6 Things Every Small Business Needs to Know About Ransomware Attacks

It’s tempting to think the average cyber extortionist has bigger fish to fry than your small business. Last month alone, hackers targeted the largest petroleum pipeline in the United States, Ireland’s national health service, the city of Gary, Indiana, and numerous other big targets.

But while they may receive less attention, 50 to 70 percent of ransomware attacks are aimed at small and medium-sized companies, Secretary of Homeland Security Alejandro Mayorkas said during a U.S. Chamber of Commerce event in May. And changes in business practices, accelerated by the pandemic, have left small businesses even more vulnerable.

In ransomware attacks, cyber criminals use malware to take over and encrypt a victim’s files and data, effectively holding the data hostage until they’re paid to release it. The recent surge in remote work was a golden opportunity for hackers, who took advantage of out-of-date VPNs and unsecured home networks.

The consequences of a…

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