Ransomware is on the rise. It seems there isn’t a week that goes by without hearing about yet another business hit by a cyberattack. These threats aren’t going away either.

To help businesses around the country strengthen their security posture, TPx is offering a free ransomware evaluation. During the consultative evaluation, our expert cybersecurity consultants will identify vulnerabilities within the business and provide concrete recommendations to help mitigate risk.

IT security is not something to be taken lightly. The threat of ransomware is real and only growing in sophistication. Businesses need to be prepared and strengthen their defenses to cyber attacks.

What is Ransomware?

Ransomware is a form of malware that can either encrypt a victim’s files or lock the victim out of their devices. In either scenario, the cyber criminal demands a ransom for the victim to regain access to their device and data. So many businesses are left with the dilemma of paying the ransom or paying the recovery costs, both of which can be detrimental to small and mid-size businesses.

Ransomware is highly lucrative to cyber criminals and requires very little effort in a lot of cases. Most ransomware attacks occur in one of three common attack vectors: phishing, remote access protocols or vulnerabilities in web application services. With the pandemic causing so many businesses to transition to remote working, it’s provided greater opportunity for cyber criminals to take advantage of weaknesses within businesses’ cybersecurity.  

Why SMBs are Particularly Vulnerable

Cyberattacks and security breaches can happen to companies of all types and sizes. Even large companies cannot always weather an attack. But, when you consider 60% of SMBs go out of business within six months of a successful cyber attack, the result can be devastating.

So, why are SMBs even more at risk? According to recent research, 43% of online attacks target small businesses, and a mere 14% of those businesses are prepared to defend themselves. The reasons why SMBs aren’t prepared are varied. Many small businesses don’t have a dedicated internal IT team to handle the modern work environment’s security needs in the current climate of increased cyber threats.

Cyber criminals are also starting to cast a wider net when it comes to phishing. While SMBs may not be the intended target, they can quickly fall prey to an attack. SMBs often don’t provide the security awareness training needed to defend against these attacks. According to the 2021 Data Breach Investigations Report, 50% of SMBs do not provide security awareness training to their employees.

Some organizations take false comfort in successfully operating without a cyberattack yet, so they do not prioritize developing and implementing a security plan. Others may not know where or how to start the process.

Ultimately, small businesses need a partner to navigate these threats and set themselves up for success. Our ransomware evaluation is intended to help small businesses identify their organizations’ weaknesses and give them insights into mitigating ransomware attacks. The goal is to help businesses secure their infrastructure, save money and protect their reputation.

Ransomware Attacks Soared During Pandemic

Ransomware has been around since the late 1980s, but within the past two years the number of attacks has skyrocketed. In April 2020, the FBI reported a 300% increase in cybercrimes since the pandemic began.

These threats are vast and growing in sophistication, but the question remains why now? At the beginning of the pandemic, businesses had to quickly enable remote work practices for their employees. This quick pivot created a perfect storm for cyber criminals.

While businesses quickly enabled ways for employees to work remotely, this left many businesses exposed by not having proper remote access protocols or web application services in place. The attack surface increased nearly overnight.

Ransomware has always been lucrative for cyber criminals, but the pandemic made it easier to attack with very little effort. The increased popularity of bitcoin also impacted the rise of ransomware attacks. The nearly untraceable payment method enables attackers to demand high value ransoms without fearing repercussions of being caught.

Mitigating Risk from Ransomware

With the growing cyber threat landscape and its ever-increasing complexities, small businesses need a plan to optimize and protect their IT assets 24 hours per day, seven days per week, 365 days per year.

But companies don’t have to go it alone when facing these threats. While the cost of consulting can deter SMBs from tackling this growing issue, they need to be willing to recognize they have an opportunity to improve their processes and a willingness to make course corrections. TPx understands the economic climate and can help businesses protect themselves within this complex threat landscape.

The complimentary ransomware evaluation helps businesses identify gaps in their security that can make themselves vulnerable to a ransomware attack. Our expert security consultants will not only identify weaknesses but provide recommendations on how businesses can strengthen their security posture and mitigate risk.

We’re ready to help. Request a free ransomware evaluation and get started securing your business against cyber criminals.