Small Businesses Unprepared for Ransomware Threats
Nearly one quarter of small business owners are not sure how to, or are not aware of the need to, back up their system and files, a report by IDT911 found.Business owners in the United States recognize the severity of ransomware and the potential disruption to business operations, yet 84 percent say they would not pay in the event of an attack, according to a survey by data security and identity theft protection firm IDT911. However, a third of the 1,035 small to medium-size business (SMB) owners surveyed said they could not go without access to critical business systems for any length of time. A majority of SMB owners surveyed (75 percent) said they do not have cyber-insurance or are unsure if their policy includes cyber-protection, and nearly two-thirds (65 percent) said they currently do not, nor plan to, budget extra funds. "The most concerning finding is that while small business owners acknowledge vulnerability, nearly 75 percent do not have cyber-insurance or are unsure if their policy includes cyber-protection," Matt Cullina, CEO of IDT911, told eWEEK. "Data breaches at major corporations may dominate the headlines, but the biggest mistake a small business owner could make is thinking, 'This would never happen to me.'"
Cullina noted SMBs are actually one of the most vulnerable targets for cyber-attacks—most notably ransomware—and need to implement necessary precautions to keep their data safe.