Can Your Business Handle a Ransomware Attack?

Most people have adapted well to the digital world and ransomware attacks. Our daily lives now include much time spent online. With the help of our laptops and mobile devices, we talk with friends, attend meetings, go shopping, and so much more. And while we use these modern conveniences, many of us aren’t even aware that serious risks are lurking everywhere on the Internet. Today, ransomware is the primary threat to businesses of every size.

Ransomware: What Is It?

Hackers can steal your data or make it unavailable by using ransomware, malicious software that encrypts your files and only releases them when you pay the ransom. It works like a regular ransom operation, but the hostage is data instead of a person.

Occasionally, these attacks occur on their own. They frequently form part of a sophisticated phishing scheme. Over the years, online scammers have improved their techniques, so they can now deceive both unprepared businesses and professionals with higher education.

How Serious Are Attacks Using Ransomware?

It might astonish you at the size of some transactions these days. Because of a ransomware assault, some large international corporations have paid hundreds of thousands of dollars! But they have requested ransoms in the millions, so it’s good to know you can talk them down!

Ransomware has developed into one of the most significant internet risks businesses face globally since it first became a thing. Ransomware almost doubled from 2020 to 2021. They have changed their tactics during the pandemic, currently focusing primarily on wealthier firms that can afford to pay higher ransoms.

What caused the increase?

It simply works, that’s why. Even though the ransom often seems ridiculous, they did not choose it at random. Hackers consider a company’s size and how highly they value its data. They establish a ransom that is less than the cost of data recovery. As a result, businesses decide to compensate hackers instead of using their backup plans. More people pay the ransom, which pushes the hackers to attempt even more attacks. Although the FBI advises everyone against doing so, it appears to be the best course of action for some business owners.

Who are victims of ransomware attacks?

These days, ransomware attacks get covered in the news because hackers have targeted public institutions and private companies. For instance, there have been seven ransomware assaults in seven communities in Florida. Tallahassee used funds intended for employee payroll to pay a half-million-dollar ransom to get their data returned. In another instance, the city of Riviera Beach paid hackers $600,000 in Bitcoin after one of its employees fell into a phishing scam.

Even governments at the national level have fallen victim to ransomware attacks. Attempts to hack Ecuador’s system have exceeded 40 million over the years, and they have spent large sums of money to recover stolen information.

What Steps Can You Take to Safeguard Your Business?

The best way to prevent ransomware assaults is to adopt a proactive attitude, which is also the best way to stop many other online dangers. Defend your system before the attack. You must also have a reliable backup and recovery plan to fall back on after a breach.

One of the most popular ways for ransomware attacks to start is through phishing. If all employees had adequate training in internet safety precautions, it would be simple to solve this problem. To determine how well-versed your workforce is on phishing and other online hazards, complete our Employee Readiness Check.

You can also learn more about how an MSP can increase your company’s cybersecurity by downloading our free eBook HERE!

So, do you believe that your company is ready for a ransomware attack? We can offer you assessment help. Contact us today, and we’ll develop a cybersecurity plan to shield you from this seriously dangerous online menace.