You may not think of cybersecurity as a priority for your small business. You might think that ransomware attacks on small businesses are rare or only occur in large companies. Both of these statements are wrong.
60 Minutes recently ran a story on ransomware that revealed 26% of municipalities and counties are able to defend their networks from hourly attacks. Ransomware attacks are common and affect all kinds of businesses. Cyber criminals who commit this act lock down a company’s files and demand a ransom.
Learn how to use small business loan to finance cybersecurity measures that will keep your business running smoothly.
Why small businesses are targets of ransomware
Cyber criminals have a disturbing trend of targeting smaller victims for ransomware attacks. Ransomware attacks on small businesses are a growing concern for everyone from local governments and hospitals to mom and pop shops and independent organizations.
60 Minutes, for example, featured a story about a hospital located in Indiana who was asked to pay $55,000 just to gain access to their network. This amount of money seems to be the “sweet spot” for hackers when it comes to funding. They know that they will most likely be paid. A ransom of $55,000 is significant for large businesses. The impact of these attacks on small businesses is almost insurmountable. The majority of victims of ransomware attacks will pay the ransom. The cost of losing the information of the business and the fallout is not worth it.
Small businesses are often unaware of the threat of a cyber-attack. Right? There are bigger fishes to fry. Hackers have started to target small businesses that lack sophisticated cybersecurity measures. Businesses should prepare for the worst, and be prepared to face the unexpected. Mike Christman, FBI, said in 60 Minutes that “everyone should expect to be targeted.” Cyber criminals are aware that businesses, hospitals, and government agencies hold confidential and vital information. They are therefore more likely to pay a ransom because they cannot afford to not do so.
How Ransomware Works
Small businesses may not be prepared for cyber attacks. You or your employee can unknowingly download malicious software by clicking on what seems to be an innocent email link or desktop application. Even the most innocent online activity can be tainted with malicious intent and turn into a ransomware attack on a small company. A cyber criminal can lock you out of files within minutes by installing software on your computer. A company can experience a sudden halt in their operations when they lose access to critical information.
What could be more alarming than this? Cyber criminals sell actual ransomware to those who want to launch an attack. Anyone, including your competitor, could obtain it, with no need for coding.
What you can do to prevent small business ransomware attacks
We don’t tell you this information to scare or intimidate you. It’s more of a wake-up. You may think that the size of your company would deter hackers from contacting you. It’s vital that you are aware of how common cyber attacks are on small businesses. It’s important to take precautionary measures against hackers.
Alternative lenders may be able to provide you with the funding that you need for small business cybersecurity. QuickBridge can provide you with capital as quickly as 24 hours. This allows you to put the money towards your security measures.
You cannot let your information fall into the wrong hand. View our infographic on ransomware to learn how to protect your business.
