A lot of the things you hear online about ransomware can really shape your view of the problem for the worst. Most of the time, when we hear about ransomware attacks we see big-name brands like Whirlpool, Pfizer, Foxconn, Honda, LG, and Mitsubishi. But we never hear about that small law firm in New Jersey being attacked by cybercriminals.
All because we don’t hear about it or see it on the news, we have this thinking that maybe small and medium-sized businesses are not real targets for ransomware.
That couldn’t be farther from the truth.
In research conducted by Infrascale, they found out that over 46% of SMBs were the victims of ransomware attacks. Of that number, around 70% decided to pay just to get their data back. They also found these harrowing data from their research.
The research is based on a survey made by Infrascale of more than 500 C-level executives with 87% of the respondents being CEOs of companies.
So should your small business be worried about ransomware? Why are small businesses becoming targets? Let’s try to talk about all of that in a while.
In a nutshell, ransomware is a type of malware that encrypts the files of its victims. The perpetrator then demands a ransom from the victim so they can gain access to their files/data as soon as they pay up. Users are usually given instructions on how they can pay the fee to get the “decryption key”. Costs range anywhere from a few hundred dollars to millions usually paid in Bitcoin.
In the world of modern business, data is key. It’s the driving force behind every industry we have right now. When people get hold of your data and decide to keep it away from you, your whole business will be put to a stop. Unless you get your data back (or use a backup if you are smart), your business will be put at a standstill. While this is a big threat for multi-million dollar businesses, it can be as fatal to small and medium-sized businesses with some of them forced to close down shop.
If big businesses pay up big ransoms, why are cybercriminals targeting small businesses? Here’s what the experts have to say.
Definitely. It’s a real threat and it can affect businesses big and small. Experts also see that due to the high number of SMBs paying up, more attacks will happen in the future. This is because they get more returns when attacking SMBs instead of just waiting to hit the big time with large companies.
So the question is, where do you start? Here’s what you can do to help lessen your chances of getting victimized by a ransomware attack.
We understand that this is quite a tall order for an SMB. As mentioned above, a lot of SMBs don’t even have a large budget allocation for their IT. But that does not mean you have to suffer. For starters, you can look for cloud
If you want a customized IT solution for ransomware prevention in New Jersey then you can trust Techsperts Business Technology Solutions to help you out. Techsperts offers free initial consultation where we can talk about how we can help reduce your risks of getting hit by a ransomware attack. We have a team of seasoned IT experts who can create a custom security plan for your business. Contact us today!