Still, more than a quarter of the SMB survey group said they lack the equipment and strategy needed to face a Ransomeware attack. What’s even more worrisome is that the fifth of the whole survey group said their company lacks proper preparation for a ransomware attack.

The research is based on the survey, which was conducted with more than 500 C-level executives. 87% of the group were CEOs, and the remaining were CIOs and CTOs.

Representatives of relevant cybersecurity authorities have expressed their concerns that ransomware is not a new technology. However, it is a surprise that so many companies are not prepared to tackle the ransomware attack.

Concern has also been raised regarding the cruciality of the situation when everyone should be united against the fight with COVID-19. Criminals are targetting unsuspecting peoples and organizations for personal gain or financial gain. Sadly, the cybercriminals are becoming more and more successful in fulfilling their malicious aims.

B2B organizations Face Bigger Threats than B2Cs

According to the result of the survey, the Business-to-Business (B2B) organizations are more likely to be the primary target than the Business-to-Clients (B2Cs) entities.

Representatives of more than half B2B organizations have said that a ransomware attack has hit them.

The majority of the SMBs (83%) said they feel prepared for the attack, with up to 10% more B2Bs (87%) expressing their concerns than the B2C group (77%). However, 17% of the participants of the survey said they don’t feel their business is prepared for the ransomware attack.

The organizations which said they don’t feel prepared for the attack indicated that time and resources are the next biggest enemy against ransomware attacks.

What can companies do?

With proper strategies and necessary precautions like internet security, education and appropriate protective measures like data backup and disaster recovery, companies should not have to trouble themselves with paying the ransom.