RANSOMWARE 2024: The Threat to Small Business & How to Stay Protected

Helping Keep Small Business CYBERSafe!
Gibraltar: Thursday 23 January 2025 at 11:00 CET

CYBER THREAT INTEL: Ransomware 2024: The Threat to Small Businesses & How to Stay Protected
By: Iain Fraser – Cybersecurity Journalist
CYBERInsights – First for SME Cybersecurity News
#CyberInsights #CyberAwareness #CyberThreatIntel #SMECybersecurity #SME #SmallBusiness #Ransomware #DataRecovery

Ramifications for Small Businesses: Small businesses are especially vulnerable due to limited IT budgets and resources. A successful attack can lead to financial loss, reputational damage, and operational downtime. The rising ransom demands and sophisticated tactics put immense pressure on small businesses to act proactively.

Key Findings from the State of Ransomware Report 2024:
– 59% of organizations suffered a ransomware attack last year—a slight decrease but still alarming.
– 70% of attacks resulted in data encryption.
– Ransom demands surged by 5X in the past year
– 32% of attacks began with unpatched vulnerabilities.

Best Practices to Prevent Ransomware Attacks:
1. Patch Systems Regularly: Address vulnerabilities promptly to reduce entry points.
2. Deploy Endpoint Protection: Use advanced tools like anti-ransomware software and intrusion detection
3. Backup Critical Data: Maintain secure, offline backups to recover without paying a ransom.
4. Educate Employees: Conduct training on phishing and other social engineering tactics.
5. Implement Multi-Factor Authentication (MFA): Add an extra layer of security to sensitive systems.

Steps to Take After a Ransomware Attack:
1. Isolate Infected Systems: Disconnect affected devices to contain the spread.
2. Contact Authorities: Report the attack to law enforcement and cybersecurity experts.
3. Analyse and Recover: Use backups to restore data and systems.
4. Avoid Paying the Ransom: Paying does not guarantee data recovery and may fund future attacks.

Ransomware is an evolving threat, but with proactive measures and a robust response plan, small businesses can mitigate risks and minimize impact. The UK government strongly encourages all victims, and those engaging with victims, to report ransomware incidents to Action Fraud and NCSC.

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CYBER Insights – Helping Keep Small Business CYBERSafe!

Launched in 2020 by Cybersecurity Journalist Iain Fraser and his team at IfOnly… CYBERInsights was developed to be the go-to platform providing definitive, reliable & actionable Cybersecurity News, Intel, Awareness & Training specifically written and curated for Small Business & Enterprise Owners, Partners and Directors throughout the UK. #CyberInsights #CyberSecurity #CyberAttack #CyberAwareness #Compliance #DDoS #Fraud #Ransomware #ScamAlert #SME #SmallBusiness #SmallBusinessOwner #ThreatIntel