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RANSOMWARE: To Pay or Not to Pay – Best Practice Advice for UK Small Businesses

Image Credit Kris_Pixabay
Image Credit Kris_Pixabay

Helping Keep Small Business CYBERSafe!
Gibraltar: Friday 24 January 2025 at 10:04 CET

LATEST SME CYBER NEWS: RANSOMWARE: To Pay or Not to Pay – Best Practice Advice for UK Small Businesses
By: Iain Fraser – Cybersecurity Journalist
CYBERInsights – First for SME Cybersecurity News
#CyberInsights  #CyberAwareness  #CyberSafe #SME #SmallBusiness #Ransomware #DataRecovery

Ransomware attacks have become an increasingly severe threat to UK small businesses. Cybercriminals target companies of all sizes, and smaller businesses, often operating with limited resources and cybersecurity expertise, are particularly vulnerable. When faced with a ransomware demand, the question looms large: should you pay?

The Reality of Paying Ransom Demands

Recent findings from Hiscox, a global specialist in cybersecurity insurance, reveal a stark reality. Fewer than 10% of businesses that pay a ransom successfully recover all their data. In fact, only 7% manage to retrieve their data entirely after succumbing to these demands. These statistics underscore a crucial point: paying a ransom is far from a guaranteed solution.

While it might seem like the quickest way to regain access to your systems and data, paying the ransom often perpetuates the problem. Cybercriminals are incentivized to continue their attacks, and there’s no assurance they will honour their promise to restore your data. Additionally, dealing with criminals may expose your business to further exploitation.

Engage Cybersecurity Professionals R3DataRecovery.com – Work with cybersecurity experts to assess vulnerabilities, monitor systems, and respond to threats. Consider investing in cyber insurance tailored to small businesses to mitigate financial risks.

Report and Seek Support
If your business falls victim to a ransomware attack, report it to the National Cyber Security Centre (NCSC) or Action Fraud. These organizations provide resources and support to help businesses recover and improve their resilience.

The Bottom Line – For UK small businesses, the best course of action is to avoid paying ransomware demands. Instead, focus on proactive measures to strengthen your defenses, educate your workforce, and establish a clear response plan. By taking these steps, you can reduce the likelihood of falling victim to ransomware and limit the potential impact if an attack does occur.

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Image Credit: IfOnlyCommunications | Cybersecurity Journalist, Cyber Insights, SME Cybersecurity News,
Image Credit: IfOnlyCommunications
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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  

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