Threat of Ransomware Is Biggest Fear for Businesses. Here’s Why!

Ransomware attacks have increased by 148% since the beginning of the COVID pandemic. The average ransom on one of these attacks is around 150,000$.

Ransomware is no joke and is probably one of the biggest threats to businesses, no matter whether they are big or small.

Your business has much more to lose due to a ransomware threat than you may think, everything from data loss to a loss of funds. Keep reading to find out why ransomware is such a big threat.

What Is Ransomware?

Ransomware is a form of hostage negotiation in the digital world. Viral encryption software is used to steal your data and digital infrastructure rather than taking a person. In order to prevent companies from using or accessing their own devices and networks until a ransom has been paid, this type of malicious software encrypts data.

The ability of ransomware attacks to quickly spread across digital channels is what makes them so effective. An all-out lockout like this can put companies in crippling economic situations that could lead them either to give in to the demands of a malicious attacker or even close down entirely.

The Ransomware Threat

Ransomware can disrupt your business and cause damage in numerous ways. Some of these consequences are financial, some are operational, and others are a combination of both.

1. The Breach Of Data

A ransomware attack will severely restrict operational activity until a ransom is paid or assistance is sought. Based on their ability to use backups to eliminate the virus, a well-prepared company can usually navigate this event with minimal damage. There are more sophisticated ransomware attacks that destroy Windows backups like shadow volume copies, rather than remaining an operational deterrent.

This encourages businesses to pay the ransom quickly rather than risk losing access to all of their data and assets with no backup to fall back on. A data breach of this magnitude and scope can financially cripple a company in a variety of ways.

2. Confidential Information

Data theft is a type of ransomware that is becoming increasingly popular among modern hackers. This type of ransomware collects information invisibly before encrypting the victim’s digital assets and infrastructure. If a company is unprepared, the costs are once again extremely high.

Never mind the mending a business has to do with their customers, should they have any information leak due to being unprepared or low Network Security.

Ransomware Is Very Widespread

You might think it easy to avoid ransomware because you’re a small business or your digital footprint is not that big. Think again.

It’s very difficult to quantify the ransomware threat globally since most businesses will pay off their attackers for fear of being exposed to their customers and community as a victim of a cyber attack. In 2019, there were over 180 million ransomware cases, and that was 3 years ago!

Ransomware, however, is just one cog in the cyber security machine. If you want to be more prepared, simply type cyber security into the search bar, we’ve got a lot more for you!