Why SMBs are Most Vulnerable to Ransomware

guy in hood sitting in front of ransomware

SMBs: The Perfect Target

The threat of ransomware to small and medium sized businesses (SMBs) has rapidly increased over the last few years, as cyber hackers are now opting to choose easier, smaller targets. Ransomware attacks are costly for hackers to operate and execute, making SMBs a sweet “have-your-cake-and-eat-it-too” option, as they reduce costs of their operation and maximize their profits in less time. While many SMBs fail to take the proper precautions to protect themselves, they are becoming increasingly more vulnerable to encountering their own ransomware attack, as the number of attacks on SMBs rises each year.

 

Growing Numbers

According to Coveware Cybersecurity, in 2020 more than 70% of ransomware incidents were done to companies with fewer than 1,000 employees, and 60% of these businesses had revenues of less than $50 million. Even more to the alarm of SMBs, according to Cybersecurity Ventures, these numbers are only going to increase. As of 2021, the damages of ransomware cost the world a whopping $20 billion dollars (USD) and is expected to grow to $265 billion dollars (USD) annually by 2031.

 

SMBs Have the Most to Lose

While SMBs often only have a few dozen to a few hundred employees, they typically can’t afford to hire IT teams dedicated to monitoring expensive security softwares. With that being said, they also can’t afford to pay the ransom of a hacker, and simultaneously lose money as they pause business operations, while they work to retrieve their stolen data. The average ransom demanded of small businesses is roughly $ 6,000(USD) dollars, which can be crucial to the survival of a small business. 

 

Preventing Ransomware Attacks

With ransomware attacks on the rise, and SMBs becoming the new favorite target for hackers, it has become imperative that these organizations realize their risk of ransomware attacks and implement precautionary measures. To better help organizations understand how to prevent and remediate a ransomware attack, AgileBlue has created a playbook detailing how to strengthen your cyber security posture and protect your SMB’s data. To download our full playbook on ransomware prevention and remediation, click here.

  1. Hire the right executives to lead your cybersecurity efforts 
  2. Develop a strategic response plan 
  3. Strengthen your team through cybersecurity training
  4. Back-up data regularly
  5. Add the right SaaS systems to your defense strategy

 

About AgileBlue

AgileBlue is a SOC-as-a-Service platform that’s proven to detect cyber threats faster and more accurately across your entire digital infrastructure and cloud. We provide 24/7 monitoring, detection and response to identify cyber threats before a breach occurs. Ready to protect your SMB? Request a demo with our team. 

Written by Samantha Parker

Samantha Parker is a Content Marketing Coordinator at AgileBlue. She is a proud graduate of Kent State University. Samantha currently serves part-time as a soldier in the Army National Guard.

January 18, 2022

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