Ransomware attacks have become a costly threat in today’s digital landscape, targeting businesses large and small. Cybercriminals carry out these attacks using malware to encrypt or steal data from your company’s devices. Once they steal the data, they hold it hostage, demanding large sums of money to release it back to the company.
Ransomware is a significant threat to Pittsburgh companies, especially small to medium enterprises (SMEs), where targeted attacks are common. Cybercriminals tend to target medium and small businesses because they often lack backups or the cost of downtime is too high, prompting them to pay the ransom to avoid losing the data.
What is Ransomware?
Ransomware is malware that encrypts stolen data holding it hostage until a ransom is paid. There are a range of ransomware types:
Locker ransomware — Also known as screen lockers, this method locks the computer once it is attacked, making most, if not all, of the system functionalities and data inaccessible.
Scareware —This method scares users into thinking their computers are infected with malware and prompts them to purchase antivirus software to resolve the issue. If the software is purchased and downloaded, it will infect the computer. This can be done through pop-ups on the computer or spam emails.
Leakware — Similar to crypto-ransomware, this method involves encrypting confidential data that could harm the individual or the organization and threatening to leak it.
Crypto ransomware – This type makes essential files and data unavailable through encryption. Cybercriminals will ask for a ransom in exchange for the decryption key.
According to Statista, in 2023, over 72 percent of businesses worldwide were targeted by ransomware attacks, the highest number in the last five years. Statista also noted in 2024 that cyber incidents were considered the leading business risk to companies of all sizes based on data from risk management experts worldwide.
The Cost of Ransomware Attacks on SMEs
A ransomware breach can devastate businesses:
Financial Impact: Ransom demands, operational downtime, and expensive data recovery processes can drain resources.
Reputation Damage: Customers may lose trust in a company that is unable to protect their sensitive data.
Legal Implications: Compliance violations can lead to fines and legal repercussions, especially in regulated industries.
A report by IBM and the Ponemon Institute indicates the average data breach cost for small businesses that employ less than 500 people is $2.98 million, with the average cost of each breached record being $164.00.
Many SMEs do not have the extra funding to survive a ransomware attack, making cybersecurity a crucial part of their operations.
Effective Strategies for Preventing Ransomware Attacks
Strengthen Network Security
Regularly updating your company’s software and operating systems will help to patch vulnerabilities and keep devices secure and fucntioning at peak performance. It is also reccommended that you implement firewalls and intrusion detection systems to monitor all network traffic.
Employee Cybersecurity Training
Human error is a top cause of ransomware attacks. Training employees to recognize phishing attempts and conduct regular cybersecurity drills can minimize risks.
Personal devices in the workplace are another threat besides human error. Over 83% of companies allow employees to bring personal devices to work, which seriously threatens business cybersecurity.
Employees using a device for both work and personal activities increases their risk of cyberattacks. Cybercriminals who gain access to this device will now have access to their personal data and can use it to access the company network. To prevent this, employees should be instructed to:
Keep software updated to ensure patches for vulnerabilities are regularly applied.
Avoid using public Wi-Fi for sensitive tasks. If they plan to use work accounts on the devices, they should only do so on a secure network.
Employees should be educated on your company’s Bring Your Own Device Policy to ensure they follow all security protocols for a more secure business.
Backup and Recovery
Maintain secure, encrypted, and off-site backups to restore operations without succumbing to ransom demands. Ensure these backups are regularly tested to verify their reliability so that you can utilize them in the event of an attack. This can help minimize downtime and costs.
Endpoint Protection
Deploy advanced antivirus and anti-malware solutions on all company devices. Managed IT services, like those offered by PCS, can monitor endpoints for suspicious activities, stopping threats before they escalate.
Access Control
It is critical to implement multi-factor authentication (MFA) for account logins. This method requires multiple forms of identification to verify the user’s identity, helping to protect passwords and prevent hacking. You should also restrict access to certain data based on the least privilege principle.
Reports show that 31% of U.S., U.K., and Ireland employees still maintain access to a previous employer’s software accounts even after leaving the organization.
For example, inactive accounts from employees who have moved positions or left the company—often called” “zombie accounts”—pose significant risks if not deactivated promptly. Hackers can use these accounts since they are not being used or regularly monitored.
Create or amend your deactivation policy to ensure unused accounts are deactivated as soon as an employee leaves your company or no longer needs access to them. It is also important to monitor access logs to check for unusual activity so it can be reported and resolved quickly.
Incident Response Plan
Develop and test a ransomware-specific incident response plan. The response plan should include steps to isolate infected systems and effectively communicate with stakeholders. Learn more about developing an incident response plan with our guide.
How PCS Can Help
PCS offers a comprehensive suite of IT services tailored to protect businesses:
24/7 Monitoring and Threat Detection: We provide constant monitoring to identify and mitigate potential risks before they become significant issues.
Customized Network Security Solutions: We offer security solutions designed specifically for SMEs in Pittsburgh, ensuring compliance and robust protection for your business.
Employee Training Programs: Empower your workforce to act as the first line of defense against ransomware with our expert training programs, designed to educate and equip your workforce with critical cybersecurity knowledge and best practices.
Ransomware Recovery Services: From isolating threats to restoring systems, PCS helps businesses bounce back quickly.
Ransomware attacks are a costly threat, but Pittsburgh businesses can safeguard their networks and data with proactive measures and expert support. PCS stands ready to be your partner in cybersecurity, offering tailored IT services to meet your business’s unique challenges.
Contact PCS today to learn how we can protect your business from ransomware and other serious cybersecurity threats.
At PCS, our team consists of seasoned professionals dedicated to exploring the latest trends, tools, and strategies in the IT landscape. As a Managed Services Provider and IT Consulting Firm specializing in client retention, serving small to mid-sized businesses of all industries, we aim to empower businesses and individuals with the knowledge they need to navigate the complexities of today's tech environment.
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