Ransomware attacks are a near-daily threat to businesses of all sizes. In 2021, US businesses lost nearly $160 billion (opens in new tab) to ransomware attacks, and that number is expected to grow in the years ahead.
While many companies may be aware of the threat posed by ransomware, the vast majority are still vulnerable to attack. This is in part because companies easily fall for myths about ransomware, which leads to being underprepared for attacks.
In this article, we’ll debunk five common myths about ransomware that could be leaving your organization exposed to cybercrime.
Myth #1: It won’t happen to my organization
One of the most common myths about ransomware is that it only affects enterprise-scale businesses with huge cash flows or highly sensitive data. This couldn’t be further from the truth. In fact, small businesses with a hundred or fewer employees are three times as likely (opens in new tab) to face ransomware attacks as larger corporations.
From the perspective of cybercriminals, small businesses (and even individuals) are the perfect target. This is because they often don’t have large IT teams, nor advanced network monitoring software that enterprise-scale companies use. Small businesses may also be less likely to use identity management software (opens in new tab) that could help prevent an attacker from moving through their networks.
Even though cybercriminals might earn less money from a ransomware attack on a small business, the higher likelihood of success makes small businesses attractive targets.
Small business owners should never assume that they’re too small or too unknown to be the target of a ransomware attack. Every organization is a potential target, and it’s critical to take proactive steps to defend your network.
Myth #2: The ransom is the only cost of an attack
Another common myth about ransomware is that businesses can simply pay the ransom and make the whole thing go away. The ransom may be expensive, this reasoning goes, but it’s part of the cost of doing business.
The reality is that the costs of a ransomware attack can extend far beyond the ransom itself. First, there are costs related to work disruption. Even if your organization…