3 Ransomware Myths That Put Your Business At Risk

Ransomware concept art. These 3 ransomware myths are dangerous to believe.

Written by: Jay H.

If you’ve paid any attention to recent news, you’ve likely seen ransomware stories dominating major headlines. The Colonial Pipeline cyber attack is just one example of the devastation a cyberattack can cause. However, many small-medium business (SMB) owners still don’t consider themselves to be at risk despite the abundance of cyberattacks. Unfortunately, this couldn’t be further than the truth. Even though they may not make headlines, SMBs are the biggest targets of cybercrime. Up to 60 percent of attacks target SMBs, and the costs can be devastating. Here are three ransomware myths you need to stop believing now for the sake of your business.

Myth #1: My business is too small to be a target

All businesses are targets for cybercriminals. In fact, your SMB is at more risk of being a target because it lacks the cybersecurity infrastructures and budgets of large enterprises. And this myth is the most dangerous for your SMB, because a single cyberattack could put you out of business. You cannot afford to underestimate the risks of ransomware and you need to prepare your business.

Myth #2: There’s no way to defend against ransomware attacks

Many business owners believe that they are at the complete mercy of cybercriminals and cannot do anything to defend themselves. However, you can take steps to minimize the risk and the impact of a ransomware attack. Take these key steps to fortify your defences:

  • Perform automatic and regular backups of all of your data and store them offline.
  • Provide all of your staff with regular cybersecurity awareness training, including topics such as how to spot a phishing attack. Ransomware typically infiltrates an organization because a user downloads an unsafe file.
  • Patch and keep your operating system up-to-date to minimize vulnerabilities.
  • Don’t give software administrative privileges unless you know exactly what it is and what it does.
  • Install antivirus software to detect malware.
  • Install whitelisting software to ensure applications cannot execute themselves.
  • Back up your files frequently and store them offline. Should malware attack, the damage dealt will be much less significant.
  • Work with a trusted managed IT service provider to provide complete cybersecurity protection.

Myth #3: I have backups, so I’m safe

While having backups is a vital part of your organization’s defences, it is not an end-all solution. If your business is hit by a ransomware attack, you can expect costly downtime. For many firms, this costs them hundreds, if not thousands, per minute! Also, many bad actors increasing use what is known as a double-extortion tactic. This means that they not only demand a ransom for release of your files, but they threaten to publish your stolen data if you do not comply. So, you could be subjected to legal fees and a damaged reputation, the costs of which not easily calculatable.

Dispel these ransomware myths

Don’t believe these ransomware myths and take action to defend your business. One of the best ways you can protect your SMB from ransomware is by partnering with a trusted managed IT service provider (MSP) such as Design2Web IT. Our managed IT services include network and cybersecurity to protect your business from ransomware and other cyberthreats. Contact us today and schedule a free consultation to see how our solutions can fortify your firm’s defences.

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