Quick Intelligence Blog

The growth of ransomware continues, leaving many cybersecurity experts to wonder if there will ever be an end? The numbers for 2021 do not paint a good picture. Sophos says the average ransomware payment has increased to $812,260 compared with the 2020 average of $170,000. Worse still, the number of ransoms over $1 million has risen to 11% up from 4% in 2020.

One of the biggest stories in cybersecurity has been the big increase in ransomware attacks. Even though ransomware is not a new threat, it seems that attacks are happening more frequently. Barracuda researchers reported that they’ve identified and analyzed 121 ransomware incidents so far in 2021, which is a 64% increase in attacks. The ransom demands are also getting bigger, with Palo Alto Networks’ Unit 42 finding the average ransomware payment had risen to $925,162.00 during the first 5 months of 2022. That is up 71% from 2021.

Businesses tend to think about insuring against typical things like theft, floods, and fire. Has your business ever considered insuring its data against theft? How about insuring your business against cyber attacks?

If you think your business is too small to be of interest to a cybercriminal, think again.  While big companies make the headlines for their data breaches, small companies are also an ideal target for hackers.  "Small businesses can be a really sweet spot for cybercriminals. They have more money to steal than a consumer and less security in place than a large business," said Kevin Haley, director of security response at Symantec. 

If you own a small business, you may think that cybercriminals would not be interested in stealing your data. The reality is, that SMBs are targeted specifically by cybercriminals because they know SMBs are the easiest, most vulnerable targets to attack.

You may think your business doesn’t hold the same type of sensitive information as a large business, however, cybercriminals are betting that your SMB doesn’t have the same safeguards in place as large corporations. Cybercriminals consider SMBs as “low-hanging fruit” because they often lack the technical resources and expertise to maintain strong security defences.

Some small business owners are under the mistaken impression that cyber security is only for larger enterprises. They often think, “why would a hacker want to attack my little business, when there are larger enterprises with more money and data to steal?” The reality is that small businesses are attacked often, they just don’t generate headlines the way larger businesses do. Unlike those large enterprises, 60% of small businesses will permanently close 6 months after a data breach. To avoid having your business close, read about the 6 big cyber security risks putting small companies out of business, along with tips on how you can minimize that risk.

Cybersecurity is a must for today’s connected businesses. One of the biggest challenges, especially for smaller businesses, is the lack of financial resources to help defend against a cyber-attack. However, there are some tips that a business of any size, but especially a smaller business, can utilize to help protect themselves from a cyber-attack without blowing your budget.

Protecting yourself and your data online can seem like a daunting task. The difficulty is tied to several factors, such as, how many data “assets” do you have that need to be protected, how many employees, how many locations, and how many Internet connections you may have. Generally speaking, the more complex your environment is, the more difficult protecting yourself can be. Add to that the types of data your organization is trying to protect, and how high profile of an organization you may be, can also play a role in the difficulty of protecting yourself.

If you are thinking that your business is too small to be targeted by cyber criminals, think again. Many hackers think of small businesses as “low hanging fruit,” or as easy targets, since they don’t have big cyber security budgets to prevent an attack. The statistics also prove this to be true.

When it comes to running your business, you know that you need to be prepared. Just like we all know what to do in the event of a fire because we practice our escape plan, it is important for your business to plan and prepare for a ransomware attack.