Preparing Your Business for a Ransomware Attack
Ransomware is a type of malicious software that infiltrates a computer or network and encrypts files, limiting or restricting access to critical data until a ransom is paid. One only needs to read or watch the news to realize that the frequency of these types of attacks is not only increasing, but so are the sums paid out to these hackers. There have been several high-profile attacks, including one in which Colonial Pipeline paid $4.4 million in crypto currency in 2021 and the University of California, San Francisco paid out $1.4 million in 2020.
Unfortunately, many small businesses believe because they are small, hackers will simply bypass them – this is not the case. Since 2016, it is estimated that over 4,000 ransomware attacks have occurred in the United States every day. Consider yourself fortunate if you haven't been attacked yet.
Email phishing campaigns are one of the most common methods used by hackers to carry out a ransomware attack. According to ABC News, malicious emails are up 600% this year as a result of covid. All it takes is for an employee to click on a link in an email or open a document for the malware to begin and spread on their computer.
Ransomware Resources
How prepared is your company? The Cybersecurity and Infrastructure Security Agency (CISA), recently released a new module in its Cyber Security Evaluation Tool, the Ransomware Readiness Assessment. This tool evaluates a company's readiness to defend against and recover from a ransomware attack and makes suggestions for improvement.
Here are some additional resources to assist you in better protecting yourself from cyber threats:
- "How to Protect Your Networks from Ransomware", U.S. Government interagency
- Ransomware Guidance and Resources, The Cybersecurity and Infrastructure Security Agency
Preparing for and defending against ransomware or other cyberattacks is more important than ever. However, many small businesses lack the resources or don't know where to begin when it comes to developing and sustaining a program that works for them. There are steps a company and its employees can take to mitigate this risk. For more cyber considerations, find a team member near you at INSURICA.com/our-team today.
About the Author
Share This Story
Related Blogs
Visitor Check-In and Access Control Best Practices
Visitor check-in and access control best practices are essential [...]
Making an Acquisition? Why the EMOD Shouldn’t Be Overlooked
When acquiring another company, there’s no shortage of factors to consider. From valuing physical assets to estimating potential synergies, the due diligence process can be complex. However, one critical element often overlooked is the EMOD.
2026 Employer Mandate Update
In July 2025, the IRS released new guidance increasing both the affordability percentage and penalty amounts under the Affordable Care Act’s employer mandate for the 2026 plan year. These changes will affect how Applicable Large Employers (ALEs) determine affordability and assess compliance risk moving into the next benefits cycle.