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As the digital world advances, the frequency, sophistication, and cost of ransomware attacks are on the rise. No business is immune to this cyber threat, no matter their size, and taking proactive measures to safeguard your systems and data is essential. However, many companies fall prey to common myths about ransomware, leaving them vulnerable to attacks and unprepared to respond effectively in case of an incident.

Let’s look at three prevalent ransomware myths that many business owners believe. By understanding the realities of ransomware and taking proactive steps against it, you can mitigate the risks and ensure that you’re prepared to fight cybercriminals.

Myth #1: If My Business Gets Hit with Ransomware, I’ll Pay the Ransom and Return to Business

Many companies believe that paying the ransom is the quickest and easiest way to recover encrypted data. Unfortunately, this is not true. Paying a ransom does not guarantee that the attackers will keep their word and provide the decryption key.

The realities are sobering:

  • They might not give you the decryption key. They might just take your money and disappear.
  • Now that they know you’ll pay, they’ll ask for MORE money – especially since they now, most likely, have your data.
  • Your business relationships are ALL at risk – and “pay us more or we’ll publish all of your client information” is a common tactic.

By the way, most ransomware attacks require that the payment be made in cryptocurrency. So even if the attackers are “good” attackers, you could be down for days while you’re setting up a crypto account and funding it.

To protect your business, you must have a solid backup strategy and a comprehensive security plan. This way, even if you fall victim to a ransomware attack, you can quickly restore your systems and data without paying the ransom.

Myth #2: My Backups Will Get Me Back Up and Running If I Get Hit with Ransomware

While backups are essential to mitigating the impacts of ransomware attacks, it’s a myth that backups will always save the day.

The facts are these:

  • Cybercriminals have upgraded their tactics to compromise backup files as part of their attack strategy.
  • They may also steal data and threaten to leak it unless a ransom is paid. In such cases, having a backup strategy in place may not be enough to protect your data from falling into the wrong hands.

To mitigate this risk, you should consider implementing a defense-in-depth strategy that includes a range of security measures. This way, if one layer of defense fails, you’ll have other measures in place to protect your data.

Myth #3: My Antivirus Software (or Any Other Security Solution) Provides Complete Protection from Ransomware Attacks

Antivirus software is a critical component of a comprehensive defense against ransomware. However, relying on a single security product to defend against ransomware is a mistake. There’s no silver bullet solution to ransomware, and cybercriminals are continually evolving their tactics to bypass security measures.

The fact is this: there is no single solution to protect you from ransomware.

To protect your business from ransomware attacks, you need to implement a defense-in-depth strategy that includes a range of security measures, including firewalls, intrusion detection systems, and employee training programs.

Partner to Succeed

While no security measure is foolproof, taking proactive steps to secure your systems and data can significantly reduce the risk of falling victim to a ransomware attack. We can help you ensure that your organization is well-prepared to fight against ransomware and other cyber threats.

What we frequently see, especially in smaller businesses, is a single person or perhaps a team who have the responsibility of the entire network – from user support to printer maintenance to backups to servers to cloud… and most don’t have the bandwidth to handle all that AND be cybersecurity experts as well. They’ll know some, but staying on top of the latest developments and the newest attack tactics is a tall order for an IT support person.

That’s where our team can help. We offer a range of services, including security assessments, penetration testing (testing whether bad actors can get in to your network), and employee training programs, to help you build a robust defense against cybercriminals. Feel free to reach out to us for a no-strings conversation to learn more about how we can help you protect your business from ransomware attacks.

To learn more about ransomware attacks and how to defend your business, download our eBook, Ransomware – Recognizing the Warning Signs. This resource can help you increase your understanding of ransomware, identify the signs of an attack, and prepare you to defend against these threats.