As mentioned previously, small to mid-sized businesses are likely targets because they usually have smaller security teams. Hackers also will target organizations like government agencies, healthcare facilities and financial institutions that store sensitive data because they may be willing to pay up quickly to restore access to their files. According to the Federal Trade Commission, some ransom demands issued to small businesses have been as high as $100,000. Ransomware locks a company's files, basically holding them hostage by making data, documents and files inaccessible without a decryption key. The files are still on the device, but without paying the ransom within a specified timeframe, the organization faces losing access to them forever. According to Norton, some common ransomware examples include:

Lock screen or screen lockers: Locker ransomware makes it impossible to access any files or applications on your device. Users will see a full-screen message that prevents them from accessing data on their PC.
Encryption ransomware: Also known as crypto-malware, this type of ransomware modifies files so users cannot open them. There is no guarantee that paying the ransom or completing the required action will allow access to the PC or files again.
Scareware: Scareware is an example of ransomware that acts like virus protection. Users will see a pop-up message saying their files are at risk with a demand for payment to fix the issue. Scareware may lock the computer or flood the screen with alerts and pop-up messages.
RaaS: Also known as "Ransomware as a Service," RaaS malware is hosted by an anonymous hacker who handles distributing the ransomware, collecting payments and managing decryptors in exchange for a cut of the ransom.
Doxware: More people are storing sensitive, personal information on their computers and mobile devices these days, and doxware threatens to share that data with the internet unless they receive the ransom requested.

Ransomware Protection for Small Businesses

IT security has to be a priority for businesses of all sizes. Companies should not only understand how to prevent cyberattacks like ransomware, but they should also create a data breach response plan, so the steps to take in the event of a breach are spelled out in a straightforward manner. Here are a few things small and mid-sized businesses can do to help protect themselves from cyberattacks like ransomware.

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How small businesses can protect against ransomware attacks

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