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Ransomware and SMEs

Ransomware attacks are increasingly targeting small and medium-sized businesses. Small businesses spend less money on cyber security software and employee training. Many SMEs feel they are too small to be targeted by cybercriminals because they are often unaware of the potential threat, experts say.

Every day, the ability of Ransomware to infiltrate enterprises grows. The average ransom demand today is reported to be $84,000, with one out of every three corporations paying the ransom.

1 in 2 organizations was attacked by ransomware in 2019 and attackers succeeded in encrypting the data in 73% of these attacks.

1- Why Were SMEs Targeted by Ransomware Attacks?

Ransomware attacks are now directed not only at huge enterprises but also against small and medium-sized businesses (SMEs). Many small and medium-sized businesses are vulnerable to ransomware attacks. Because small businesses spend less money on cyber security software and employee training. As a result, they have become a popular target for cybercriminals. Furthermore, many small firms underestimate the potential threat of ransomware, feeling they are too small to be targeted.

Ransomware attacks

Ransomware has infected one in every two SMEs, and the majority of SMEs (73%) are paying to recover their data. A new study of top executives found that 46% of all small enterprises have been victims of ransomware assault.

2- SMEs are Easy Targets for Criminals

When cybercriminals target small firms, they seek a lower ransom than they do large corporations. As a result, SMEs are more likely than large corporations to pay the ransom sooner. However, many SMEs have proven to be appealing targets for cybercriminals because they lack the necessary technology and infrastructure to identify ransomware or viruses. The capacity of small enterprises to make payments has resulted in a slew of attacks on small businesses. Because it is easier for cyber thieves to target small firms and steal modest sums of money rather than giant enterprises that are hesitant to pay the ransom.

It is important to note that cybercriminals attack any company whenever they feel they can infiltrate it. In this environment, all firms, particularly small and medium-sized enterprises (SMEs), should take the appropriate safeguards to protect their sensitive data from ransomware attacks. Because thieves can delete data even after a ransom is paid.

Therefore, like other big companies, SMEs should also take basic security measures. SMEs can protect their organization against Ransomware attacks and other malicious software if they take precautions early.

3- How to Protect Yourself Against Ransomware Attacks

  • Establish regular and reliable backup procedures
  • Configure firewalls
  • Perform Penetration Tests
  • Run an email gap analysis
  • Keep all networks and systems up-to-date
  • Keep the employees aware of the cyber attacks using the best cybersecurity awareness training tools

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