cost of ransomware attacks

Just How Much Is The Cost of Ransomware Attacks?

Did you ever think about how much your data is worth? Information is perhaps the most valuable part of your company. It is your client database, bookkeeping software, and warehouse management. Then there is the intellectual property that you may own. The cost of ransomware attacks go beyond the ransom itself.

After ransomware strikes, companies abruptly re-evaluate the value of their data. They have to determine whether it is worth saving or not. They also must determine the more considerable in-depth expense of the attack.

Most ransomware attacks cost $150-$600 to obtain the files. Although that is only IF the cyber-criminals honor the payment and provide you with a decryption key. In the meantime, new customer calls are currently still coming in. You also could find yourself unable to function with all your systems down. Paying the ransom or restoring from an unaffected backup appears to be a quick solution. Although it does not stop there.

Then we still have the downtime involved to restore all your data. Perhaps even days – and that is a lot of squandered productivity.

Plus, if anyone finds out that your data was compromised, you might find trust in your company drops. Then your existing customers’ heads somewhere else. That $150 ransom could wind up costing well over $150,000!

Avoid The Cost of Ransomware Attacks on your Company

Keep Your Systems Up to Date

Countless ransomware attacks have taken advantage of a weakness in earlier versions of Windows. These have subsequently been patched by Microsoft. But to be protected, companies must keep up to date with their patches AND must run a supported version of Windows. Postponing patches and updates put your company in danger – an MSP could help you update automatically.

Lock Down Your Employee Computers

Very few employees will need full administrative access to your company’s network. The higher their level of permissions, the greater the damage someone can do – either inadvertently through a “whoopsie” click, or else by accidentally installing malware. By securing your employee computers, you will have higher chances of containing a malware attack on non-essential systems. Specialists will have the ability to design an access management plan that provides you with the best of both worlds: flexibility combined with security.

Educate Your Employees to Avoid the Costs of Ransomware Attacks

Most people think they are cyber-safe, although the reality is vastly different. Countless malicious links and the embedded malware have become difficult to detect in an instant – which is all that is required to click on and regret. MSPs may work with your staff to develop procedures around examining links for authenticity before you click, awareness around checking the origin of attachments, and the significance of anti-virus scanning. They help get the message across!

Robust Backup Strategy

Once ransomware strikes, a connected backup equals an infected backup. Regrettably, synchronized options like Dropbox instantly clone the infected files, rendering them worthless. The only secure backups are going to be those that are both physically and electronically disconnected. Together with systems designed to safeguard against attacks such as this, professionals will be able to fix you up with a backup system, which makes a recovery a breeze.

Remain Proactive

The most effective way to avoid the economic cost of a ransomware attack is to prevent it from occurring in the first place. Intelligent companies are those who are seeing these pervasive ransomware attacks from the sidelines, entirely untouched, and seizing the opportunities while their rivals are down.

Conclusion of the Cost of Ransomware Attacks

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