Ransomware Attacks on Small Businesses: Are You Protected?

Ransomware Attacks on Small Businesses: Are You Protected?

Ransomware attacks on small businesses: Whether you already own a small business or you’re just dipping your toes in the industry, cybersecurity is probably the least of your problems – this is the main reason why you’re the biggest target for network threats.

Ransomware attacks are much more rampant in small businesses, taking all your files and crucial data as hostages; think of extortion, but it leans more on your security online. Before you go crazy about what these cyberattacks can do, it’s best to know your way around it.

In this article, we’re going to discuss what you should know about ransomware. Getting behind this cybercrime will allow you to assess the strategies you can apply to your business to avoid being an easy target for these problems.

What is Ransomware?

As mentioned, ransomware is the software that initiates cyber extortion by holding all your data encrypted. The worst that can happen is it takes over your whole network. You can activate ransomware with just a click on a link brought by a phishing email, suspicious email attachment, or downloads. Ransomware can also infect your system without your awareness. It just takes compromised security, and your entire network is at risk. You’re vulnerable to attacks if you’re using an outdated version of Microsoft Windows. However, even new systems were recorded to encounter ransomware because those lacked security patches.

Two Types of Ransomware

Locker Ransomware: This type is the simplest attack form; this ransomware locks you out of your device and files, but a cybersecurity expert can solve this issue and restore your access to your data.

Crypto Ransomware: This threat is known to be more serious because the attacker encrypts your data; this means you won’t be able to access your device without entering a set of unique decryption keys that the hackers have.

When the ransomware has been activated in your system, the hackers will send you a message through your computer.

This part is why this attack is called “ransom”; the attackers will ask you to pay a specific amount in return for restoring your access to your files and device. This payment may go as high as thousands of dollars in forms of bitcoin or other cryptocurrencies. Hackers typically give you a deadline to seal the payment; if you fail to pay, they might threaten you to destroy your data or publish them.

Why You Need to Be Alarmed by Ransomware

With the pandemic still not over, we’re enjoying the perks of using online platforms to let our businesses flourish. This trend is heavily prominent among small businesses, and this is why ransomware attacks are also widespread. Hackers used to mainly hit on big organizations like hospitals, universities, and government-ran systems because they can easily afford to give in to ransoms; however, these attackers have found out that small businesses are way easier to target because of the lack of cybersecurity protection.

The ransomware’s resulting costs are more than just the ransom itself. Remember that once your system gets hacked, your business will undergo downtime, and your revenue generation will freeze. There’s also a possibility that you might lose prospects. There’s also no guarantee that you’ll be able to restore your data once you take care of the ransom.

Overall, you’d want to keep an eye on the cybersecurity aspect of your business. Being vulnerable to these attacks may have significant effects on your merchandise in the long run.