Have you called 804-730-2628 and created a plan to protect your company from a ransomware attack? Why not?
According to Cyber Security Ventures, the world’s leading researcher for the global cybereconomy, this year, a new organization fell victim to a ransomware attack every 14 seconds. By 2021, attacks are expected to occur every 11 seconds. Not only are ransomware attacks becoming more common, but they’re also growing more costly.
Coveware’s Q2 Ransomware Marketplace analyzed data handled by the firm’s incident response team. The firm found that in the second quarter of 2019, ransomware payments rose 184%, from $12,762 to $36,295. The higher payments did not translate to better results for victims. Coveware’s Ransom Report found that while almost everyone who paid a ransom after an attack received a working decryption tool, those companies still lost around 10% of their data.
The ransom payments are only part of the total cost of a ransomware attack. Coveware researchers identified two mains costs of a ransomware attack: recovery costs and downtime costs. Recovery costs are any costs associated with regaining access to data and can include forensics reviews, the cost to rebuild workstations, and any ransom payments. Downtime costs are measured in lost productivity, including slack labor and lost revenue opportunities. Despite being overlooked by many companies, downtime costs are usually more devastating than recovery costs.
Coveware researchers determined that “downtime costs are typically five to 10 times the actual ransom amount …” It looks like downtime costs will likely continue to grow. In Q2, the length of downtime after an attack also increased from 7.3 days to 9.6 days. You can do the math to figure out how much money your company would lose if you were shut down for an extra 2.3 days.
As the FBI has stated, it’s not a question of if you’ll be the victim of a ransomware attack, but when. Having a plan in place before an attack strikes is the only way to avoid some of the steep, growing costs of ransomware.
Windows 7 is reaching its end of life phase on Jan. 14, 2020. Will your systems still be protected from ransomware attacks? Call 804-730-2628 to find out!
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PS. Most ransomware attacks happen because of your uneducated employees... Watch the video below for FREE training!