17 August 2023 • 3 min read
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One of the necessities of modern-day business is an online presence, which often means having a website. There are many benefits to an online presence, which can all be enjoyed at a relatively low cost.
Naturally, with the rise of an online presence comes risks, especially in the form of cybercrimes.
Cybercrimes target almost every piece of information that can be taken from the business; this includes sensitive information such as:
At the top of the list of cyber threats is ransomware. This is the most prevalent form of cybercrime for entrepreneurs.
But what is ransomware?
Such attacks are caused by malicious software that locks a computer system. It may also prevent users from accessing their data until the victim pays a ransom.
A worldwide survey among information technology (IT) professionals found that a growing number of small businesses are being hit by ransomware attacks annually, and an ever-increasing number are paying the ransom.
According to Cybersecurity Ventures' latest Cyberthreats Semester Report, the rise of cybercrimes has now spread to all types and sizes of businesses online (including, potentially, your small business) instead of previously only targeting big corporations.
The report pointed out that there has been a growing trend of malware attacks over the last year. And it's primarily been new attacks using older but sophisticated techniques.
It also stated that global ransomware damage costs will exceed $265 billion by 2031.
Unfortunately, these cybercrimes affect all types of businesses. However, specific industries are affected more than others. For example, the latest industries to fall victim are the healthcare and education industries.
Common ransomware attacks on hospitals and healthcare providers increased significantly in recent years. While in the education sector, attacks on universities and schools have also almost doubled.
According to research by Reliaquest, ransomware has democratized data theft. This is because targeted data only needs to have enough value to the victims.
This tactic has, unfortunately, become largely successful so far.
The report also showed that 88% of ransomware attacks attempted to infect backup repositories. And it found that 47% of data was encrypted in a ransomware attack.
In comparison, 29% of organizations who paid the ransom still could not recover their data despite increased investment in defensive security technologies.
The obvious growing threats to businesses have necessitated the need for cybersecurity measures.
Here are the security measures we suggest to protect your business from ransomware threats:
Keeping your business secure in every way has never been more critical.
Ransomware attacks can be costly in more than one way. Even if you handle a ransomware threat well, your employees and customers will lose trust in your business. After all, they don't want to put themselves at risk.
Yes, a company can recover from these types of cybersecurity threats. However, the average recovery time after a ransomware attack is 22 days. However, it may also take up to a few months.
Companies can protect themselves from ransomware by implementing more than one security measure. For example, they could implement anti-malware software, cloud data protection, and antivirus software.
Companies may not admit it, but they commonly pay the ransom demanded to get their assets back. Although, some may consider it a security loss and leave it at that, because they can't even guarantee that the hacker will be faithful in the deal.
You'd be surprised to learn that the average ransomware payout is millions of dollars. Globally speaking, the average ransomware payment is $1.5 million.
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