Small and Mid-Sized Businesses Need to be Prepared for Ransomware Attacks

Ransomware attacks are currently one of the fastest-growing cyber security threats affecting small to mid-sized businesses (SMBs).

These incidents can hit organizations of all sizes within virtually every industry. Bitdefender’s Mid-Year Threat Landscape Report 2020 noted the total number of ransomware reports jumped by 715% globally year-over-year.

Pandemic-related incidents had a large impact, and similar threat levels are expected for 2021. Cyber criminals are likely encouraged by the successful attacks that have been widely reported, and they’re likely on the lookout for ever more sophisticated ways to attack corporate security systems.

What is ransomware?

Before SMBs can hope to defend themselves, they need to understand exactly what ransomware is and how it works. Ransomware is a type of malware that threatens to publish an organization’s sensitive data or continually block access to documents unless a ransom is paid.

The more advanced forms of ransomware encrypt a company’s files rendering them inaccessible, then demand payment to decrypt them. Victims of these attacks are often forced to utilize a decryption key to recover the documents.

Attackers typically demand payments in digital currencies such as Bitcoin as well as other cryptocurrencies. Since these types of payment are difficult to trace, finding and prosecuting the attackers is

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