Telcom and Cyber Security Blog

Who is LYNX and why are they trying to hack YOUR business?

Feb 9, 2025 | Business, Cyber Security

In the evolving landscape of cyber threats, small and medium-sized businesses (SMBs) have become prime targets for sophisticated hacker groups like Lynx. Emerging in 2024 as a rebranded successor to INC ransomware, Lynx has rapidly intensified its operations, focusing on sectors such as retail, real estate, architecture, and financial services in the U.S. and U.K.

Why Lynx Targets SMBs

Lynx perceives significant value in attacking SMBs due to several factors:

Limited Cybersecurity Resources: Many SMBs operate with constrained budgets, often lacking comprehensive cybersecurity measures. This makes them more susceptible to breaches.
Lower Awareness and Training: A lack of cybersecurity awareness and training among employees can lead to vulnerabilities, such as falling victim to phishing attacks or mishandling sensitive data.
Outdated Systems: SMBs may use outdated software and hardware, which are more vulnerable to exploitation by modern ransomware tactics.

The Vulnerability of SMBs

Statistics highlight the precarious position of SMBs:

Prevalence of Attacks: In 2021, 61% of SMBs were targeted by cyberattacks, with malware being the most common method.
Financial Impact: The financial repercussions can be devastating, with 95% of attacks costing businesses between $826 and $653,587.
Survival Rates: Alarmingly, over 60% of SMBs attacked go out of business, underscoring the critical importance of robust cybersecurity measures.

This approach increases pressure on victims to comply with ransom demands, as the potential data leak can lead to reputational damage and legal complications.

Protective Measures for SMBs

To mitigate the risk of falling victim to Lynx and similar threats, SMBs should consider the following actions:

Employee Training: Regularly educate staff on cybersecurity best practices, including recognizing phishing attempts and the importance of strong passwords.

System Updates: Ensure all software and hardware are up-to-date with the latest security patches to close known vulnerabilities.
Firewall Implementation: Deploy robust firewall security to protect against unauthorized access.
Data Backups: Regularly back up data to secure locations to prevent loss in case of an attack.
Incident Response Plan: Develop and maintain a response plan outlining steps to take in the event of a cyber incident.

By proactively implementing these measures, SMBs can significantly enhance their defenses against cyber threats and reduce the likelihood of severe operational and financial impacts.