What Is Ransomware?
Updated: Aug 22, 2022
Should I be scared? Will my business be a potential target for Ransomware? I am a small business so I will probably fly under the radar.
These are some of the questions and statements made by businesses when the topic of ransomware comes into the conversation. It is important to understand what ransomware is before we can answer any of these questions or rebuff false statements.
Ransomware is a by-product of hacking. This means once you get hacked the aftermath of the hacking can be getting ransomed for a certain amount of money. According to cloudwards in 2021 37 percent of businesses got hacked and were hit by ransomware resulting in a total loss of 20 Billion dollars with an average of $1.85 million to recover from these attacks. These recovery costs are nothing to joke about because 70% of small businesses hit by these attacks go out of business within a year and only recover an average of 65% of their data according to Heimdal Security.
Should I be scared?
The best offense is a great defense
No, you shouldn't be scared. Instead, you should be focusing on fortifying your network security. The more secure your business networks are the harder it is for you to be hit by one of these attacks. That is why we believe it is important to put in security measures and educate your employees. The weakest link in any security chain is typically the individual but when fortified with knowledge the organization overall becomes stronger.
Will my business become a potential target for ransomware?
Every single business can be potential for ransom. Hackers do not care what industry you are in, you could be a hospital or a small grocery chain. Their main goal is getting some sort of financial reward from your business, whether it be through google play cards or bitcoin. Even after you pay the ransom, they can demand more by continuing to encrypt your data and therefore hurting your business by limiting access to the productive tools that are used on an everyday basis.
I am a small business so I will probably fly under the radar.
Whether you are a billion-dollar firm or a business just starting, if any of your critical information is online (which is 99% of businesses) you can and will get hacked. No matter the revenue, the hacker will take any opportunity they get. So don't be naïve and think you are safe because your business is small and flies under the radar.
It is better to be safe than out of business.
Every business is susceptible to Ransomware. Because of this, it's critical to use caution. You'll be able to stay inventive, competitive, and mailable by doing this. Since you won't have to worry about trying to find out how to compensate hackers knowing you are protected when they attempt to infiltrate your network and reveal your company's information to your rivals online. Every company owner needs to take ransomware seriously because it is no joke.
If you have any questions in regards to the subject please do not be afraid to reach out to us or comment below!