Many small businesses think they’re safe from a ransomware attack because of their size. In fact, 50 to 70 percent of ransomware attacks are targeted towards small and medium businesses.

Because many small businesses think they’re safe, they aren’t protected. Most business insurance doesn’t cover cyber attacks, meaning if you are forced to pay, you likely won’t be reimbursed.

The first step to understanding why you need to be protected is to understand the severity of this issue. Across the world, governments are prioritizing addressing this issue. And across the country, small businesses are losing money because they aren’t prepared.

Ransomware Legislation is on the Way

Times are changing and cybercriminals are getting better everyday at attacking all types of organizations and institutions, big and small. Recently, school districts, major universities, police departments and hospitals have all been attacked, so the US government is making it a priority to address ransomware attacks.

Just a few weeks ago, the White House brought over 30 countries together at an international counter-ransomware event. It focused on ways to combat ransomware attacks and pursue the criminals that carry them out. These governments agreed to work together and share information on this issue in the future.

This meeting illustrates how large of a problem ransomware attacks are and why all companies, no matter their size, should make sure they are protected against them. Ransomware attacks are a pervasive problem for companies across the board.

No Business is Immune

This year, there have been a number of high-profile ransomware attacks. Just this past weekend, a ransomware attack at Sinclair Broadcast Group locked down the servers and disrupted work stations. The attackers also stole some data. Major oil pipelines and huge meat processors have also been attacked this year. And attacks on Colonial Pipeline and JBS made big headlines.

The Scope of the Impact on Small Businesses

Earlier this year, the Senate Judiciary Committee held a hearing focused on how ransomware attacks affect small businesses. Senator Amy Klobuchar (D-MN) explained at the hearing that 51 percent of small businesses don’t have any resources for cyber security. And Senator Chuck Grassley (R-IA) pointed out that small businesses are actually more impacted than large companies by ransomware attacks because they have less capital to spare.

On October 15, the Department of the Treasury released a report outlining ransomware trends in the first half of 2021 and the results were alarming. They found that suspected ransomware payments reported by banks and other financial institutions between January and June 2021 totaled $590 million. For all of 2020, that number was $416 million.

How Small Businesses Can Protect Themselves from Ransomware

Thankfully, there are steps small businesses can take to protect themselves. Running regular scans, keeping software up-to-date, and installing strong anti-virus and anti-malware software can make all the difference.

Diriga Technologies offers a complimentary security screening to help identify your company’s weaknesses and to see how we may be able to help. Click here to schedule a free consultation.

Stay safe out there!