Ransomware Attackers Are Targeting Small Companies. Learn What To Do
The rate of ransomware attacks on the IT services of small businesses keeps skyrocketing. While larger enterprises are well-heeled enough to deliver huge ransoms when forced to, small companies tend to be a sweet spot for cybercriminals.
According to the 2022 CyberEdge Cyberthreat Defense Report, companies with employees of about 25,000 upward have a low chance of experiencing ransomware. SMBs, however, have about a 70% likelihood of getting hit. As a small business owner, you must be well-informed about ransomware and how to prevent it.
What is Ransomware?
Ransomware is a form of cyber threat that is particularly destructive to small businesses. It encrypts a company’s data, files, and records, all of which could be lost if a ransom is not paid. It freezes their systems and restricts their access to critical information. Regular business operations are on hold as the malware attacks file servers and the company’s network. The business owners pull their resources together in the hope of getting and delivering the amount requested.
Ransomware rates are peaking, and the attackers are able to whip up millions of dollars from their criminal acts. Companies, on the other hand, suffer data loss or business shutdowns.
Why Are Ransomware Attackers Targeting Small Businesses?
Vulnerability to Ransom Requests
Small Businesses are more shaken by ransomware since failure to deliver the huge requests might mean a business shutdown. They do all they can to pay the ransoms so that they could at least have something to start over with. Their options are limited, and their company is at stake. This incident is, however, usually a result of the owners undermining the intensity of cyberattacks and failing to take necessary precautions in the first instance.
Weak Security Strategies
Larger organisations are well-educated about cybercrimes and usually ensure that their security services are top-notch no matter the amount needed for its achievement. This strategy makes it harder to breach their network or spread malware across their servers.
On the other hand, small companies often believe they are not at risk of cyberattacks and thus, leave their data unprotected. Owners who attempt to put up some guards may not have the expertise needed to do it themselves. All these deliver small businesses to ransomware attackers on a silver platter.
Some SMBs Are Linked to Larger Organisations.
Cyberattackers mostly begin with bronze by penetrating the security services of small businesses, which are pretty straightforward. Large companies often partner with small businesses when they have a common interest. Since we’re in a digital age, it is only reasonable that there’s an electronic link between these companies. Once they have access, they would go for gold by using the connection between the small company and the large organisation.
Ransomware attackers taking large organisations head-on bear the risk of attracting federal law enforcement agencies, leading to brief exposure.
How Can a Small Business Prevent Ransomware?
Training Your Employees
Standing guard against ransomware attackers first requires having detailed knowledge of what you are up against. You and your workers should know what ransomware is all about. Awareness is vital, and the consequences of bypassing security policies should be emphasised.
Train your employees against phishing by helping them differentiate between genuine emails and doom traps. This training can be held a few times a year to be able to update their strategies should there be any advancement in the processes. New workers should take the entire course before joining the teams.
Setting Up a Firewall
Firewalls have always been one of the best lines of defence regarding cyber threats. And for ransomware, there’s no lagging. A firewall will assist your business in thwarting ransomware attacks and boost your security services. It detects threats lurking amidst sent or received data and monitors business operations for anomalous activities.
Firewalls usually come with a Deep-Packet Inspection feature to thoroughly analyse all data and ensure they are threat-free. It safeguards your company against software services that breed viruses or other forms of malware. Its potential is maximised when partnered with strategies like threat hunting.
Backed Up Your Data and Files Regularly
Regular data backup will go a long way in preventing resource hijacking by ransomware attackers. If you become a victim of ransomware and end up having your files and databases encrypted, you will not need to pay a ransom for recovery.
You can also take a step further by saving some backups offline. Those data won’t be affected during any online attack. More so, the cloud is available for all businesses to employ. While there’s also ransomware in the cloud, it has top-level security packages that ensure the safety of your files.
Regular Security Testing
Security assessment assists small businesses by revealing the perks of their security services and their weaknesses. This technique will help reform their policies and improve their strategies. Companies should perform assessments like vulnerability tests which detect weak points and a host of others. They also expose weak passwords, system misconfigurations, and authentication issues.
Contact Us for Help with Ransomware Protection
At GKM2, we are professionals equipped with the best tools to weed out threats and prevent ransomware. Reach us on +61 2 9161 7171 or fill out our contact form.