‘Cyber gangs’ are targeting small businesses, too: How to protect yourself

BIRMINGHAM, Ala. (WBRC) - Ransomware attacks are surging and cybersecurity experts say it’s no longer just massive corporations in the crosshairs.

Small and mid-sized businesses, local governments - even dentist offices and pizza shops are increasingly being held hostage by sophisticated cybercriminal groups, sometimes forced to pay millions just to regain access to their own data.

Mark Lance, senior vice president of incident response and threat intelligence at GuidePoint Security, has spent 25 years negotiating directly with ransomware gangs on behalf of victims. He says many Americans don’t realize how structured and organized these criminal networks really are.

“These are criminal organizations, fully fledged businesses with reputations that just happen to be trying to extort people for money,” Lance explains.

Unlike older cyberattacks that quietly stole information, modern ransomware disables entire systems bringing day-to-day operations to a halt. Criminals then demand payment in exchange for unlocking files.

Lance warns it can happen with something as small as one employee clicking a malicious email or link.

“Something as simple as clicking on an email can lead to operational impacts and multimillion-dollar response efforts,” Lance says.

Ransom demands vary widely from $100,000 to upward of $70 million and the dollars continue to climb because ransomware has proven so lucrative. While some criminals target Fortune 500 companies, others prey on smaller organizations that tend to have weaker cybersecurity defenses.

That hit-anybody-anywhere mentality is putting pressure on businesses that may not have the resources to recover if their systems go dark. In some cases, operations have shut down permanently because they couldn’t pay their employees after just a few days offline.

To avoid becoming the next victim, Lance says prevention is critical. That includes having backup systems in place, using multi-factor authentication, keeping antivirus tools up to date, and regularly training employees on phishing threats and good online hygiene.

“Prevention and early detection is key,” Lance stresses.

With more than 75 active ransomware gangs now operating across the globe, cybersecurity experts urge small business owners to treat cybersecurity not as an IT expense, but as a vital part of their business survival plan.

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