Ransomware: A Growing Threat to Businesses of All Sizes

Ransomware attacks have evolved beyond targeting large corporations, now posing significant risks to small and medium-sized businesses (SMBs). In the United States, there are approximately 30 million SMBs, accounting for nearly two-thirds of net new private sector jobs in recent decades. Similarly, in the European Union, SMBs represent over 99% of businesses, employing around 160 million people.

These enterprises are increasingly vulnerable to cyber threats, making it crucial for organizations of all sizes to strengthen their defenses.

Key Statistics Highlighting the Threat:

• Prevalence Among SMBs: In Q1 2024, there were 924 successful ransomware attacks on small businesses, compared to 87 on medium-sized businesses and 87 on large businesses. (Prolion)

• Financial Impact: In 2023, ransomware victims paid attackers $449.1 million in the first six months, indicating a significant financial burden on affected organizations. (Chainalysis)

• Data Compromised: Recent reports indicate that ransomware attacks have led to the compromise of 195 million records, with a total of $133.5 million paid to attackers. (Forbes)

Notable Ransomware Incidents:

• Casio's Data Breach: In October 2024, Japanese electronics manufacturer Casio experienced a ransomware attack that exposed the personal data of approximately 8,500 individuals, including employees and business partners.

• KNP's Demise: In 2023, KNP, a logistics company, was brought down by a ransomware attack executed by the Russian-based Akira group. The breach led to the loss of critical financial data, resulting in the company's closure within three months and the loss of 730 jobs.

How to Protect Your Organization Against Ransomware: A Human-Centric Approach

Ransomware defense isn't just about technology; it's about empowering your people to recognize, respond to, and prevent threats. Human risk is often a factor in cyber incidents, but with the right approach, people and culture can become your strongest defense.

Here’s how to focus on the human side of ransomware prevention:

1. Build a Strong Foundation with Cyber Awareness Training

Start with the basics—don’t skip them or assume once-a-year training is enough. Effective cybersecurity awareness programs focus on continual, automated learning that reinforces key concepts over time.

For as little as $10-$20 per employee per year, many solutions on the market (including ours, hint hint!) make it easy to deliver foundational training without creating an administrative burden. These tools ensure employees are always up to date on phishing tactics, password hygiene, and other essential topics, keeping the drumbeat of awareness humming along.

2. Make Policies Relevant and Accessible

Your policies are the "rules of the road" for digital behavior, but a simple checkbox confirming employees have "read" the policies isn’t enough. To ensure understanding and compliance, integrate policies into your organization’s culture and communication channels.

Consider starting small with:

• Campaigns and Newsletters: Regularly highlight key policies or updates in digestible formats.
• Micro-Learning Content: Share quick, engaging snippets that tie policies to real-world scenarios.
• Cultural Alignment: Reinforce policies as part of “the way we work,” threading them into everyday practices.

Making policies accessible, understandable, and actionable will help employees internalize and follow them.

3. Prepare for Response and Recovery

Even the best defenses can’t prevent every incident, so it’s essential to equip employees with the knowledge and tools to respond effectively.

• Phish Reporting Tools: Provide a simple reporting button that employees can use to flag suspicious emails easily.
• Clear Lines of Communication: Ensure employees know exactly who to contact and when to ask for help.
• Remove Fear and Uncertainty: Foster a culture where it’s okay to ask questions or report mistakes. Employees should feel confident that their vigilance and actions contribute to the organization’s security, not judgment.

When your people are ready, willing, and empowered to act, you create an additional layer of defense against ransomware.

The Takeaway

Protecting your organization from ransomware starts with addressing human risk. Cyber awareness training, cultural alignment with policies, and equipping employees to respond confidently are all low-cost, high-impact strategies. Whether you’re a small business or a midsize enterprise, investing in these human-centered defenses will go a long way in keeping ransomware at bay.

If you’re ready to strengthen your human firewall, we’d love to help. Let’s chat about how our solutions can empower your people and protect your business.