Ransomware is a severe threat to an organization’s digital security. Most businesses don’t have adequate resources to keep themselves safe against it.
Ransomware is a pervasive issue that can completely cripple an organization’s digital presence. It is a collection of cyber threats that include Distributed Denial of Service (DDoS) attacks to brute force attacks. Phishing campaigns are another common ransomware attack that still manages to strike fear among businesses.
Most companies never realize how vulnerable they are to these attacks. They can cause financial repercussions, loss of critical data, damage to reputation, and loss of trust among customers. Not to mention, the overall annoyance and even anger if your company falls victim.
This article explains in-depth why ransomware is such a massive threat to your operations and what you can do to stop it.
1. Ransomware Is A Widespread Problem
We don’t hear about ransomware attacks a lot because most companies never report them. Most ransomware victims are afraid of losing money and private business data. This makes them quietly pay off the attackers without notifying anyone.
The US Department of Justice reports that more than 4000 ransomware attacks have been happening every day since 2016. Fearing its widespread and destructive capabilities, most organizations decide to pay the ransom.
An average ransom payment could range anywhere from a few thousand dollars to several million. The most popular and expensive ransomware loss was from FedX. They had to spend more than $300 million during the NotPetya ransomware attack.
2. This Is A Major Threat To Your Operations
The first known ransomware attacks are from the early 2010s. This is when computers began to grow powerful enough to encrypt their own files within hours. This means that the criminals could now carry out ransomware attacks quickly without leaving a trace.
The problem is, ransomware attacks aren’t limited to a few sophisticated criminal groups. There are a ton of different ransomware strains designed for various operating systems and products. Anyone can buy and deploy them. People with access to the Dark Web can buy ransomware for as cheap as $100.
3. It Is Difficult To Predict How Vulnerable You Are
There are over 187.9 million reported ransomware attacks. Out of which 36% occurred due to poor cybersecurity training and 67% were a result of spam and phishing emails. 30% of these attacks were a result of weak passwords and 16% of these were from malicious websites and clickbait.
Victims of a ransomware attack have a key decision to make – whether to pay or not pay. Paying the ransom amount might seem like a quick fix especially when you have data backups. But there’s no guarantee that you’ll receive your data back after you pay the ransom.
The attacker could also sell your details to an associate who can make you a target for the second time. Unless you reframe your entire IT infrastructure, the ransomware payload may still linger in your systems waiting for the next trigger.
4. How Best To Protect Your Business From Ransomware Attacks?
Work With A Managed Service Provider (MSP)
A reliable MSP can help you deploy suitable antivirus and anti-spam solutions that regularly scans your devices for malware. An MSP can also help you formulate an incident response or crisis management plan. In the event of a ransomware attack, this will help your employees know how to react. An MSP can also ensure that all your systems are patched and updated to help you proactively fight against an attack.
It is important for all your employees and users to receive sufficient security awareness and ransomware threat education. They must know about the ways in which ransomware could get into their systems. They must understand the importance of frequent backups and running software with the least privileges.
It is good to work with an MSP if your goal is to host an effective defense against Ransomware. If you’d like to know more about the benefits of working with an MSP, we recommend that you read this: Outsourcing Managed Cloud Services To Transform Your Business.
CTS is a Managed Service Provider with multiple years of hands-on experience. Contact A CTS Expert to schedule a conversation today.