
The Dark Web and Its Cybercrime Ecosystem
Contrary to popular belief, the visible internet accounts for only about 4% of total online content. The rest exists as the deep web, including resources behind paywalls or databases. Within the deep web lies the dark web, a region accessible only with specialized software like the Tor browser. Here, illicit marketplaces and private forums fuel a criminal economy where stolen credentials and ransomware is traded.
Why SMBs Are Not Exempt from Cyber Threats on the Dark Web
A common misconception among SMBs is that they’re “too small to be targeted.” But cybercrime on the dark web doesn’t operate with specific company names in mind—it targets vulnerabilities. SMBs often lack strong defenses, making them easy targets or collateral damage in widespread attacks like ransomware-as-a-service (RaaS). Cybercriminals use plug-and-play platforms, similar to popular software like Salesforce, tracking their attack campaign for maximum damage and financial gain.
Cybercrime Threats Facing SMBs
1. Business Email Compromise (BEC)
A very common threat, BEC occurs when hackers gain unauthorized access to a company’s accounts, often through phishing attacks. In brief, Once they’re inside they can exploit sensitive data, manipulate invoices, or send fraudulent messages to clients.
2. DDoS Attacks (Distributed Denial of Service)
By overwhelming a company’s systems with traffic, DDoS attacks disrupt operations, often resulting in lost revenue and frustrated customers.
3. Social Engineering
Attackers manipulate people into divulging confidential information or performing harmful actions. Phishing emails are just one facet; deepfake technology is now used to create video or audio impersonations of executives, convincing employees to release sensitive information.
4. Ransomware
Cybercriminals encrypt a company’s data and demand a ransom for its release. The present trend is dual-extortion, where criminals are threatening to publish the data on the dark web if the targets don’t pay the ransom.
Steps for Strengthening Your Cyber Defenses
Protecting your SMB can be done by employing several security measures proactively: 
- Implement Multi-Factor Authentication (MFA): MFA reduces unauthorized access by requiring additional verification. Many insurers require MFA for cyber insurance, reinforcing its value as a critical security layer.
- Regular Software Updates: Often underestimated, software updates address vulnerabilities that hackers eagerly exploit. In order to respond to newly identified threats quickly, aim to patch systems promptly.
- Data Hygiene: Regularly archiving and removing outdated or unnecessary data minimizes what criminals can access if they breach your system.
- Incident Response Planning: Prepare an incident response plan (IRP) and conduct tabletop exercises to simulate breaches. Knowing who to contact, what steps to follow, and the right backups can significantly reduce downtime and financial impact in a cyber crisis.
- Cyber Insurance: Cyber insurance can cover various expenses related to a breach, from legal costs to ransom payments. Beyond financial support, many insurers provide essential resources like forensic analysis and data recovery.
- Employee Training: Social engineering remains a leading cause of cyber breaches. Comprehensive training empowers employees to recognize phishing, fake login prompts, and deepfake tactics.
Cybercrime and the Dark Web: Legal and Practical Considerations
SMBs need to understand the legal obligations associated with a cyber breach. Even if a ransom is paid, there’s no guarantee that the data is safe/untouched or that it will be even be returned. In some cases, threat actors don’t delete stolen data after payment, resulting in additional reputational damage. Sensitive data can find its way onto the dark web, prompting legal requirements to notify clients and offer credit monitoring.
Key Takeaways
Cybersecurity isn’t a luxury; it’s essential. Implementing best practices can reduce your vulnerability, lower cyber insurance premiums, and build a strong defense against a constantly evolving threat landscape.
