How a Small Business Survived and Recovered with MSP Support
These days, no business is totally safe from the threat of ransomware. For small businesses, the risks are even higher—one attack could wreck their finances, reputation, and client trust. Furthermore, 85% of all ransomware attacks target small businesses, so it’s clear they’re squarely in the crosshairs.
In this blog, we’ll explore an all too familiar ransomware example and show how a Managed Service Provider (MSP) can make all the difference.
Different Types of Ransomware
Ransomware attacks come in many forms. Knowing the different types can help businesses prepare and respond. Here are some of the most common:
- Encrypting Ransomware: Locks files, making them unusable until a ransom is paid.
- Locker Ransomware: Prevents users from accessing their devices entirely.
- Scareware: Shows fake warnings to trick users into paying a ransom.
- Doxware/Leakware: Threatens to release sensitive data unless a ransom is paid.
- Ransomware-as-a-Service (RaaS): Allows criminals to use pre-made ransomware kits.
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Ransomware attacks vary widely, from locking files to threatening data leaks, but all aim to disrupt operations and demand a ransom for recovery.
The Ransomware Attack: A Real-Life Example
Imagine this: an accounting firm with 20 employees opens for business one morning, only to find their computers locked with a message: “Your files have been encrypted. Pay $20,000 in Bitcoin to recover them.” Panic spreads. They’ve been hit by ransomware, and client data is now held hostage.
Cyber Tip: The average cost of a ransomware attack is $26,000
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Immediate Actions: What to Do When Your Company Faces Ransomware
Without an IT team, the firm scrambles to respond. They disconnect their devices and consider their options: Should they pay the ransom? Can they recover the data themselves? Meanwhile, clients remain uninformed, and daily operations grind to a halt. Stress levels soar as employees and leadership search for answers.
Steps to Take: Learning from Ransomware Examples
The firm contacts a cybersecurity consultant, but delays and high emergency costs pile on the frustration. Here’s how things might have gone differently with an MSP:
Scenario 1: With an MSP in Place
An MSP would have had proactive measures ready, such as:
- 24/7 Network Monitoring: Catching unusual activity early.
- Endpoint Protection: Stopping ransomware from locking down devices.
- Data Backup and Recovery: Quickly restoring essential files.
- Incident Response Plan: Managing containment, recovery, and prevention.
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The MSP could isolate infected systems, restore data from backups, and keep clients informed, all within hours. They’d also pinpoint how the attack happened and bolster security.
Scenario 2: Without an MSP
Without expert help, recovery could take weeks or months. Paying the ransom might not guarantee file recovery, and unresolved security gaps could leave the business open to future attacks. The loss of client trust and financial strain might even threaten the firm’s survival.
Legal and Compliance Risks of Ransomware Attacks
Ransomware attacks can lead to legal trouble. Many industries require strict data protection, and failing to meet these standards could mean hefty fines or lawsuits. An MSP ensures compliance, so small businesses do not face penalties that are difficult to recover from.
The True Cost of Recovery Without an MSP
The cost of ransomware goes way beyond the ransom itself. There’s lost revenue from downtime, expenses to rebuild systems, and reputational damage that could drive clients away. Without an MSP to streamline recovery, these costs can become overwhelming.
Cyber Tip: Up to 60% of small businesses fail after a successful cyberattack
What Businesses Can Expect During a Ransomware Attack
Here’s a typical timeline for a ransomware attack:
Discovery Phase
- Employees notice locked files or ransom messages.
- Systems may slow down or crash completely.
Containment
- Devices are disconnected to stop the spread.
- Security teams identify where the attack started.
Communication
- Clients and regulators are notified promptly.
- Transparency helps maintain trust.
Remediation and Recovery
- Data is restored from backups.
- Vulnerabilities are fixed.
Post-Attack Analysis
- Security measures are reviewed and improved.
- Employees get refreshed on spotting ransomware threats.
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A ransomware attack typically follows five key phases: discovering the issue, halting the attack’s spread, informing clients and regulators, restoring data and systems, and strengthening security to prevent future incidents.
Benefits of Having an MSP for Ransomware Protection
Partnering with an MSP can transform how small businesses handle cybersecurity:
Proactive Defense: Constant monitoring and early threat detection means potential attacks are identified and stopped BEFORE they can storm the gates!
Cost-Effective Solutions: Avoiding costly emergency fixes or ransom payments.
Regulatory Compliance: Staying compliant with data protection laws.
Peace of Mind: Allowing business owners to focus on growth, not threats.
Partnering with an MSP not only provides small businesses with proactive ransomware protection but also delivers cost savings, ensures regulatory compliance, and, most importantly, offers peace of mind, allowing them to focus on growth rather than worrying about cybersecurity risks.
Remember, 41% of small businesses fell victim to a cyber attack in 2023, a rise from 38% in 2022 and close to double from 22% in 2021.
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Don’t Wait for a Ransomware Attack to Act
This example shows how critical it is to plan ahead. Cybersecurity is a vital part of your business strategy. With an MSP, small businesses get the tools, expertise, and confidence to stay secure. Don’t wait for an attack to take action—protect your business now and build a safer future.
For a deeper dive into strengthening your defenses, check out: Cyber Security Checklist. It’s packed with actionable tips to help you stay one step ahead of cyber threats.
Ready to boost your cybersecurity?
Contact SkyTide Group today to learn how we can help safeguard your business against ransomware and other threats. If you’ve experienced a breach, don’t worry—our team is here to guide you through recovery and, moreover, help fortify your defenses against future attacks. Let’s secure your future together.
