How can SMBs stop ransomware attacks?

It may be old news, but ransomware is a bigger threat than ever

What makes big news? The millions of British firms that don’t get hit by a ransomware attack every day, or those that do? Although this is a rhetorical question and an even more obvious answer, the simple message is that falling into “ransomware fatigue” is a risky business.

Moreover, increasing numbers of firms are falling into the latter category. This is not global statistics affecting organisations in remote parts of the world or headline-grabbing by cyber security firms, but figures of actual ransom attacks reported to the UK Information Commissioner’s Office (ICO).

For SMBs without the budget or human resources of large enterprises, this can present a big challenge; how to strike the balance between protecting your business, while ensuring that you don’t overspend on unnecessary solutions.

An increasing problem for British businesses

In recently published statistics, the number of attacks on British organisations increased by more than 100% during the pandemic. In real terms, this increase saw ransomware attacks increase to 654 in 2021.

In a study by global law firm RPC, financial institutions, and educational establishments were two of the worst sectors hit due to the high value of the data they process to hackers.

The problem is exacerbated by the majority of business insurance policies excluding provisions for cyber attacks.

Safeguarding your business

It is safe to assume that most British SMB owners are now aware of the threat ransom attacks pose, and the ramifications of being hit. Yet a surprising number have lax strategies, assume data in the cloud is backed up, or rely on native security provisions in the Microsoft 365 suite.

Because of this, RPC’s recommends that firms invest in robust cyber security solutions, and carry out regular back ups of their data.

As enterprise-grade IT security solutions become more accessible to SMBs, there is no reason to take unnecessary security risks. Furthermore, doing so sends a strong message to insurance companies that your firm has a solid cyber security strategy, thereby making it more likely to get insured, and to reduce premiums.

Where to start?

Figuring out where to start with an effective cyber security strategy is a conundrum facing many SMBs.

The best place to start is by going to the core of ransom attacks – in other words, how the hackers are getting access into organisations. According to Statista, 54% of cases begin with a phishing attack.

Not all email security is created equal

There's a plethora of email security solutions on the market and many SMBs choose Microsoft 365 with its world-leading suite of technologies. Once a chosen solution's in place there's an assumption it'll provide all that’s needed to keep emails and sensitive data safe. This isn’t always the case many businesses remain blissfully unaware of the potential risks they face.

Whichever you've chosen, you need to know whatever's thrown your way will be stopped in its tracks.