This Study Shows How Woefully Underprepared Small Businesses Are for Ransomware Attacks

The increase in the number of ransomware attacks over these past few years is concerning because of the fact that this is the sort of thing that could potentially end up hampering the business community’s ability to function efficiently. In spite of the fact that this is the case, most small businesses don’t seem to have any kind of strategy in place for a response to such an attack, and many of them have not prepared for such attacks at all.

CyberCatch recently released its Small and Medium Sized Businesses report and it revealed just how unprepared smaller businesses are. With all of that having been said and now out of the way, it is important to note that 30% of the businesses they surveyed didn’t have a concrete response plan that they could initiate in the event of an attack. Even the ones that did have the foresight to come up with a plan aren’t doing enough, with 35% of them not having tested their plans or conducted drills in the last six months.

What’s even worse is that around 21% of small businesses don’t have any offline backups for their data, something that can make ransomware attacks even more disastrous for them since they wouldn’t have any backups to turn to. 34% of businesses aren’t even ready to fend off phishing attacks because they don’t offer employees any training to teach them what these attacks look like.

All of this means that 47% of small businesses would likely go bankrupt 3 days after a ransomware attack. 28% of them might not last more than seven days with all things having been considered and taken into account. Small businesses are clearly failing to realize the urgency of ransomware protection, and while there is no way to concretely prevent such attacks, having a plan that can be followed is crucial because it can help avoid panic if an attack is implemented. Ransomware is becoming ever more challenging, and small businesses need to take it seriously otherwise the results could be catastrophic for them as well as the wider community.

Read next: Insurance Companies Start Refusing to Ransom Coverage As Average Amounts Demanded Cross $800,000
Previous Post Next Post