Why Paying Ransomware Makes You a Repeat Customer

By:  |  Category: Blog, Security Thursday, September 27th, 2018  |  No Comments

SMB’s often assume they’re not a likely target of cybercrime. As I’ve suggested before, this couldn’t be further than the truth. Cyber attacks on smaller organizations can be devastating, and recent surveys suggest just how common they can be.

According to Hiscox Insurance, at least half of the smaller businesses surveyed said they’d been targeted, with forty-four percent of those saying they experienced between two and four attacks. In my opinion,  paying ransomware simply makes you a repeat customer.

The research showed that phishing and business email compromise (BEC) were top concerns among SMB’s, with ransomware also posing a significant threat. Small and medium businesses, in fact, paid some $301 million in ransomware attacks in 2016.

A survey of managed service providers that work with one-hundred-thousand small and medium businesses found that ninety-nine percent of the providers saw ransomware attacks on the rise.

Your Best Strategy

The most effective strategy against attack is cybersecurity training for employees and, especially for ransomware, AND regular back-up of data and systems.

Researchers noted some business owners were willing to pay the ransom rather than experience downtime. We recommend against this!

Paying a ransom is no guarantee of recovering data.  A majority of companies that refused to pay the ransom recovered their data from back-ups, reducing the attack’s effects to a nuisance.

A Radware survey confirmed that losing data is a major concern of small businesses. Carl Herberger of Radware stated that paying hackers ransom incentivizes future attacks and helps fund their criminal activities.

Regular system backups, well-trained employees, and a solid cybersecurity strategy are small businesses’ best defense.

If you need assistance with a solid cybersecurity solution give EnhancedTECH a call at 714-970-9330 or contact us at [email protected]

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