Ransomware attacks

Why SMBs Can't Afford to "Do Nothing" About Ransomware Protection

Gabriel Gumbs
Oct 22, 2024
Ransomware attacks Featured Ransomware Disaster recovery

 

In a recent conversation with NetDiligence's President Mark Greisiger, Gabe Gumbs, Chief Product Officer and PResident at Myota, shared critical insights about ransomware protection for small and medium-sized businesses (SMBs). The discussion revealed both sobering realities and practical solutions for organizations looking to protect their data.

The Cost of Inaction

"The number one mistake I see is SMEs doing nothing," Gumbs emphasized. While understanding the constraints that small businesses face, he pointed to recent reports from IBM and Verizon that paint a stark picture: a ransomware attack is likely to put an SMB out of business, even if they pay the ransom. The impact of extended downtime—whether two weeks or three months—can be catastrophic for smaller organizations.

The common mindset of "it won't happen to us, we're too small" is a dangerous misconception. As Gumbs notes, "You are wrong. The bad guys know you exist because you exist, because you operate a business... Their job is to extract money from your bank accounts."

Starting with Smart Strategy

Before diving into technical solutions, Gumbs advocates for a strategic approach to data protection:

  1. Accept that ransomware attacks are a "when," not "if" scenario
  2. Identify critical assets needed to keep doors open on Monday morning
  3. Focus on recovery, not just backup
  4. Understand that traditional backup strategies need to evolve for the ransomware era

The Cloud Advantage for SMBs

Cloud storage solutions offer SMBs a powerful way to protect against ransomware without requiring extensive in-house expertise. The advantages include:

  • Offloading complex security requirements to specialized platforms
  • Geographical data replication
  • Advanced encryption and key management
  • Protection against re-encryption attempts
  • Data integrity verification
  • True immutability that can't be bypassed

The Resource Reality

Small businesses face unique challenges in implementing cybersecurity measures:

  • Limited human resources for cybersecurity expertise
  • Difficult choices between hiring operational staff versus security personnel
  • Challenges in finding and affording full-time cybersecurity talent
  • Complex technical requirements that require specialized knowledge

The Path Forward

The solution, according to Gumbs, lies in leveraging cloud-based platforms that can:

  • Provide enterprise-grade security at SMB-friendly costs
  • Manage complex security requirements automatically
  • Ensure rapid recovery capabilities
  • Offer cost-effective alternatives to traditional 3-2-1 backup strategies

"We ensure that you get those outcomes without that tripling of costs," Gumbs explained, highlighting how modern solutions can make enterprise-grade protection accessible to smaller organizations.

Key Takeaway

The message is clear: while doing nothing might seem like the path of least resistance for resource-constrained SMBs, it's ultimately the most expensive choice they can make. With modern cloud-based solutions, organizations can access sophisticated protection without the traditional overhead of managing it themselves.

This interview was part of NetDiligence's monthly blog series, which aims to keep cyber insurance partners and the broader community informed about emerging threats and risk mitigation strategies for cyber policyholders. 

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