4 Myths Small and Medium Size Businesses Believe About Ransomware (and Why They Aren’t True)

Many small- to mid-size businesses (SMBs) mistakenly believe they are immune to ransomware attacks due to their size and nature. However, these same factors actually make them prime targets for hackers.

This article sets the record straight by outlining prevalent cybersecurity myths surrounding SMBs—plus the reasons why these myths aren’t true and actionable steps for helping prevent cyberbreaches.

1. We’re Too Small. Nobody Would Want to Hack Us.

Many SMBs believe that hackers only attack larger companies because bigger organizations have more valuable assets than smaller companies. However, while SMBs may have fewer assets in quantity, any business (regardless of its size) has assets that are valuable to cybercriminals.

The lack of cybersecurity vigilance among SMBs is actually something that cybercriminals rely on. Many cybercriminals assume that SMBs will have the weaker defenses, making those businesses even more of an ideal target.

2. We Don’t Work With Sensitive Data.

Some SMBs think they don’t have data that is valuable enough to steal. However, every business holds sensitive information—even if you don’t realize it. Some examples include:

• Customer names, address, phone numbers, email addresses and payment info – These types of personally identifiable information (PII) can trace a person’s identity, making this information a popular cyber-target.
• Employee Social Security numbers and contact information – Unique, numerical identifiers are also targets. Other examples of employee information that could attract a hacker can include driver’s license numbers, passport numbers or patient IDs.
• Payroll information and direct deposit details – Financial details are always of interest to cybercriminals and exposing them can place the financial resources of both the SMB and its employees at risk.
• Bank account details and transaction history – If this information end up in the wrong hands, it can compromise the financial resources of the SMB and their vendors.
• Intellectual property – Proprietary data, operational information and trade secrets are also of interest to a cybercriminal.

3. Cybersecurity Is Too Complicated And/or Expensive.

SMBs may believe they lack the budget and expertise for effective cybersecurity. However, it’s important to place this idea in perspective. The financial fallout of a successful ransomware attack will significantly exceed what a business has invested in a cyber-strategy and defense. For many SMBs, it means closing their doors entirely.

SMBs on any budget can implement appropriate cybersecurity measures that are specifically suited for your SMB’s needs. Working with an experienced advisor can help you with effective budgeting and prioritizing.

4. We’ve Never Had a Problem Before, so It Isn’t a Priority.

Many SMBs are operating under a false sense of security because they’ve never experienced an incident before. This often hinders cybersecurity resource allocation in favor of more pressing and prevalent business matters. Unfortunately, this misrepresents the true risk of ransomware attacks, which can arise with speed and severity.

Taking a reactive approach to cyberthreats rather than the more effective proactive approach can be incredibly dangerous, and a past history without a breach certainly doesn’t guarantee a future without one.

Making your cyber-footprint secure should be a priority in today’s world. Business owners have responsibility to proactively perform their due diligence to make sure their business and employee information remains safe.

Practical Steps for Protecting Your SMB Against Ransomware Attacks

Understanding the myths and misconceptions around cybersecurity is only the beginning. SMBs should take practical, proactive steps to prevent ransomware attacks before they begin.

To make sure that your company can withstand ransomware attacks, it’s important to incorporate preventative measures in your systems and operations:

• Educate your team to recognize phishing attempts and use safe online practices. Phishing can easily fool employees into clicking on malicious hyperlinks or downloading ransomware through cleverly disguised emails, phone calls, websites and texts. However, with the proper training, employees can spot hacking attempts quickly and serve as your first line of defense.
• Maintain verified backups of critical data. This aids in shortening recovery times when a cyberattack occurs.
• Create long, complex passwords and enforce multi-factor authentication (MFA). Password length directly impacts password strength. A strong password, along with MFA, makes it that more difficult for attackers to gain unauthorized access to sensitive information.
• Regularly update and patch all software and systems. Updates and patches often contain critical vulnerability fixes and security updates.
• Use reputable security software to detect and block threats. Threat detection, endpoint protection and other types of software can immediately recognize the initial signs of threats and apply automatic measures to begin mitigating the threat.

These measures are needed to reduce the risks of ransomware attacks by creating a less vulnerable and desirable target for attackers. And if an attack does occur, the measures will place the company in the best position to minimize downtime and data loss.

Learn More About Protecting Your SMB Against Ransomware Attacks

Understanding the truth about ransomware and other cyberthreats should be a priority for every SMB. If you’re unsure about whether your SMB is properly protected against these threats or if don’t know exactly what steps to take to get secure, connect with the Warren Averett Technology Group today.