How Should Small Businesses Plan for Ransomware Attacks?

Ransomware Attacks On Small Business

The FBI says there are approximately 4,000 ransomware attacks each and every day – bringing damages to around $1 billion annually. It’s time to plan ahead.

Ransomware is growing in both the frequency AND the sophistication level of attacks. Cyber Security Ventures reports that another business falls victim to a ransomware attack every 14 seconds with expectations of increasing to every 11 seconds by the year 2021. Why is ransomware growing so fast? Cybercriminals can make a fairly high amount of money from performing a single attack, let alone multiple at a time. If they manage to successfully attack a company, every single piece of data is incredibly valuable on the dark web. Just take a look:

● Social insurance numbers: $1 each

● Driver’s license: $25 each

● Online payment login information: $20 – $200 each

● Passports: $1,000 each

● Credit or debit card details: $5 – $115 each

● Medical records $100 – $1,000 each

Now that we’re starting to paint a picture of WHY ransomware is on the rise, let’s take a look at how ransomware infects the network.

How does a ransomware infection happen?

Ransomware essentially encrypts your data and/or systems through malicious means, then demands a ransom for the decryption key. This leaves businesses held hostage to the cybercriminal. So how do they gain access to your network to complete a ransomware attack in the first place?

• An employee clicks a link within a phishing email
• An employee visits a suspicious, malware-ridden website
• Your passwords aren’t strong enough to prevent unauthorized access
• Your cybersecurity measures are lax and don’t protect the network

There are many ways for cybercriminals to gain access and install some sort of malware onto your network. Unfortunately, small to midsize businesses don’t always have the budget or expertise to stay aware of evolving threats and implement the right security measures to stay safe.

What steps should you take to prevent ransomware infections?

As mentioned above, there are many ways a cybercriminal can hack your network. This means a multi-layered approach is required to prevent a ransomware infection. An IT company that specializes in cybersecurity can help you ensure you’re safe with:

• A cybersecurity policy that outlines best practices for using internet-connected devices safely, how to handle threats, and more.
• Comprehensive security solutions, including intrusion detection, firewalls, access control, encryption, and more.
• Employee training wherein staff are trained on the latest threats, tested on their knowledge, and kept up-to-date.

Let’s start securing your business against ransomware. Call (703) 499-8760 or email us at info@novacomputersolutions.com now.