3 Reason Small Businesses are Ransomware Targets

Small businesses are often targets of ransomware thieves. These attackers lock down data and systems, and demand money for return of service. Weaker security measures, smaller IT budgets, and less awareness of threats are the reasons for the increasing ransomware and hacker attacks on small businesses.

Why are small businesses cyberattack targets? According to the Verizon Data Breach Investigation Report 2023:

  • Small businesses experience 69% more data breaches than large enterprises.
  • 95% of data breaches are overwhelmingly financially driven, especially ransomware attacks.
  • 74% of all breaches include the human element.

Lack of Small Business Security Planning and Implementation

There is a big difference in how small businesses are prepared to deal with security threats. Potential problem areas include:

1. Weaker Security Measures

  • No Contingency Plan
    Solution: Developing data recovery practices to restore systems to pre-event status.
  • Minimal Protection by Insufficient Security software
    Solution: Installing and maintaining strong antivirus software, firewalls, and other security tools that can detect and block ransomware.
  • Infrequent updates
    Solution: Updating and patching software, systems, and upgrading or replacing equipment to prevent vulnerabilities.
  • No Backup Plan
    Solution: Implementing regular backups of data and files to a secure location that is not connected to the main network.
  • Process for Employee Reporting of Suspicious Events
    Solution: Developing and testing an incident response plan that outlines how to deal with a ransomware attack and minimize its impact.

2. Smaller IT Budgets

  • Lack of Resources
    Solution: Utilizing an external Managed IT Service Provider that responds quickly and ensures operational and regulatory needs are met. Outsourcing to a managed IT company provides infrastructure and security management at a cost saving below the expense of hiring employees. They relieve business technology burdens and have expertise that can be focused on specific IT gaps.
  • Vulnerabilities in Infrastructure Components
    Solution: Utilizing a Managed IT Service Provider to actively monitor and secure networks and endpoints with cloud-based threat AI and active virus protection.

3. Lack of Employee Awareness and Training

  • Error Management
    Solution: Providing onsite classes to help employees Understand security issues related to hardware, software and printer vulnerabilities. Educating employees on how to recognize and avoid phishing emails, malicious links, and attachments. According to a blog post by the Center for Internet Security (CIS), “The majority of ransomware is propagated through user-initiated actions such as clicking on a malicious link in a spam e-mail or visiting a malicious or compromised website”. Onsite security awareness training such as error management are key to preventing all kinds of hacking activities.
  • Privilege Misuse, Stolen credentials, and Social Manipulation
    Solution: Onsite training to ensure your team has the skills necessary to do their job and to recognize actions that manipulate them to reveal confidential or personal information.

Bottom Line

Ransomware is a serious threat that can have devastating effects on small businesses. To protect their viability and actual existence, organizations need to fortify their cybersecurity from both a technological and human perspective. By following these best practices, small businesses can reduce their risk of becoming victims of ransomware and improve their resilience in case of an attack.

R&D Computers of Norcross, GA

Since 1993 our managed IT services have protected thousands of companies from ransomware and cyberattacks. If your business is in Norcross or the greater Atlanta area and your concerned about Ransomware attacks, Schedule your FREE risk assessment to ensure your company is prepared.

R&D Computers Background

R&D Computers, Inc. was founded in 1993 and has been a leader in cybersecurity for business of all sizes in Norcross and all across Georgia. Working with business we come up with goals to provide the best possible service at an affordable price. Our experienced team of IT experts understands the challenges you face when it comes to IT solutions. That’s why we’re proud to be Atlanta’s own full-service IT service provider that can tailor our services to meet your unique business needs. Call us today at (770) 416-0103 and let us tell you how we can work together to come up with a solution that works for you.