How small businesses can soften the blow of ransomware attacks

Most small businesses would not survive the week after getting hit by a ransomware attack. And a response to an attack can make matters worse. However, there are actions businesses can take to soften the blow.

New research from CyberCatch, a cybersecurity platform provider, shows that 75% of small- and midsize businesses would be forced to close shop if a bad actor demanded a ransom, Inc. reports.

Preparation is key and response in the following days is vital. Here are four ways to soften the impact:

  • Assess the attack. You can do this by taking a picture of a device’s screen before unplugging or paying attention to the bad actor’s payment deadlines. Businesses should also check the rest of their network to make sure it’s not compromised.
  • Call in the experts. Call legal counsel to gauge the correct steps, call your cyber insurer and then call law enforcement, if necessary.
  • Dive into data recovery. Check backup systems to see what is recoverable or work with an incident response company, who can negotiate and reduce ransom prices. If you pay and your files are restored, those files may be corrupted.
  • Reset systems. Businesses should reset all passwords and upgrade software to strengthen security. Looking into some form of anti-ransomware service can also be beneficial.  

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