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Myths and facts of Ransomware

Ransomware: Top 6 Myths Every CEO Must Be Aware Of

Did you know 44% of Small businesses paid between $10,000 and $50,000.

Ransomware attacks are a major threat to companies around the world. Those who believe they are immune are wrong. Cybercriminals are targeting all types of business, including SMEs. In fact. research has found that a new organisation will fall victim every 14 seconds in 2019, and by 2021 it will increase to 11 seconds. 

So Why Are SMEs Easy Targets? 

Unfortunately, SMEs are an attractive target for cybercriminals because they do not have the appropriate technology and infrastructure to detect Ransomware attacks or viruses. What’s more, these attackers demand less ransom knowing that SMEs are prone to pay the ransom quickly. 

Despite the severity of this attack, business owners do not take the threat seriously, and many myths are mistaken as hard core facts. By believing in these myths, you could risk losing your business. That’s why we’re here to debunk the myths, and number three is our favourite.

Top 6 myths debunked

  1. Ransomware only affects Windows PCs – Though Windows machines are mostly targeted for malware attacks, many businesses believe that MAC machines have high levels of security and therefore immune to Ransomware attacks. Unfortunately, cybercriminals have become sophisticated, and have developed several Ransomware attacks specifically for MAC OS machines.
  2. If you have a Firewall then your data is 100% safe from Ransomware attacksif you are part of the 50% of business owners who believe that Firewalls are enough to protect your business data – then you’ll need to think again. There are Ransomware attacks that can go undetected by Firewalls.
  3. Only large companies are preferred by cyber criminalsThe sad reality is that small and medium sized businesses are a prime target for cybercriminals because of your vulnerability. Cybercriminals know that Small businesses do not have robust cyber security defences in place. What’s more, they know SMBs provide B2B services to large companies. 

Did you know in 2019, 56% saw attacks in the first 6 months. 

  1. I have backups so it’s not a problem – Businesses tend to relax when they have backed up data. However, even if you have backups in place, cybercriminals can still get into the systems to access that data. What if they decided to replace your data?
  2. There are other ways to decrypt data – Some business owners believe that even if they are targeted by Ransomware attacks they will still be able to decrypt and retrieve the encrypted data back to its original state. Even though there are decrypting software’s out there, they do not always decrypt the data, and can be slow in operating causing further download and loss of productivity.
  3. Paying Ransom will unlock files or unblock access – One the face of it, it might seem sensible to pay the ransom. But think twice. Paying the ransom amount does not guarantee that your data will be decrypted or access will be restored. In fact, paying ransom encourages attackers to target your company again.

So if you value your business, your reputation and your clients trust then it’s time to take action. The only way to truly combat and prevent your business from being affected by Ransomware is to secure the data from the moment it is created. 

Don’t wait for the threats to attack your business. Get your action plan today. Contact our data security experts for your own Customised Prevention plan.

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