Ransomware Is a Disaster for Small Businesses

One of the most dangerous threats out there is ransomware, and for good reason. In many cases, the problems from ransomware can have far-reaching and devastating consequences for businesses, no matter which industry they operate in. Let’s take a look at why ransomware is so problematic and what you can do to stop it.

Ransomware as a threat locks down files located on the infected device with military-grade encryption protocols. This prevents the user from accessing the data or doing anything meaningful with it until they have paid a ransom. Once the ransom is paid, the hacker will (supposedly) deliver the decryption key to the victim, allowing them to unlock their files and proceed with business as usual.

It might sound like the problem is easily solved, but in reality, it’s a lot more complicated than it sounds. The ransoms are often exorbitant in nature and scope, and some companies simply do not have the resources to pay for the ransom. Furthermore, there is no guarantee that paying the ransom will actually prompt the safe return of your data. What guarantee do you have that the hacker won’t just take your money and run for the hills with it, leaving your business to flounder and drown in the process?

Best practice dictates that you do not pay the ransom under any circumstances, but again, this is easier said than done in some cases. Some hackers also implement what is called “double-extortion” in which hackers not only demand a ransom, but they also threaten to release the encrypted data onto the Internet should the ransom not be paid in a timely manner. This puts businesses in a precarious position. While paying the ransom is the quickest way to solve the problem, it’s only going to make things worse for others, as the money provided to hackers is surely being used to develop more advanced threats and to fund further attacks against other organizations.

Furthermore, ransomware can create problems in terms of compliance and other legal challenges. Many companies store sensitive or personal information, and if this data is encrypted or leaked online, it creates many problems in the form of fines and other regulatory compliance issues.

If you want to optimize your chances of preventing ransomware attacks, we recommend implementing advanced security solutions and multi-factor authentication. BNMC can assist you in this process. To learn more, reach out to us at (978) 482-2020.